Sir Jim Ratcliffe, a British millionaire, has officially become a co-owner of Manchester United.
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The petrochemicals billionaire and lifetime United fan now owns more than a quarter of the club after completing his 27.7% acquisition, which was approved by all parties, including the FA and the Premier League.
Ratcliffe and his INEOS business paid more than £1 billion for 27.7 percent, which will increase to nearly 30 percent with an additional £238 million injection into the Premier League heavyweights.
Prior to the announcement, the new entrants had practically taken over football operations at the club from majority owners the Glazers, and they have quickly made their imprint.
Ratcliffe stated, ‘Becoming co-owner of Manchester United is a wonderful honour and comes with great responsibility.
‘This marks the end of the transaction, but only the beginning of our quest to return Manchester United to the pinnacle of English, European, and global football, with world-class facilities for our fans. Work to attain such goals will begin now.’
Meanwhile, executive co-chairman Joel Glazer stated, ‘I would like to welcome Sir Jim as co-owner and look forward to working together with him and INEOS Sport to deliver a bright future for Manchester United.’