Manchester United, English Premier League (EPL) club, have announced that Jim Ratcliffe, British billionaire, has bought 25% of stake in Manchester United plc, the club’s parent company.

The club released a statement of the acquisition on Sunday.

According to the statement, Ratcliffe, the chairman of INEOS, acquired 25% of both class A and class B shares from the Glazer family, the majority shareholders and current owners of the club.

Manchester United hierarchy had announced intention to seek “strategic alternatives” on acquisition in November 2022, a path that has now concluded with Ratcliffe outbidding other suitors, including a billion-dollar bid from Saudi Arabia.

The fresh statement added that the acquisition includes the injection of $300 million into the club, while INEOS, the purchasing party, will be delegated to take over running the club’s football operations.

“Manchester United plc (NYSE: MANU) announced today that it has entered into an agreement under which Chairman of INEOS, Sir Jim Ratcliffe, will acquire 25 per cent of Manchester United’s Class B shares and up to 25 per cent of Manchester United’s Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford,” it reads.

“As part of the transaction, INEOS has accepted a request by the Board to be delegated responsibility for the management of the Club’s football operations. This will include all aspects of the men’s and women’s football operations and Academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards.

Speaking on the acquisition, Avram and Joel Glazer, executive co-chairman and directors of Manchester United, said Ratcliffe is “capable” of delivering future success for the club.

“We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS. As part of the strategic review we announced in November 2022, we committed to look at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men’s, women’s and Academy teams,” they said.

“Sir Jim and INEOS bring a wealth of commercial experience as well as significant financial commitment into the Club. And, through INEOS Sport, Manchester United will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game. Manchester United has talented people right across the Club and our desire is to always improve at every level to help bring our great fans more success in the future.”

On his part, Ratcliffe said his INEOS team is focused on taking up the challenge of helping the club unlock its full potentials.

“As a local boy and a lifelong supporter of the Club, I am very pleased that we have been able to agree a deal with the Manchester United Board that delegates us management responsibility of the football operations of the Club,” he said.

“Whilst the commercial success of the Club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times. We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the Club, while also providing funds intended to enable future investment into Old Trafford.

“We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the Club – the Board, staff, players and fans – to help drive the Club forward.

“Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football.”

Manchester United, 20-time EPL winners, have not won the league title in 10 years.

They last claimed it in the 2012/13 season.