Billionaire businessman and UK’s second richest man, Sir Jim Ratcliffe has bought a 25 per cent stake in Manchester United.

The deal is worth £1.3 billion.

Ratcliffe, who is the CEO of petrochemicals company Ineos, was officially unveiled as a minority owner at United on Sunday, December 24, bringing an end to the protracted 13-month saga which began November 2022 when the Glazers announced they would be willing to listen to offers for the club.

The deal will see Ratcliffe and Sir Dave Brailsford assume control of football operations in what is another major development in the overhaul of the senior hierarchy at Old Trafford, following news of Richard Arnold’s resignation as chief executive on November 15.

Ratcliffe expressed an interest in investing in United back in January and faced competition from Qatari businessman Sheikh Jassim bin Hamad al Thani, who had a bid reported to be worth around £5bn to buy the club outright rejected before withdrawing from the process.

That left the path clear for Ratcliffe, one of the UK’s richest men and a boyhood United fan, to negotiate a deal that would allow him and Brailsford to take charge of football matters while leaving the Glazers with a majority stake.

In statement on the club’s website, Ratcliffe, said: “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. 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.

The deal is subject to approval.

The 71-year-old billionaire owns French side Nice and holds a 33% stake in the Mercedes Formula 1 operation.

He also bought over the cycling outfit formerly known as Team Sky in 2019, renaming it Ineos Grenadiers. Brailsford joined Team Sky from its inception in 2010 and was instrumental in its success, with his ‘marginal gains’ approach helping the likes of Bradley Wiggins and Chris Froome win the Tour de France.

Brailsford retained his position as team principal during the takeover and was appointed director of sport at Ineos in 2021.

In Ratcliffe, United have a shrewd operator and renowned businessman who will be eager to get United back to winning ways and arrest a decade-long slump.

The reign of the Glazer family, who bought United in 2005 for just under £800m, has been marked by fan protests amid a startling loss of form since the retirement of Sir Alex Ferguson in 2013.

2013 was the last time United lifted the Premier League and they currently sit seventh under Erik ten Hag following a poor start to the season that saw them dumped out of Europe before Christmas for the first time since the 2005/06 campaign.

Of the major titles to be won, the English giants have added only the Europa League, one FA Cup and two League Cups to their trophy haul in the post-Fergie era.