LONDON: Billionaire Jim Ratcliffe’s acquisition of a 25pc stake in Premier League club Manchester United has been completed.

The $1.25bn deal, in which the INEOS chairman will also invest $300m into the club’s infrastructure and take charge of their football , was struck in December.

Ratcliffe, in a statement, said: “To become co-owner of Manchester United is a great honour and comes with great responsibility. This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans. Work to achieve those objectives will accelerate from today.”

The ownership deal still faced hurdles, including Premier League approval which was given last week.

The Glazer family has owned United since 2005 and will retain a majority stake in the club but Ratcliffe’s Ineos Group will take control of football operations.

Executive co-chairman Joel Glazer said: “I would like to welcome Sir Jim as co-owner and look forward to working closely with him and INEOS Sport to deliver a bright future for Manchester United.”

Ratcliffe has agreed to purchase 25pc of the club’s class B shares, largely held by the Glazer family, which contain almost all the voting rights, and up to 25pc of its class A shares, which are listed on the New York Stock Exchange.

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