Sir Jim Ratcliffe warned Manchester United he was prepared to withdraw his offer to become minority owner if it was not given the green light before Christmas, it has been revealed.

It was announced on December 24 that the Ineos chairman had agreed to buy a 25 per cent stake in the Premier League club in a deal that included investing 300million US dollars (£236.7million) into their infrastructure.

But US Securities and Exchange Commission (SEC) filings released on Wednesday have revealed Ratcliffe’s patience had begun to wear thin shortly before an agreement was struck.

In the week before Christmas, Ratcliffe’s company Trawlers Limited “gave Manchester United a deadline of December 25, 2023 to accept its best and final proposal”.

Widespread discussions had been held between February’s initial offer for a controlling stake and the ultimate outcome.

There was pushback from non-affiliated directors to what is known in the filings as the ‘October Proposal’ of 33 US dollars for 25 per cent of Class A and B shares plus 300m US dollars capital.

Ratcliffe agreed to slight concessions after conversations between December 18 and 22 but “was not prepared to accept any of other changes proposed by the non-affiliated directors”.

It led to an informal meeting of the board of directors on December 22 and a “robust discussion regarding the feedback from the offeror”.

The board representatives noted Ratcliffe “could decide to withdraw (the) proposal if the board of directors was not prepared to move forward by December 25, 2023”.

That transaction was subsequently agreed on December 24, bringing an end to a process that started in early June 2022.

United met representatives of investment bank Raine “on several occasions to discuss potential strategic opportunities to enhance shareholder value and serve the best interests of the football club’s fans”.

That led to the eventual November 22, 2022 announcement of a ‘Strategic Alternatives Review Process’, leading to appointed financial adviser Raine speaking to over 170 interested parties.

SEC filings revealed Raine is to be paid an estimated 31.5m US dollars (£24.9m) for their services.

United entered into 26 nondisclosure agreements and 19 were invited to the first round of bidding, including Ratcliffe and Sheikh Jassim.

The Qatari was considered the biggest competition to buy the club and formally withdrew from the process on October 15, 2023.

Known as ‘Bidder A’ in the filings, it was noted on a number of occasions that they “did not provide customary financing commitment letters”.

Raine informed Sheikh Jassim’s bid on May 22 that a proposal to acquire all ordinary shares would only be considered if a price of 35.25 US dollars (£27.83) was met.

In the end, Ratcliffe struck a deal to buy 25 per cent of Class B shares held by the Glazer family and up to 25 per cent of all Class A shares at a price of 33 US dollars (£26).

 That offer for up to 13,237,834 Class A ordinary shares was confirmed on Wednesday.

United’s Class A share price was 19.84 US dollars (£15.64) on December 22 – the last full day before the public announcement of Ratcliffe’s offer.

On the last full trading day before the commencement of the offer the price was 21.20 US dollars (£16.71) per share.

The SEC document read: “The offer and withdrawal rights will expire at one minute after 11.59pm eastern time on February 13, 2024, unless the offer is extended or earlier terminated.”

The filing also said upon the consummation of the offer Ratcliffe’s shares would collectively “represent a 27.69 per cent ownership interest and 28.71 per cent voting interest”.

As part of the tender process, United also wrote to shareholders inviting them to attend an extraordinary general meeting in Rochester, New York on February 5.

That letter is signed by Patrick Stewart, United’s interim chief executive officer and general counsel, and Cliff Baty, the club’s chief financial officer.

The SEC filings revealed that the pair are in line for a bonus “equal to two times the annual salary of such executive officer as of the date of the closing”.

Sir Jim Ratcliffe has submitted his tender offer for 25 per cent of the Class A shares traded on the New York Stock Exchange as part of his deal to become the minority owner of Manchester United.

It was announced on Christmas Eve that the Ineos chairman had agreed to buy a 25 per cent stake in the Premier League club in a deal that included investing 300million US dollars (£236.7million) into their infrastructure.

As well as buying Class B shares held by the Glazer family, the announcement confirmed that Ratcliffe would offer to acquire up to 25 per cent of all Class A shares at a price of 33 US dollars (£26) per share.

That offer from his company, Trawlers Limited, for up to 13,237,834 Class A ordinary shares was confirmed in a US Securities and Exchange Commission filing on Wednesday.

United’s Class A share price was 19.84 US dollars (£15.64) on December 22 – the last full day before the public announcement of Ratcliffe’s offer.

On the last full trading day before the commencement of the offer the price was 21.20 US dollars (£16.71) per share.

The document read: “The offer and withdrawal rights will expire at one minute after 11.59pm eastern time on February 13, 2024, unless the offer is extended or earlier terminated.”

The filing also said upon the consummation of the offer Ratcliffe’s shares would collectively “represent a 27.69 per cent ownership interest and 28.71 per cent voting interest in the Company”.

Earlier in the day United announced their first-quarter earnings for the three months ending September 30, 2023.

Published later than usual following the conclusion of the strategic review, it showed record first-quarter revenues up nine per cent at £157.1m.

Sir Jim Ratcliffe is this weekend set to attend his first Manchester United match since agreeing a partial takeover of the club, the PA news agency understands.

The billionaire has agreed to buy a 25 per cent stake in the Premier League outfit and, barring any late change in schedule, is due to attend Sunday’s match against Tottenham at Old Trafford.

The deal is still awaiting ratification, but Ratcliffe and his team have wasted no time getting to know the club as his INEOS group prepare to take responsibility for footballing operations at United.

The 71-year-old and Sir Dave Brailsford, INEOS’ director of sport, visited Old Trafford and United’s Carrington training ground last week.

The pair met with men’s team manager Erik ten Hag and women’s team boss Marc Skinner, along with members of different teams and backroom staff.

The INEOS delegation also met with wider club staff at Old Trafford and attended an all-staff meeting as they get to better know United and the challenge at hand.

Brailsford has been at all three matches since the deal was announced on Christmas Eve, with INEOS Sport chief executive Jean Claude Blanc joining him at Monday’s FA Cup third round 2-0 win against Wigan.

Erik ten Hag described his first meeting with Sir Jim Ratcliffe as “very positive” but admitted he still has much to learn about the billionaire’s plans for Manchester United.

Ratcliffe’s INEOS group will assume control of footballing operations once his purchase of a 25 per cent stake in the club has been ratified in the coming weeks, and he has been in Manchester this week for a series of meetings with club staff.

The meetings have been described as an opportunity for Ratcliffe, as well as senior INEOS officials Sir Dave Brailsford and Jean-Claude Blanc, to get to know the club before they start work in earnest.

“It was very positive, I have to say,” Ten Hag said. “We had a long meeting, many hours we sit together and on many issues we are on the same page so it was very positive.

“I think from both sides it was a very constructive meeting and we look forward to working with them.”

But asked if he had been able to gain a clear idea of what might change under Ratcliffe, Ten Hag said: “We have to let it settle down. They’re just coming in, introducing themselves.

“They have good ideas. We have to see what we can integrate. In togetherness we will work on that but after one day you can’t tell that.

“They have given me a few (ideas), we have had our debates about strategies and I think we will come together.”

Ten Hag would not be drawn on reports that winger Jadon Sancho is close to returning to Borussia Dortmund on a loan until the end of the season.

He has not featured since August after a public falling out with Ten Hag and his refusal to apologise for a social media post in which the 23-year-old said he had been made a “scapegoat”.

A January exit has long been expected and Dortmund, the club Sancho left to join United in a £73million deal in 2021, have emerged as the leading contenders for his signature.

“I can’t say anything about that,” Ten Hag said. “We have to wait and see how things are going and when we have news, of course, we will tell you.”

Ten Hag did confirm that United have triggered contract extensions for Victor Lindleof, Aaron Wan-Bissaka and Hannibal Mejbri, but they have entered discussions with Raphael Varane and Anthony Martial rather than take up options in their deals, which expire in the summer.

Martial is widely expected to leave the club in the summer, while it has been reported that United are hoping to persuade Varane to accept reduced terms if he is to sign a new deal.

“We are talking with Rapha Varane, with Anthony Martial, and we triggered the options on Aaron Wan-Bissaka, Victor Lindelof and Hannibal,” Ten Hag said.

Asked why contract options had not been triggered for Varane and Martial, Ten Hag said: “I think that is an internal discussion between the club and the players.”

Meanwhile, Ten Hag said he still does not know yet if goalkeeper Andre Onana will be available for next weekend’s Premier League match against Tottenham, saying only that he can feature in Monday’s FA Cup tie away to Wigan.

It is understood that the Cameroonian football association has agreed to allow the 27-year-old to join up late for their African Cup of Nations campaign, which starts on January 15, but Ten Hag stopped short of confirming he will play at Old Trafford next weekend.

“We’re talking with the Cameroon federation,” Ten Hag said. “It was an issue during the talks with Andre when he came in here. It’s constructive. We will see. I don’t know yet (for Spurs) but he will be here for the game against Wigan.”

Manchester United boss Erik ten Hag is confident Sir Jim Ratcliffe’s INEOS Group want to work with him and believes the incoming minority owners can help the club fulfil their lofty ambitions.

The Old Trafford giants announced on Christmas Eve that a long-awaited deal has been reached for boyhood fan Ratcliffe to buy a 25 per cent stake in the Premier League outfit.

INEOS is taking responsibility for United’s footballing operations under the terms of a deal that is expected to take four to six weeks to receive regulatory approval.

Sir Dave Brailsford, INEOS’ director of sport, was at Old Trafford on Boxing Day for the stunning 3-2 turnaround against Aston Villa, and Ten Hag says he will be speaking to the new minority owners soon.

“The schedule is so condensed so I didn’t have the time so far to speak with them, but it will come and I look forward (to it),” the United boss, who has been the subject of scrutiny and criticism this season, said.

“They want to work with me, I want to work with them. We will have the conversations, the meetings, so we will see.”

Asked if he is expecting INEOS to be a regular presence at United’s Carrington training base, Ten Hag said ahead of Saturday’s trip to Nottingham Forest: “I’m focused on the game so far.

“So, I said, no, in this moment I don’t want to have distractions but in the coming days, weeks, there will be time for this and then I know more.

“But I think it’s a good thing, it’s very positive and, as I said, we are looking really forward to working together.

“INEOS wants to work with me, in this structure, and I want to work with them.”

The fact Ten Hag repeated his belief that Ratcliffe’s team wanted to work with him seemed to suggest he has had some kind of assurances.

“From the start of the process I was kept informed,” the Dutchman said when that theory was put to him. “First by (departing chief executive) Richard Arnold, later on by (interim chief executive) Patrick Stewart.

“So I know everything, I know every detail, how the meetings and how the talks are, how the agreements are. Now it just has to settle down, give us some time.

“I have to talk with them and not with you about this and then we will see but I’m sure, I’m very positive about the messages I have been given.”

Under the terms of the agreement, INEOS will be consulted on football matters as they await ratification for a deal that Ten Hag believes can help awaken what have become stumbling giants.

Off the field, Ratcliffe has committed £236.7million to enable future investment into Old Trafford, while INEOS Sport’s widespread experience could prove beneficial on the pitch.

As well as interests varying from cycling to sailing and Formula One to rugby, Ratcliffe owns French football club Nice – currently second in Ligue 1 – and Swiss Super League team Lausanne-Sport.

“In other clubs, they have experience,” Ten Hag said. “In other sports, they have a lot of experience, a lot about performance, so they have a lot of knowledge.

“I’m really looking forward to (seeing) how they can contribute and I’m sure they can.

“We have to pick the things. Football is a very complicated sport, especially in the top, so I’m sure they will contribute, they will help us to achieve our high ambitions.”

Ten Hag has made it clear during his reign that United have to become regular trophy contenders once again, but FA Cup glory is all they can fight for this term.

Out of Europe, the Carabao Cup and Premier League title race, the Red Devils end of a topsy-turvy 2023 at rejuvenated Forest on Saturday evening.

Anthony Martial remains unwell and unavailable on a lengthy injury list that Ten Hag says will soon ease, with Lisandro Martinez, Casemiro and Mason Mount due back in mid-January.

“I think we are very optimistic,” he said looking ahead to the second half of the season.

“When the players return and now the luck is a little bit on our side now in the matter of injuries, then (it will be like) we have five or six new signings in January.”

Manchester United must consult with Ineos over any January transfer deals or a move to sack manager Erik ten Hag prior to the Premier League ratifying its deal to purchase 25 per cent of the club’s shares.

United announced on Christmas Eve that an agreement had been reached with Ineos and its chairman Sir Jim Ratcliffe, a boyhood Red Devils fan, which will give Ineos responsibility over football operations once the regulatory approval process is complete.

That is expected to take four to six weeks and run beyond the end of the January transfer window.

However, the United States Securities and Exchange Commission (SEC) filing related to the deal contains a provision guaranteeing that the company will be consulted on football matters in the interim.

This includes “appointing, dismissing or accepting the resignation of any director of football or first team manager of the company” as well as entering into or continuing any discussion concerning the purchase or sale of any player.

The SEC filing also contains a provision which would allow the Glazers, who still have majority control of the club, to force a full sale if they received an offer for their shares which Ratcliffe was unwilling to match. Ratcliffe has first refusal on the purchase of those shares.

Manchester United boss Erik ten Hag has welcomed confirmation of Sir Jim Ratcliffe’s impending arrival as a minority stakeholder at the club.

United announced on Christmas Eve that Ratcliffe, the chairman of INEOS, had finalised a £1.25billion deal for a 25 per cent share of the Premier League outfit and will invest more than £236m to refurbish the debt-laden club’s infrastructure.

On Tuesday INEOS director of sport Sir Dave Brailsford was at Old Trafford to watch United recover from 2-0 down to beat high-flying Aston Villa 3-2 in a match that showed some of the best and the worst elements of their play in an uneven season which had left Ten Hag feeling the heat.

But the Dutchman said he was looking forward to working with INEOS, who will take responsibility for United’s footballing operations under the terms of the deal.

“I think it’s positive for the club that they are stepping in,” Ten Hag said. “They have a lot of experience in sport at the highest level, in Formula One (with Mercedes), their cycling team, and other football clubs (Nice and Lausanne) so that can only help us that they support us to get our targets.

“They are looking forward to working with us and we want to work with them.”

Earlier on Tuesday, Ratcliffe wrote to fans telling them he takes his responsibility to put the club back on top of world football “very seriously” but also calling for patience.

Ratcliffe has now written to the Manchester United Supporters’ Trust, the Fans’ Forum and the Fans’ Advisory Board insisting INEOS “are in for the long-term” but advising that success on the pitch “will require time and patience”.

“I wanted to write to you at this time given the critical role of the fans to the future of Manchester United as we recognise our responsibility as custodians of the club on your behalf,” Ratcliffe wrote, echoing various sentiments expressed in a Christmas Eve statement outlining his ambitions for the club.

“I believe we can bring sporting success on the pitch to complement the undoubted commercial success that the club has enjoyed.

“It will require time and patience alongside rigour and the highest level of professional management.

“You are ambitious for Manchester United and so are we. There are no guarantees in sport, and change can inevitably take time but we are in it for the long term and together we want to help take Manchester United back to where the club belongs, at the very top of English, European and world football.

“I take that responsibility very seriously.

“Please note that, as with any deal, it is subject to the usual regulatory sign-off process and therefore we do not expect to speak publicly about club matters until after the deal is completed.”

It is understood that Premier League approval for Ratcliffe’s investment could take between four and six weeks.

The 71-year-old Ratcliffe, a childhood United fan who was born in nearby Failsworth, agreed his stake in the club following an ownership saga that lasted 13 months.

The club’s United States-based owners, the Glazer family, revealed their intention to undertake a strategic review of their options, including the possibility of selling up, in November 2022.

Ratcliffe and Qatari businessman Sheikh Jassim were both in the running to oversee a buyout of the club until October.

Sheikh Jassim withdrew his bid for full control of the club on October 14, with Ratcliffe’s focus shifting to taking a significant minority stake.

Erik ten Hag expects Rasmus Hojlund to keep scoring after Manchester United’s £72million man finally broke his Premier League duck to seal a stunning 3-2 comeback win over Aston Villa.

United looked destined for a 14th defeat of the season in all competitions when Aston Villa scored twice in the space of six first-half minutes through John McGinn and Leander Dendoncker to take a 2-0 lead in at half-time as boos rang around Old Trafford at the break.

But with INEOS director of sport Sir Dave Brailsford watching on after Sir Jim Ratcliffe’s minority stake-holding was confirmed, United rallied in the second half with Alejandro Garnacho scoring twice before Hojlund won it in the 82nd minute.

Although the summer signing from Atalanta finished as United’s top-scorer in their short-lived Champions League campaign, he had failed to find the net in 16 matches in domestic competition, but made no mistake when McGinn could only flick the ball into his path eight minutes from time.

“Of course I’ve had several talks with him and every time I’ve pointed out he has scored for Denmark a lot, he has scored in the Champions League, he has demonstrated his ability so you can do it, believe,” Ten Hag said of the 20-year-old Dane.

“I’m sure now he has the first goal he will score more…

“When a striker doesn’t score it’s a problem but he has a strong character, he is so solid, determined. He has a big personality. I think this is what a striker needs. When you keep investing, the goals will come.”

Brailsford’s presence came two days after Ratcliffe’s purchase of a 25 per cent stake in the club – which will come with control of footballing operations – was announced subject to ratification by the Premier League.

The former British Cycling boss would have been worried by how easily Villa scored their goals. McGinn’s free-kick from wide bounced through a crowded box before Dendoncker was left almost unmarked to flick home from a corner.

But asked if Brailsford had seen both the best and worst of his United side, Ten Hag said: “It wasn’t the worst. I think already in the first half we played solidly. It was a little bit slopping to give two goals away but after we changed the pressing slightly and we kept going.

“Already we created chances in the first half, we kept believing in ourselves and that is what I demand. I said at half-time, keep believing and we will win this game.”

Sir Jim Ratcliffe has directly contacted fans after agreeing to buy a 25 per cent stake in Manchester United, telling them he takes his responsibility to put the club back on top of world football “very seriously” but also calling for patience.

United announced on Christmas Eve that Ratcliffe, the chairman of INEOS, had finalised a £1.25billion deal for a share of the Premier League outfit and will invest more than £236m to refurbish the debt-laden club’s infrastructure.

INEOS will also take over the management of United’s football operations. INEOS director of sport Sir Dave Brailsford attended United’s match against Aston Villa at Old Trafford on Tuesday night.

Ratcliffe has now written to the Manchester United Supporters’ Trust, the Fans’ Forum and the Fans’ Advisory Board insisting INEOS “are in for the long-term” but advising that success on the pitch “will require time and patience”.

“I wanted to write to you at this time given the critical role of the fans to the future of Manchester United as we recognise our responsibility as custodians of the club on your behalf,” Ratcliffe wrote, echoing various sentiments expressed in a Christmas Eve statement outlining his ambitions for the club.

“I believe we can bring sporting success on the pitch to complement the undoubted commercial success that the club has enjoyed.

“It will require time and patience alongside rigour and the highest level of professional management.

“You are ambitious for Manchester United and so are we. There are no guarantees in sport, and change can inevitably take time but we are in it for the long term and together we want to help take Manchester United back to where the club belongs, at the very top of English, European and world football.

“I take that responsibility very seriously.

“Please note that, as with any deal, it is subject to the usual regulatory sign-off process and therefore we do not expect to speak publicly about club matters until after the deal is completed.”

It is understood that Premier League approval for Ratcliffe’s investment could take between four and six weeks.

The 71-year-old Ratcliffe, a childhood United fan who was born in nearby Failsworth, agreed his stake in the club following an ownership saga that lasted 13 months.

The club’s United States-based owners, the Glazer family, revealed their intention to undertake a strategic review of their options, including the possibility of selling up, in November 2022.

Ratcliffe and Qatari businessman Sheikh Jassim were both in the running to oversee a buyout of the club until October.

Sheikh Jassim withdrew his bid for full control of the club on October 14, with Ratcliffe’s focus shifting to taking a significant minority stake.

Manchester United have announced INEOS Group chairman Sir Jim Ratcliffe will buy a 25 per cent stake in the club.

Here the PA news agency takes a look at some of the key questions following the £236million deal.

What does it mean for the club’s ownership?

In the short-term, not much, given the Glazer family are still majority shareholders.

However, under the agreement, INEOS has accepted a request by the board to be delegated responsibility “for the management of the club’s football operations”.

This is set to include “all aspects” of both the men’s and women’s teams as well as the academies. Just how Ratcliffe and the INEOS Group will implement those on a day-to-day basis remains to be seen – which has already been highlighted by the Manchester United Supporters Trust.

So when will the INEOS Group start their new job?

Detailed and complicated discussions have been going on for some time – but the announcement on Christmas Eve does not mean everything has been signed off.

United’s statement noted the deal was still “subject to customary regulatory approvals” which is expected to take some time.

The process must be ratified by the Premier League and also an official announcement made via the New York Stock Exchange.

Given the Christmas and New Year holidays, there have been suggestions it could take up to six weeks for changes to the club’s ownership to be established with all the relevant parties – which would come right in the middle of a key January transfer window.

What changes are their likely to be in the boardroom?

Lifelong United supporter Ratcliffe will bring with him plenty of sports administration experience – from owning French Ligue 1 side Nice, the INEOS Grenadiers elite cycling team, the Britannia sailing team fronted by Sir Ben Ainslie as well as a holding in Formula One with Mercedes.

Along with structural change, it is expected Ratcliffe will look to bring in some fresh personnel.

Sir Dave Brailsford, former performance director for British Cycling and current director of sport for INEOS, is reported to be in line for a key role at Old Trafford – as is INEOS Sport chief executive Jean-Claude Blanc, who has also held key positions with Juventus and Paris St. Germain.

Manchester United’s director of football, currently John Murtough, is another role which has been suggested could be under review once the INEOS deal is formally approved.

So what about manager Erik ten Hag?

United suffered a 13th defeat of a so-far uninspiring campaign when beaten 2-0 at West Ham on Saturday – the most they have lost before Christmas since 1931.

Despite being well off the pace in the Premier League and failing to reach the knockout stage of the Champions League, Dutchman ten Hag insists he can turn things around again.

Sir Jim Ratcliffe has vowed to return United to “the very top of English, European and world football” – which means results will either have to improve or INEOS could well implement some of that “delegated responsibility” in the dugout.

What else will be on the ‘to-do’ list?

As well as refurbishing the debt-laden club’s infrastructure under the agreement, INEOS will inject £158m (USD 200m) to upgrade Old Trafford.

The on-going renovations are much needed – with reports of roof leaks and a feeling of out-dated concourses which leaves United behind many of their Premier League rivals (not to mention over at the Etihad Stadium).

Ratcliffe’s pledge to see United competing with the best on the pitch again is also not likely to come cheap in the transfer market or be a quick fix – and neither will be unifying the fanbase once again on the back of what MUST feel has been “18 years of debt, decay and mismanagement”.

Gary Neville has described Manchester United’s year a “disgrace to the end” after Sir Jim Ratcliffe’s acquisition of a 25 per cent stake in the club was announced on Christmas Eve.

Neville wished Ineos Group chairman Ratcliffe, 71, a childhood United fan who was born in nearby Failsworth, “all the very best” in attempting to return the club to former glories.

But former United captain Neville questioned the timing of the announcement, which came at 4pm on Christmas Eve, writing on X: “Manchester United 2023 has been a disgrace to the end.

“The timing of this is truly awful and no functioning organisation would even think about it.

“Anyway all the very best to Jim Ratcliffe and I hope he can somehow work out a way to get the club right again and back to being something respectable on and off the pitch.”

Ratcliffe’s purchase of a 25 per cent stake comes after the club’s United States-based owners, the Glazer family, revealed their intention to undertake a strategic review of their options, including the possibility of selling up.

United have suffered a poor season so far, losing more matches before Christmas than in any season since 1930 and have not scored for four games – their worst run for 30 years.

Erik ten Hag’s side have dropped to eighth in the Premier League, eight points from fourth-placed Tottenham, and finished bottom of their Champions League group.

Ratcliffe has agreed to inject around £236million into the club and Ineos will take over the management of United’s football operations.

But Manchester United Supporters Trust has questioned how the relationship between the Glazer family and the Ineos Group will work, calling on the club’s owners to clarify the situation.

MUST also said fans would be left with “mixed feelings” after Ratcliffe’s investment left the Glazers still in overall charge at Old Trafford.

“During 18 years of debt, decay and mismanagement, Manchester United fans have loudly and consistently called for change at our club,” a statement from MUST read.

“When the so-called Strategic Review was announced nearly a year ago, it finally appeared that the sale of the club was on the horizon, potentially bringing the new investment and new direction MUFC so clearly needs.

“Against that backdrop, fans have very mixed feelings today. We welcome the investment from a boyhood red, Sir Jim Ratcliffe and his Ineos company, but many will wish his ownership stake was greater than the initially rumoured 25 per cent.

“We note the statements that he and his team will control sporting activities, yet puzzle how any organisation can put its very core business in the hands of a minority shareholder, and how that meaningfully works in practice.

“It is now incumbent on the club’s owners and management to properly explain how this new structure will work, where the new investment will be directed and how it will benefit the team on the field.

“As the supporters’ trust, we expect to have discussions with the club management and the Ineos team in the near future to understand their plans, and to put to them the very many questions fans have today.

“Today might – just might – be a step forward for Manchester United after some very difficult years. But with the Glazers still in charge, people should understand that United fans will remain sceptical and wait for the proof in the pudding.”

It is understood that Premier League approval for Ratcliffe’s investment could take between four and six weeks.

Sir Jim Ratcliffe has vowed to return Manchester United to “the very top of English, European and world football” after agreeing a £1.25billion deal to buy a 25 per cent stake in the club.

The Old Trafford outfit announced on Christmas Eve that the chairman of INEOS, who will assume delegated responsibility for football operations, had entered into an agreement, which is “subject to customary regulatory approvals”, which will also see him invest US dollars 300million – more than £236million – to refurbish the debt-laden club’s infrastructure.

However, it is boyhood fan Ratcliffe’s promise to put United “back where we belong” which will excite fans who have been in open revolt against owners the Glazer family, who launched a strategic review of the business in November last year.

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.

“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.”

Under the agreement, INEOS will acquire 25 per cent of the Class B shares owned by the Glazers and tender an offer for up to 25 per cent of the Class B shares at USD33 each in a deal which will not add to the club’s existing debt.

In addition, he will inject USD200million – £158million – on completion to upgrade Old Trafford and a further USD100million – £79million – by the end of 2024, taking his total investment to around £1.25billion.

Executive co-chairmen and directors Avram Glazer and Joel Glazer, who announced a strategic review 13 months ago, said: “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.

“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.”

Ratcliffe found himself engaged in a lengthy battle with Qatari businessman Sheikh Jassim after it became apparent that the club – or ultimately part of it – could be up for sale.

Sheikh Jassim withdrew his bid for full control in October with a long-running saga showing little sign of reaching a conclusion until Ratcliffe’s focus shifted to the pursuit of a significant minority stake.

The deal was announced by United at 4pm on Sunday in a statement which read: “The joint ambition is to create a world-class football operation building on the club’s many existing strengths, including the successful off-pitch performance that it continues to enjoy.”

The Red Devils have not lifted the Premier League trophy since 2012-13, Sir Alex Ferguson’s last season at the helm, and last won the Champions League in 2008.

Confirmation of INEOS’ investment was given a guarded welcome by the Manchester United Supporters Trust.

A statement read: “Today might – just might – be a step forward for Manchester United after some very difficult years. But with the Glazers still in charge, people should understand that United fans will remain sceptical and wait for the proof in the pudding.”

Former United defender Gary Neville was less than impressed by the timing of the announcement.

“Manchester United 2023 has been a disgrace to the end,” he wrote on X.

“The timing of this is truly awful and no functioning organisation would even think about it.

“Anyway all the very best to Jim Ratcliffe and I hope he can somehow work out a way to get the club right again and back to being something respectable on and off the pitch.”

Sir Jim Ratcliffe has become part owner of Manchester United as one of the UK’s richest men has bought a 25 per cent stake in the club he supported as a boy.

The billionaire has bought a share in the Old Trafford club, worth a reported £1.25billion, after Sheikh Jassim bin Hamad Al Thani withdrew his interest to end a lengthy process where he tried to buy the club outright.

The 71-year-old has a reported net worth £12.5billion thanks to the success of global chemical company Ineos, which has enjoyed exponential growth since he founded it in 1998, and will assume delegated responsibility for the club’s football operations. He will also invest an additional 300 million US dollars (£236.7million) into the club’s infrastructure.

Ratcliffe has been chairman throughout and has seen the company go from 400 employees to 26,000 and annual revenues of around £52.5bn.

Ineos has diversified its interests over the years to incorporate consumer brands and sports interests, which now includes the club Ratcliffe grew up supporting.

Born in Failsworth in 1952, a “quite deep-rooted” passion for United grew as he spent the first 10 years of his life in the Greater Manchester town.

Ratcliffe’s family eventually moved to Hull before he went onto to study chemical engineering at Birmingham University, then gain an MBA from London Business School.

He began his career at Exxon Chemicals before moving to Courtaulds and in 1992 led the buyout of Inspec Group plc, mortgaging his house to help complete that deal.

Six years on, he bought a plant in Antwerp, Belgium from Inspec for £84million and formed Ineos, which has gone onto become a chemical giant.

Ratcliffe – who received a knighthood the 2018 for services to business and investment – remains chairman of the company, which has developed a varied sporting portfolio over recent years.

Ineos Grenadiers are a leading professional cycling team and Sir Ben Ainslie-led Ineos Britannia is the Challenger of Record for the 37th America’s Cup.

The company is principal partner to the Mercedes Formula One team, performance partner to New Zealand’s rugby union teams and supported Eliud Kipchoge’s bid to run a sub-two hour marathon.

Ineos is now looking to take its football ownership to another level, having taken over Swiss Super League team FC Lausanne-Sport in 2017 and acquired Ligue 1 club Nice two years later.

In 2022, Ratcliffe saw a last-ditch £4.25bn bid for Chelsea – a club he grew a “split allegiance” for during his time in London – rejected.

“I am a season ticket holder at Chelsea,” the billionaire told the Daily Telegraph in 2018. “Have been for years, although I’m a Manchester United fan really. Or was… but it’s not getting any better (at United).

“It’s gone from bad to catastrophic. Talk about a glass half-empty.”

Things have improved on the field lately, but there is plenty of work to do away from it, which is why so many United fans are grateful that Ratcliffe has bought a stake in the club.

He said in October 2022 that he “can’t sit around hoping that one day Manchester United will become available” after Joel and Avram Glazer indicated to him that they did not want to sell.

But the following announcement that a full or partial takeover would be considered moved the goalposts,  paving the way for Ratcliffe’s investment in United.

Ineos Group chairman Sir Jim Ratcliffe has agreed to buy a 25 per cent stake in Manchester United and inject around £236million into the club, the Red Devils have announced.

Ineos, who will assume delegated responsibility for the club’s football operations, and United have entered an agreement under which he will acquire 25 per cent of the Class B shares held by the Glazer family and up to 25 per cent of the Class A shares while investing 300 million US dollars (£236.7million) into its infrastructure.

A club statement said: “Manchester United announces 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.

“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.”

The statement continued: “The joint ambition is to create a world-class football operation building on the club’s many existing strengths, including the successful off-pitch performance that it continues to enjoy.

“The transaction is subject to customary regulatory approvals and all parties are hopeful it will be completed as soon as possible.”

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.

“While 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.”

Sir Jim Ratcliffe’s purchase of a 25 per cent stake in Manchester United is due to be announced later on Christmas Eve, according to a report.

Confirmation of the investment by the 71-year-old’s Ineos Group would end a saga which has lasted more than a year.

Sky News has reported that a deal is set to be announced, 13 months after the club’s United States-based owners the Glazer family revealed their intention to undertake a strategic review of their options, including the possibility of selling up.

Ratcliffe and Qatari businessman Sheikh Jassim were both in the running to oversee a buyout of the club until October.

Sheikh Jassim withdrew his bid for full control of the club on October 14, with Ratcliffe’s focus shifting to taking a significant minority stake.

Ratcliffe’s Ineos Group is expected to pay in the region of £1.25billion for the share purchase, while also acquiring significant control over footballing operations.

It has also been reported that Ratcliffe is prepared to invest a further £245million to improve the club’s ageing infrastructure.