BREAKING Manchester United confirm Sir Jim Ratcliffe takeover as minority investment agreed

manchestereveningnews.co.uk:

INEOS Sport has officially announced that it has agreed to purchase a minority stake in Manchester United. The chemical giant, which is governed by British billionaire Sir Jim Ratcliffe, has confirmed that it has agreed a deal with the Glazer family to acquire a 25 per cent stake in the club.

INEOS entered the takeover race back in February and has been the frontrunner ever since Qatari banker Sheikh Jassim bin Hamad Al Thani, who was their main rival, withdrew from the process last month.

Initially, in the statement they released back in February, INEOS wanted to secure majority ownership of United. However, the Glazers have been reluctant to sell the club throughout the whole process, despite receiving appealing bids from both INEOS and Sheikh Jassim. READ MORE: United takeover confirmed - live updates READ MORE: Sir Jim Ratcliffe's first words as INEOS owner takes share in United Issuing a statement, the Reds announced: "Manchester United plc announces 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. "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." INEOS, who were founded by Ratcliffe, back in 1998, already have several investments in elite-level sport.