Ratcliffe will also provide $300m for future investment into the struggling football club’s Old Trafford stadium.

INEOS Chief Executive Jim Ratcliffe has become a minority shareholder in Manchester United, buying a 25 percent stake at a price of $33 per share, says the Premier League club.

INEOS, which will assume delegated responsibility for the club’s football operations, and United entered an agreement on Sunday under which Ratcliffe will acquire 25 percent of the Class B shares held by the Glazer family and up to 25 percent of the Class A shares.

Ratcliffe will also provide $300m for future investment into the club’s Old Trafford stadium.

“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,” said a club statement.

Qatar’s Sheikh Jassim bin Hamad Al Thani was also looking to buy the club but dropped out of the bidding process, saying he would not be raising his $6bn offer, leaving the British billionaire to strike a deal with the Glazer family.

Ratcliffe, 71, said he wanted to see struggling United “back where we belong, at the very top of English, European and world football”.

Ratcliffe’s INEOS also owns French Ligue 1 club Nice, Swiss Super League side FC Lausanne-Sport, and works with Racing Club Abidjan of Ivory Coast Ligue One.

It is also behind the Grenadiers, one of the world’s most successful cycling teams.