Manchester United has announced billionaire Jim Ratcliff will take on a minority stake in the storied club, which has failed to win the Premier League in the past 10 years.

The deal would also see the British billionaire and boyhood fan take control of its soccer operations.

“Our ambition is clear: We all want to see Manchester United back where we belong, at the very top of English, European and world football,” Mr Ratcliffe said in statement on Sunday.

The record 20-time league champions have not won the title since former manager Alex Ferguson retired in 2013, prompting increased anger toward the Glazer family, United’s American owners.

The deal’s announcement came more than a year after the club was put up for sale.

How much is being agreed on?

Mr Ratcliffe, who owns petrochemicals giant INEOS and is one of Britain’s richest people, has secured a stake of “up to 25 per cent” in United and will invest $US300 million ($442 million) in its Old Trafford stadium.

He will provide $US200 million ($294 million) upon completion of the deal and a further $US100 million ($147 million) by the end of 2024, United said.

In total the deal will be worth around $US1.6 billion ($2.3 billion), including the $US300 million ($442 million) of funding.

The deal is subject to approval by the Premier League.

What’s in it for the British billionaire?

United is currently eighth in the league and has already been eliminated from European competition.

Under-fire manager Erik ten Hag watched his team lose 2-0 at West Ham on Saturday — United’s 13th defeat in 26 games across all competitions this season.

Mr Ratcliffe, who was born in Failsworth, Greater Manchester, had originally bid to buy the entire majority share of around 69 per cent held by the Glazers.

He will be granted partial responsibility over the football operations of the club, a decision he says he is pleased with as “a local boy and lifelong supporter of the club.”

“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.”

Former club captain disses timing of news

Former United captain Gary Neville attacked the timing of the announcement, which came at 4pm on Christmas Eve (local time).

“Manchester United 2023 has been a disgrace to the end,” the soccer pundit wrote on X, formerly known as Twitter.

“The timing of this is truly awful and no functioning organisation would even think about it,” Mr Neville wrote before sending his best wishes to Mr Ratcliffe.

Fans split over decision

The transaction will be funded by Trawlers Limited — a company wholly owned by Ratcliffe — without any debt, United said.

United fans have been critical of the leveraged nature of the Glazers’ buyout, which loaded debt onto the club, as well as a perceived lack of investment and the dividends taken out by the owners.

Uncertainty over the ownership had led to fan protests outside the club’s Old Trafford stadium, while chants of “Glazers out” have been regularly heard during games.

While Mr Ratcliffe was long seen by fans as a popular potential owner, his minority investment means the Glazers remain in place, despite years of fan campaigns to drive them out.

Manchester United Supporters Trust (MUST) felt fans would be left with “mixed feelings” after Ratcliffe’s investment left the Glazers still in overall charge.

Here’s what MUST said:

“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.”

“Today might — just might — be a step forward for Manchester United after some very difficult years”

What’s next?

INEOS’s responsibility for the management of United’s soccer operations is set to include “all aspects” of both the men’s and women’s teams as well as the academies.

Just how Mr Ratcliffe and INEOS will implement those on a day-to-day basis remains to be seen.

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

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

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.

ABC/AP