Sir Jim Ratcliffe finalizes acquisition of Manchester United

The acquisition of a 25% stake in Manchester United by Sir Jim Ratcliffe has been officially confirmed by the club.

Last week, Sir Jim received approval from the Premier League for the deal. Following subsequent approval from the Football Association, he and INEOS are now cleared to commence their work at Old Trafford.

In a statement, Ratcliffe expressed his view about his new role: 'It's a significant honour and a substantial obligation to become a co-owner of Manchester United. The transaction might have been completed, but it's just the beginning of our plan to restore Manchester United to the pinnacle of English, European, and International football. We also aim to provide world-class facilities for our supporters. Efforts towards these goals will intensify starting today.'

Joel Glazer, the co-chairman of Manchester United, greeted the new part-owner warmly, asserting: 'I'm delighted to welcome Sir Jim as a co-owner and am excited about working closely with him and INEOS Sport to build a promising future for Manchester United.'

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Ratcliffe, under his agreement with the Glazers, who will continue to be at Old Trafford, is set to take over all football operations. The groundwork to realize his vision has already started, with United implementing a strategy devised by the new owner during the recent January transfer window.

In addition, several changes have been made behind the scenes at United. The boardroom has undergone restructuring with the appointment of Omar Berrada as the new CEO and there are plans to hire a new sporting director.

A deal has been struck with Dan Ashworth of Newcastle United for the role of sporting director but the Magpies are holding out for a significant compensation fee.