Manchester United have confirmed the arrival of Sir Jim Ratcliffe, with the richest man in Britain now owning 25% of the club. The Ineos owner spent £1.25 billion to buy class A and class B shares of the club, as confirmed in the official statement, and will have control over the sporting aspect of the club.

The 71-year-old is reportedly a lifelong Manchester United fan, and will pledge $300 million to the renovation of Old Trafford. Ineos will also be delegated the full responsibility of the club’s football operations.

Manchester United confirm Sir Jim Ratcliffe’s investment

Ratcliffe was part of a bidding war that also consisted of Qatari Sheikh Jassim bin Hamad Al Thani. The Sheikh’s offer was to buy 100% of the club, for an amount over £6 billion. However, the Glazers were not ready to sell the entirety of the club, and were unsure over the degree of seriousness in their bid.

Now, with the official arrival of Ratcliffe, things could be set for a massive change at United. However, it will likely be a steady and gradual process. The club has not won the Premier League since their 2012/13 season, and hasn’t won the Champions League since 2008/09.

Although their latest trophy came last season in the form of the EFL Cup, they are struggling this season, being eliminated from Europe altogether. In the league, they are currently 8th in the table and currently have 28 points from 18 games, after losing 2-0 to West Ham United in their most recent game.