Premier League side Manchester United, on Sunday, announced that British billionaire and chairman of chemical production giant INEOS, Jim Ratcliffe, has acquired a 25 per cent stake in the club.

“Manchester United plc reaches agreement for Sir Jim Ratcliffe, chairman of INEOS, to acquire up to a 25% shareholding in the company,” the club said in a statement on Sunday.

Mr Ratcliffe, a diehard fan of the club, fends off competition from Qatari billionaire Sheikh Jassim to become the minority owner of the club. He bought 25 per cent of Class B shares held by the Glazer family for $33 per share.

When the deal, which is subject to receiving all necessary regulatory approvals, including from the Premier League, is finalised, INEOS will take over the responsibility for managing the club’s football operations.

“As a local boy and a lifelong supporter of the Club, I am very pleased that we have been able to agree a deal with the Manchester United board that delegates us management responsibility of the football operations of the club,” Mr Ratcliffe said.

He added, “Whilst the commercial success of the Club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.”