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Sir Jim Ratcliffe is now officially a co-owner of Manchester United after completing the acquisition of a 27.7 percent stake in the club. The deal, which was agreed by majority owners the Glazer family in December, will see the British petrochemical billionaire and INEOS take charge of footballing operations at the Premier League giant while also pumping in $300 million for the improvement of their Old Trafford stadium.

"To become co-owner of Manchester United is a great honour and comes with great responsibility," said Ratcliffe. "This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans. Work to achieve those objectives will accelerate from today."

Ratcliffe secured 25% of both Class A and Class B shares at Old Trafford, the former secured a tendering offer that expired on Thursday night with each share valued at $33. Following that process, Ratcliffe then invested $200 million for additional Class A and Class B shares. That will be followed by a further $100 million before December 31, funds the club say are "intended to enable future investment in infrastructure at Old Trafford".

The investment deal had already received the approval of the Premier League and Football Association. "I would like to welcome Sir Jim as co-owner and look forward to working closely with him and INEOS Sport to deliver a bright future for Manchester United," said Joel Glazer, whose family will retain a majority stake at Old Trafford.

Even before INEOS' stake in the club had received a final green light their presence was being felt at Old Trafford with the poaching of Omar Berrada from Manchester City as their new chief executive while Sir Dave Brailsford, a leading figure in the INEOS cycling team and one of the architects of Great Britain's rise to prominence in cycling, has taken up a senior role at the club. They are also keen to add Dan Ashworth as their sporting director. Newcastle have placed the 52 year old on gardening leave and are said to want a sizeable compensation package if he is to leave for a direct rival.