Jim Ratcliffe bought a minority stake in Manchester United on Tuesday in what he described as a "great honour and responsibility". The INEOS boss will take control of the club's football operations after the deal was approved by the Premier League and the Football Association last week. 

The agreement includes a £1.02 billion (€1.2 billion) investment for a 25 per cent stake in United, to which Ratcliffe will add a further €185 million more to reach 27.7 per cent. By the end of the year, the British billionaire will inject an additional €92 million to improve facilities, particularly at Old Trafford. He promises to return Manchester United to glory. 

"This marks the completion of the transaction, but it is only 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," said Ratcliffe said in a club statement.

"I would like to welcome Sir Jim as a co-owner and look forward to working closely with him and INEOS Sport to build a bright future for Manchester United," said United executive co-chairman Joel Glazer. The post-Ferguson era has been a difficult one for the Red Devils. They last won the Premier League in 2013 and they haven't lifted a Champions League since 2008. 

Ratcliffe, a lifelong United fan, is actively working with leading supporters' groups and local politicians to develop a plan to return United to success, both in terms of their performance on the pitch and their wider impact off it.

The 71-year-old new United investor is close to finalising the recruitment of Newcastle's Dan Ashworth as United's sporting director in a bid to overhaul the Red Devils' ailing recruitment structure and bring about significant changes. 

With the most expensive squad in history ($1.5 billion) last season, Manchester United has failed to justify its spending on the pitch. At the start of this season, United failed to qualify for the last 16 of the Champions League, and currently sit sixth in the Premier League, outside of European competition. 

Jim Ratcliffe, who has experience investing in football, cycling, Formula One, athletics and sailing, is hoping to revive the club's fortunes and challenge for major titles in the near future.