Sir Jim Ratcliffe has expressed that the process of “restoring sporting success” to Manchester United will require “time and patience.
The British billionaire has committed to acquiring a 25% ownership stake in the Old Trafford club for approximately $1.3 billion (£1.03 billion).
Through his Ineos Group, Ratcliffe will assume control of football operations, and in addition, he will contribute $300 million (£236 million) for future investments in Manchester United’s stadium.
Ratcliffe has told supporters “we recognise our responsibility as custodians of the club on your behalf”.
In an open letter to fans, he added: “I believe we can bring sporting success on the pitch to complement the undoubted commercial success that the club has enjoyed.
“It will require time and patience alongside rigour and the highest level of professional management.
“You are ambitious for Manchester United and so are we. There are no guarantees in sport, and change can inevitably take time but we are in it for the long term and together we want to help take Manchester United back to where the club belongs, at the very top of English, European and world football.
“I take that responsibility very seriously.”
United has indicated that the agreement for Ratcliffe’s acquisition of a stake in the club is “subject to customary regulatory approvals,” and they express optimism for a swift completion.
The initial timeline for the deal to be finalized is expected to span six to eight weeks, incorporating necessary approvals from entities such as the Premier League.
Ratcliffe added: “Please note that, as with any deal, it is subject to the usual regulatory sign-off process and therefore we do not expect to speak publicly about club matters until after the deal has completed.”
Manchester United is scheduled to face Aston Villa on Tuesday at 20:00 GMT. Although Ratcliffe won’t be present at the game, Ineos director of sport Sir Dave Brailsford is expected to attend.
The former chief of British Cycling will serve as a member of a formidable three-person committee overseeing the football operations at the club.