da bwin： Manchester United have announced the sale of a 25 percent stake in the club to Sir Jim Ratcliffe's INEOS group.

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Ratcliffe's minority stake acquisition confirmedLifelong fan promises "professionalism and passion"INEOS group to take control of sporting operationsGetty ImagesWHAT HAPPENED?

Over two months since an agreement was reached, the deal has finally become official with Ratcliffe paying £1.25 billion ($1.59bn) for his stake.

In the Christmas Eve announcement Ratcliffe confirmed that his INEOS group will take control of the club's football operations, promising to bring "knowledge, expertise and talent" to help drive improvement on the field.

The statement also revealed that Ratcliffe will provide $300 million (£237m) of funding intended to renew the club's infrastructure at Old Trafford with $200m (£158m) to be paid on the completion of the deal and the remainder by the end of 2024.

AdvertisementGetty ImagesWHAT SIR JIM RATCLIFFE SAID

Ratcliffe said: "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.

"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. We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the Club, while also providing funds intended to enable future investment into Old Trafford.

“We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the Club – the Board, staff, players and fans – to help drive the Club forward.

“Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football.”

THE BIGGER PICTURE

The conclusion of the 13-month long process will come as great relief to United fans who will welcome the arrival of a local-born owner focussed on renewing the beleaguered football operations at the club. INEOS sporting director Sir David Brailsford — the former performance director of British Cycling — is expected to play a prominent role in overhauling the club's performance structures.

The announcement further confirmed that the transaction adds no further debt to the club with the deal fully funded by a company wholly-owned by Ratcliffe.

GettyWHAT NEXT FOR MANCHESTER UNITED?

The transaction is subject to approval from the Premier League and other regulatory bodies which is expected to take six to eight weeks but should cheer up the fans when they take on high-flying Aston Villa at Old Trafford on Boxing Day.