British billionaire Jim Ratcliffe's INEOS Group have acquired a 25% stake in Manchester United.

Ratcliffe and the group have also been handed responsibility for United's football operations, with which they will have the power to hire and fire staff and sign players.

The 71-year-old will also pump in an additional £237million to refurbish the debt-laden club's infrastructure.

Ratcliffe said: "As a local boy and a lifelong supporter of the club, I am very pleased twe have been able to agree a deal with the Manchester United board that delegates us 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 are here for the long-term and recognise a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion.

"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 businessman had been one of two leading candidates to invest in the club over recent months alongside Qatari banker Sheikh Jassim.

However, Jassim's insistence on a full takeover from the Glazer family proved to be a sticking point and his withdrawal from the process opened the door for Ratcliffe to strike an agreement instead.

American co-chairmen Avram and Joel Glazer announced in November 2022 they were open to a sale having bought the Premier League giants for £790million in 2005.

And Ratcliffe's willingness to buy a smaller stake of their shares means they can remain involved in the club for the immediate future.

The Englishman also owns two clubs in French outfit Nice and Swiss-based Lausanne-Sport and failed with a bid to buy Chelsea from Roman Abramovich last year. 

United say this deal is "subject to customary regulatory approvals" but are "hopeful it will be completed as soon as possible".

It is understood that Premier League approval for Ratcliffe's investment could take between four and six weeks.