Sir Jim Ratcliffe was officially announced as the new co-owner of Manchester United with a contract worth 1.3 billion pounds.

INEOS’s 25% stake in Manchester United has been completed after receiving approval from the Football Association and the Premier League.

Sir Jim Ratcliffe’s team can now officially start work on overhauling the club’s structure after the Premier League and Football Association approved a £1.3 billion deal as well as checks and the balance was finally completed.

The partial takeover was first announced on Christmas Eve but is still subject to approval by regulators, with multiple filings made to the US Securities and Exchange Commission and Ratcliffe along with figures INEOS’s significant other has passed the owner’s and director’s test.

But that hasn’t stopped INEOS from laying the initial foundations at Man United – with deals agreed to bring in Omar Berrada from Manchester City as the new chief executive, while Newcastle sporting director Dan Ashworth has been given the go-ahead. quit work after expressing his desire to move to Old Trafford. Old Trafford Stadium is also urgently implementing plans to turn this stadium into the so-called Wembley of the north.

Speaking after completion was announced on Tuesday night, Ratcliffe said: “Becoming part-owner of Manchester United is a huge honor and comes with great responsibility.”

“This marks the completion of the transaction, but is just the beginning of a journey that will take Manchester United back to the pinnacle of English, European and world football, with world-class facilities for football players. fans. Work to achieve those goals will accelerate from today.”

Chairman Joel Glazer, whose family retains the largest stake in the club despite opposition from supporters, added: “I would like to welcome Sir Jim as a co-owner and look forward to to work closely with him and INEOS Sport to deliver a bright future for Manchester United.”

Sir Dave Brailsford will take on the day-to-day role of Ineos at Man United after leaving his role in charge of their cycling team. He has worked at Man United’s Carrington training ground since January. INEOS Sport CEO Jean-Claude Blanc will have a seat on the club’s new board.

Ratcliffe sat next to Sir Alex Ferguson at last month’s Premier League match between United and Tottenham and met with fan groups to outline his plans and listen to their views.