Sir Jim Ratcliffe's purchase of a 25 per cent shareholding in Manchester United has been announced.
Ratcliffe is paying just over £1bn for the stake.
His Ineos Group will take control of football operations.
The 71-year-old will also make £235m available for future investment in Old Trafford.
In a statement, Ratcliffe said: "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 deal will now take 6-8 weeks to be ratified, with the Premier League also to sign-off on the purchase.
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