British billionaire and Ineos Group CEO Jim Ratcliffe has agreed to buy a 25% stake in Manchester United for $1.3 billion, with his company set to take control of football operations, the BBC reported.
The 71-year-old also pledged a $300 million future instalment into the Old Trafford stadium along with the announcement that comes 13 months after the club's owners, the Glazer family, stated they were considering selling to "explore strategic alternatives".
The American family bought the club for £790m in 2005.
Meanwhile, the only other publicly declared bidder, Qatari banker Sheikh Jassim bin Hamad Al Thani, withdrew his offer to buy 100% of the club in October.
There have been frequent demonstrations against the Glazer ownership while United has struggled on the pitch this season and has not won the Premier League since 2013.
Ratcliffe, who was born in Manchester, serves as chairman of the petrochemicals corporation Ineos and declares himself to be a "lifelong supporter of the club". Last year he attempted to buy Chelsea but failed.
In a statement, he 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 3 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 club expects the deal to be completed soon, subject to regulatory approvals and will undergo a six-to-eight-week process, including Premier League approval, to be ratified.
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