INEOS chairman Jim Ratcliffe has agreed a deal to buy 25 percent of Manchester United for about £1.25 billion ($1.6 billion) and will take control of the Premier League club's football operations, it was announced on Sunday.
The British billionaire, 71, will also provide $300 million for future investment into the club's Old Trafford stadium.
A club statement said: "Manchester United announces that it has entered into an agreement under which chairman of INEOS, Sir Jim Ratcliffe, will acquire 25 percent of Manchester United's Class B shares and up to 25 percent of Manchester United's Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford.
"As part of the transaction, INEOS has accepted a request by the board to be delegated responsibility for the management of the club's football operations."
Ratcliffe said he wanted to see struggling United "back where we belong, at the very top of English, European and world football".