Sir Jim Ratcliffe emphasizes the need for “time and patience” in restoring “sporting success” to Manchester United.
The British billionaire has reached an agreement to acquire a 25% stake in the Old Trafford club for approximately $1.3 billion (£1.03 billion).
Ineos Group, led by Sir Jim Ratcliffe, will assume control of football operations, and Ratcliffe is set to contribute $300 million (£236 million) for future investments in Manchester United’s stadium.
Ratcliffe has told supporters “we recognise our responsibility as custodians of the club on your behalf”.
In an open letter to fans, he added: “I believe we can bring sporting success on the pitch to complement the undoubted commercial success that the club has enjoyed.
“It will require time and patience alongside rigour and the highest level of professional management.
“You are ambitious for Manchester United and so are we. There are no guarantees in sport, and change can inevitably take time but we are in it for the long term and together we want to help take Manchester United back to where the club belongs, at the very top of English, European and world football.
“I take that responsibility very seriously.”
United say the deal for Ratcliffe to buy his stake in the club is “subject to customary regulatory approvals” but they are “hopeful it will be completed as soon as possible”.
The deal is set to undergo a six-to-eight week ratification process, including approval from the Premier League.
Ratcliffe added: “Please note that, as with any deal, it is subject to the usual regulatory sign-off process and therefore we do not expect to speak publicly about club matters until after the deal has completed.”
Manchester United will face Aston Villa on Tuesday at 20:00 GMT. While Ratcliffe won’t be present, Ineos director of sport Sir Dave Brailsford will attend. Brailsford, the former British Cycling chief, is slated to be part of a influential three-person committee overseeing football operations at the club.
