Jim Ratcliffe, a British billionaire, will purchase up to 25% of Manchester United

On Sunday, Manchester United declared that Jim Ratcliffe, a British billionaire and longtime supporter of the team, would acquire management of the team's soccer operations in exchange for a minority share in the illustrious club.

“We all want to see Manchester United back where we belong, at the very top of English, European and world football,” Ratcliffe said Sunday.

Since former manager Alex Ferguson retired in 2013, the record 20-time league champions have not won the championship, which has increased resentment toward United's American owners, the Glazer family.

Over a year after the club was listed for sale, a deal was announced.

One of the richest persons in Britain, Ratcliffe owns the petrochemical giant INEOS. He has acquired a "up to 25%" share in United and plans to invest $300 million in the team's Old Trafford stadium.

According to United, Ratcliffe will contribute $200 million upon deal completion and an additional $100 million by the end of 2024. Including the $300 million in funding, the deal will be valued at approximately $1.6 billion overall.

The Premier League must approve the agreement.

Ratcliffe was vying with Sheikh Jassim bin Hamad Al Thani, a banker from Qatar, to acquire the Glazer family, who also owns the Tampa Bay Buccaneers of the NFL. However, Sheikh Jassim withdrew his bid in October following months of drawn-out negotiations, putting Ratcliffe in a position to accept a minority stake in the team.