Ineos Group chairman Sir Jim Ratcliffe has agreed to buy a 25 per cent stake in Manchester United and inject around £236million into the club, the Red Devils have announced.

Ineos, who will assume delegated responsibility for the club’s football operations, and United have entered an agreement under which he will acquire 25 per cent of the Class B shares held by the Glazer family and up to 25 per cent of the Class A shares while investing 300 million US dollars (£236.7million) into its infrastructure.

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 per cent of Manchester United’s Class B shares and up to 25 per cent 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. This will include all aspects of the men’s and women’s football operations and academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards.”

The statement continued: “The joint ambition is to create a world-class football operation building on the club’s many existing strengths, including the successful off-pitch performance that it continues to enjoy.

“The transaction is subject to customary regulatory approvals and all parties are hopeful it will be completed as soon as possible.”

Ratcliffe said: “As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United board that delegates us management responsibility of the football operations of the club.

“While 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.”

Executive co-chairmen and directors Avram Glazer and Joel Glazer, who announced a strategic review in November last year, said: “We are delighted to have agreed this deal with Sir Jim Ratcliffe and Ineos.

“As part of the strategic review we announced in November 2022, we committed to look at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men’s, women’s and academy teams.

“Sir Jim and Ineos bring a wealth of commercial experience as well as significant financial commitment into the club. And, through Ineos Sport, Manchester United will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game.

“Manchester United has talented people right across the club and our desire is to always improve at every level to help bring our great fans more success in the future.”

Former United defender Gary Neville was less than impressed by the timing of the Christmas Eve announcement.

“Manchester United 2023 has been a disgrace to the end,” he wrote on X, formerly Twitter.

“The timing of this is truly awful and no functioning organisation would even think about it.

“Anyway all the very best to Jim Ratcliffe and I hope he can somehow work out a way to get the club right again and back to being something respectable on and off the pitch.”