Sir Jim Ratcliffe has formally completed a deal to acquire a minority stake in Manchester United, the club announced Tuesday.
The British billionaire, 71, has bought 25% of the Premier League club in a deal worth £1.03 billion ($1.3bn).
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Shares issued in return for Ratcliffe’s initial investment of £158.47m ($200m) will take his total shareholding to 27.7%. A further £79.23m ($100m) will be invested by Dec. 31, increasing Ratcliffe’s stake to 28.9%.
“To become co-owner of Manchester United is a great honour and comes with great responsibility,” Ratcliffe said in a news release. “This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans.
“Work to achieve those objectives will accelerate from today.”
