A person with knowledge of the situation claims that Ineos CEO Jim Ratcliffe intends to invest an additional US$300 million (S$405 million) in the infrastructure of Manchester United, on top of his offer to purchase a 25 percent stake in the club for US$1.5 billion or more.

The investment, which is designed to upgrade the club’s aging infrastructure, will be personally financed by the billionaire and will not increase the club’s existing debt, according to the source.

United’s stock increased 4% to $18.85 in response to the news, which Sky News first reported.

Ratcliffe failed to provide an immediate reply when queried for comment. The Manchester United declined to comment in response to a request from Reuters.

In October, Reuters reported that Ratcliffe, should his offer to acquire a 25 percent stake in United be accepted by the Glazer family, which controls the club, would pay more than $1.5 billion.

The Glazers and Ratcliffe have not yet reached an agreement, but a source predicts that one will be reached within the next few weeks.

Reuters previously reported that Sheikh Jassim bin Hamad al Thani of Qatar, the competing bidder for the club, informed the Glazers last month that he had withdrawn from the bidding process and would not be increasing his US$6 billion offer.

With a two-thirds stake, Ratcliffe founded Ineos in 1998 and serves as the chemical group’s chairman and CEO. According to Forbes, he is worth approximately $19 billion.

The British billionaire has considerable experience in the sports industry. The French Ligue 1 club Nice, the Swiss Super League team FC Lausanne-Sport, and the Ivory Coast Ligue One club Racing Club Abidjan are all entities owned by Ineos. It is also the sponsor of one of the most successful cycling teams in the world, the Grenadiers.

United, who have won the English Premier League a record 20 times, have an international fan base of over 650 million, per the market research firm Kantar.

However, a considerable portion of them have been demanding a change in ownership due to the Glazers’ responsibility for the team’s substantial decline in performance.

Manchester United, led by treble champions and local rivals Manchester City with 14 points, finished in third place in the Premier League despite winning the League Cup under Erik ten Hag last season. This highlights the magnitude of the turnaround that must occur.