The chairman of Ineos Group, Sir Jim Ratcliffe, has consented to invest about £236 million (€272 million) and acquire a 25% share in Manchester United, the team has announced.

Under the terms of the agreement, Ineos, who will take on delegated responsibility for the club’s football operations, will buy up to 25% of the Class A shares and 25% of the Class B shares held by the Glazer family in exchange for $300 million (£236.7 million) in infrastructure improvements.

“Manchester United announces that it has entered into an agreement under which Sir Jim Ratcliffe, chairman of Ineos, will acquire up to 25% of Manchester United’s Class A shares and 25% of the Class B shares, and he will also provide an additional $300 million to enable future investment into Old Trafford,” read a statement from the club.

“Ineos has agreed to assume administration of the club’s football operations as part of the transaction, following the board’s request. Along with two seats on the boards of Manchester United Football Club and Manchester United PLC, this will cover every facet of the men’s and women’s football operations and academies.

The combined goal, according to the statement, is to establish a world-class football operation by leveraging the club’s many current advantages, which include its ongoing success off the field.

The parties intend to close the deal as soon as possible, but it is subject to typical regulatory approvals.

Ratcliffe stated: “As a lifetime fan of the team and a local guy, I am really happy that we were able to reach an agreement with the Manchester United board that gives us managerial authority over the club’s football activities.

Although the club’s financial prosperity has guaranteed that money has always been available to win championships at the highest level, this potential hasn’t been completely realized recently.

“We will provide funds meant to enable future investment into Old Trafford, and we will bring the global knowledge, expertise, and talent from the wider Ineos Sport group to help drive further improvement at the club.”

As long-term players, we understand that there will be many obstacles to overcome and a great deal of work ahead. We will attack these obstacles with rigor, professionalism, and passion. To assist the team progress, we are dedicated to collaborating with the board, employees, players, and supporters.

“It’s obvious that we all want to see Manchester United return to its rightful place at the pinnacle of English, European, and global football.”