Manchester United has confirmed Jim Ratcliffe as the club's newest co-owner after completing a deal wherein he paid around $3.1 billion for the takeover and a further $200 million to raise his ownership percentage.

The club statement:

"Manchester United plc (NYSE: MANU), and Trawlers Limited, an entity wholly-owned by Sir Jim Ratcliffe, are pleased to confirm that Sir Jim Ratcliffe has completed his acquisition of 25% of the club's Class B shares and 25% of the club's Class A shares, following the satisfaction of all conditions, including approvals from the Football Association and the Premier League."

His ownership percentage will increase to 28.9 percent when he makes a further $100 million investment by December of this year.

Ratcliffe expressed excitement over the deal's completion and said it is "the beginning of our journey to take Manchester United back to the top of English, European and world football."

Who is Jim Ratcliffe?

Many club supporters with little to no idea about the inner workings of club ownership probably haven't heard of Ratcliffe.

He is the chairman and CEO of INEOS Chemical Group, the largest chemical company in the world.

The firm also ventures in fuel, packaging and food, construction, automotive, pharmaceuticals, and textiles.

Manchester United will not be the company's first sports partner as it already had deals with French Ligue 1 side OGC Nice and Swiss Super League side FC Lausanne-Sport. It is also the third equal owner of Formula One team Mercedes-AMG Petronas.

Jim Ratcliffe's net worth as of 2023 is $21.1 billion, according to Forbes.

He hails from Greater Manchester and studied chemical engineering at Birmingham University.

He founded INEOS in 1998 in Hampshire. The rest, as they say, is history.

His plans for Manchester United

Fans were left unhappy by the Glazer family, who own the majority of the club shares.

The family announced a "strategic review" in 2022, with many thinking it would be a full sale.

Qatar-backed bid from 92 Holdings and Ratcliffe attempted to buy the club but were denied.

The INEOS chief eventually outbid the Qatari firm, and now, he owns 27.7 percent of the club and has the liberty to strategize the future of the Red Devils.

The first well-publicized plan by Ratcliffe is to turn the club into a "Wembley of the North" by either renovating Old Trafford or building a new one.

The Manchester United stadium has the highest capacity among all Premier League clubs' homes, as it can accommodate 75,653.

Ratcliffe will also be deeply involved in the club's football operations.

His first major move in that area involves pirating Dan Ashworth, the sporting director of Newcastle United. Ashworth, who previously served as the technical director of the Football Association, is said to be responsible for the rise of the Magpies when they reached the Champions League in this ongoing season.

Ratcliffe, however, has a more important thing to do before the season ends. He needs to ensure that Manchester United will not be disqualified from Champions League contention if they ever reach the Top 5 (they are currently in sixth place in the Premier League table).

According to UEFA rules, clubs under the same ownership cannot be in the Champions League in the same season.

INEO also owns Nice.