Proactive Investors - Jim Ratcliffe, the British billionaire, has finalised his £1.25 billion purchase of a stake in Premier League club Manchester United (LON:0Z1Q) (NYSE:MANU).
The Ineos boss will take a 27.7% stake and while current owners The Glazer family will retain majority ownership, Ratcliffe's group will assume control over football operations.
Ratcliffe, Manchester-born and a lifelong United fan, said: “To become co-owner of Manchester United is a great honour and comes with great responsibility.
"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."
The deal, first agreed on Christmas Eve, includes a £237 million investment for developing Old Trafford stadium and will see Ineos provided with two seats on the club's boards.
As part of the deal, Ratcliffe will purchase around 25% of Class B shares, most of which are owned by the Glazers and hold voting rights, and 25% of the US-listed Class A shares.
Shares in New York-listed Manchester United Plc fell around 1.5% to US$17.20 in extended trading on Wednesday.