Sir Jim Ratcliffe said Manchester United will need “time and patience” in order to “bring sporting success” back.
For almost $1.3 billion (£1.03 billion), the British millionaire has agreed to purchase a 25% share in the Old Trafford team.
Ratcliffe will also provide $300 million (£236 million) for potential future stadium improvements at United, and his Ineos Group will assume management of football operations.
“We recognise our responsibility as custodians of the club on your behalf,” Ratcliffe said in a statement to fans.
He said, “I think we can bring sporting success on the pitch to complement the undeniable commercial success that the club has enjoyed,” in an open letter to the supporters.
It will need the utmost in professional management, rigor, and time and patience.
“You are ambitious for Manchester United, and so are we. There are no guarantees in sport, and change can inevitably take time, but we are in it for the long term, and together we want to help take Manchester United back to where the club belongs, at the very top of English, European, and world football.
“I take that responsibility very seriously
United say the deal for Ratcliffe to buy his stake in the club is “subject to customary regulatory approvals,” but they are “hopeful it will be completed as soon as possible.”.