Manchester United issue Sir Jim Ratcliffe and Joel Glazer statement as deal completed

Sir Jim Ratcliffe has vowed to take Manchester United to the top of world football and provide "world-class facilities" for supporters after full completion of the Ineos chairman's investment in the club was confirmed.

Ratcliffe has bought 25% of the Class A shares through the tender offer and 25% of the Class B shares from the Glazer family. Further shares have been issued in return for the initial $200million capital investment made by Ratcliffe, taking his total ownership to 27.7%. A further $100m will be invested by Ratcliffe by December 31, when his ownership will increase to 28.9%.

Ratcliffe, 71, was granted regulatory approval by the Premier League and the Football Association last week for his 25% stakeholding in United.

The Ineos Group will assume control of United's football operations, with sporting director Sir Dave Brailsford and chief executive for sport Jean-Claude Blanc due to sit on United's football board.

Failsworth-born billionaire Ratcliffe has invested in United through Trawlers Ltd. - named after United legend Eric Cantona's immortal 'When the seagulls follow the trawler' quote in 1995.

Ratcliffe's investment is for around £1.3bn and he is ploughing an additional $300m (£237m) into enhancing Old Trafford.

The announcement had due to be on Wednesday but regulatory requirements from the New York Stock Exchange brought the announcement forward to Tuesday evening UK time.

In a statement, Ratcliffe 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.