Manchester United, the competitor in the English Football League, announced on Sunday that Jim Ratcliffe, CEO of Ineos, had acquired a 25 percent minority stake, for $33 per share.

Qatari Sheikh Jassim bin Hamad Al Thani was also seeking to acquire the club, but he dropped out of the race, saying that he would not increase his offer, which was worth $6 billion, so that the British billionaire would conclude the deal with the Glazer family, which owns the club.

Ineos is responsible for managing the club's football operations, and invests $300 million in the club.

The club said in a statement: “As part of the transaction, Ineos has agreed to a request from the Board of Directors to assume responsibility for managing the club’s football operations.”

He added, “This includes all aspects of men’s and women’s football operations and academies, as well as two seats on the boards of Manchester United and Manchester United Football Club.”

Ineos owns Nice, which competes in the French First Division, and Lausanne, which competes in the Swiss Premier League, and also works with partner club Racing Abidjan from Côte d'Ivoire.

Ratcliffe is behind the Grenadiers, one of the most successful cycling teams in the world