The football operations will be taken up by Ratcliffe’s Ineos Group.

The 71-year-old will also contribute $300 million (£236 million) to future upgrades at the club’s Old Trafford stadium.

The statement comes 13 months after the Glazer family, the club’s owners, declared that they were considering selling in order to “explore strategic alternatives.”

In 2005, the American family paid £790 million for the club.