British billionaire Jim Ratcliffe has agreed a deal to buy a 25% stake in Manchester United for about $1.3 billion, vowing to return the Premier League club to the "top of world football."

United also announced in a statement on Sunday that Ratcliffe's INEOS company would take control of football operations after years of under-achievement under the Glazer family.

And the 71-year-old chairman of the global chemicals giant will provide substantial funds for future investment in the club's outdated Old Trafford stadium.