Jim Ratcliffe, a British billionaire, has finished buying a minority stake in Manchester United

After his acquisition of a minority investment in Manchester United was finalized on Tuesday, British billionaire Jim Ratcliffe stated that being a co-owner of the team is a “great honor” and “responsibility.”

The 20-time English champions’ Premier League and English Football Association this week accepted the 71-year-old’s investment, which will give him command over football operations.

On December 24 of last year, it was revealed that Ratcliffe had reached an agreement to pay the controversial Glazer family £1.02 billion ($1.3 billion) for a 25% share in United.

The founder of the massive INEOS petrochemical company completed that purchase with an additional $200 million investment, bringing his total interest to 27.7 percent. By the end of the year, he plans to put an additional $100 million to support infrastructure development at Old Trafford.

In a statement released by the club, Ratcliffe stated, “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.”

“Efforts to accomplish those goals will pick up speed starting today.”

United’s results on the field have declined under the Glazers’ leadership; they have not won the Premier League since previous manager Alex Ferguson left the team in 2013 and last won the Champions League in 2008.

Since the club was left crippled by hundreds of millions of dollars in debt in 2005 as a result of a leveraged buyout, the Americans have been very hated among the fans.

“I would like to welcome Sir Jim as co-owner and look forward to working closely with him and INEOS Sport to deliver a bright future for Manchester United,” said Joel Glazer, executive co-chairman of the team.

Ratcliffe, a lifelong United supporter, has already visited with prominent advocacy organizations and local officials in an effort to steer United back toward the top both on and off the field.

The club has hired Omar Berrada as its new CEO, stealing him from nearby rivals and Premier League winners Manchester City.

Ratcliffe is also very close to finishing his chase of Dan Ashworth of Newcastle to become United’s sports director in an effort to overhaul the Red Devils’ dismal hiring practises.

With a total transfer cost of $1.5 billion, United had the most expensive team in history at the conclusion of the previous season, according to a UEFA study released last week.

On the field, however, such investments have not paid off.

United currently sits sixth in the Premier League and was eliminated from the Champions League group stages earlier this season.

The transaction is simply the most recent in Ratcliffe’s INEOS portfolio of sports assets. INEOS has funded several initiatives in football, cycling, Formula One, athletics, and sailing with its enormous earnings.