Manchester United has confirmed that one of Britain's richest men, Sir Jim Ratcliffe, is to buy a 25 % stake in the football club. The 71-year-old INEOS group is expected to pay in the region of £1.25 billion or $1.6 billion for the minority stake. Well, for more on this breaking news, we can go live now to Old Trafford and join our sports correspondent, Nesta McGregor. So, Nesta, we've been waiting for this for a long time, haven't we? How much of a surprise is this?

Yeah, good afternoon, Regini. I think that this is the Christmas present that lots of Manchester United fans would have wanted. You posed the question, how big of a surprise. Well, this deal has been potentially, let's call it, 13 months in the making. And there are times where we've been told it's imminent. There are times that we've been told it will happen a week from now, two weeks from now, and it hasn't done so. So perhaps a surprise, but not a surprise at the same time to go into the details of the deal, some of what you've just mentioned. Sir Jim Ratcliffe, one of the richest men in Britain, a Boyhood Manchester United fan has acquired a 25% minority share in the club just north of one billion at£2,000. I think the important part of the statement is that is INEOS group will be in charge of footballing operations. And that will be key for lots of Manchester United fans watching this. The Glazers have been in charge of the club since 2005. Thirteen months ago, they said they were looking at potential investment. There were two serious bids from a Qatar businessman and from Sir Jim Radcliffe.

Both wanted to take total control of the club, but the Glazers decided against that. Earlier this year, Sir Jim Radcliffe then put in a bid to own a portion of the club. And that's this deal that's been taking so long to come to the forefront. Today, though, it was announced, as we said again, 25%, just over a billion pounds footballing operations of the men's, women's, and the academy team. And that would be key for a lot of people. Manchester United, one of the biggest clubs in the world, maybe in a bit of turmoil on the pitch at the moment, struggling in the Premier League, already out of Europe. It was seen that maybe the Glazers weren't doing the job of business on the pitch. Jim Ratcliffe, who already owns a French club in League and a successful racing team as well, does have some sporting pedigree. Certainly Manchester United fans may be very, very happy at the news, but we talk about him being a minority shareholder. The Glazers are still in place. Jim Ratcliffe does own a part of the club. But what does that mean when it comes to football in operations? Will he be able to hire and fire managers?

Will he be able to buy plays that he wants to buy if the Glazers and him have some disputes? All very interesting, Regina. This is just some breaking news at the moment, so we're still finding out some details and we're waiting for some more as well.