British billionaire Sir Jim Ratcliffe has agreed to buy a 25% stake in Manchester United for about $1.3bn (£1.03bn), the BBC reports.
Ratcliffe’s Ineos Group will take control of football operations.
The 71-year-old will also provide $300m (£236m) for future investment into the club’s Old Trafford stadium.
The announcement comes 13 months after the club’s owners, the Glazer family, stated they were considering selling to “explore strategic alternatives”.
The American family bought the club for £790m in 2005.
The only other publicly declared bidder, Qatari banker Sheikh Jassim bin Hamad Al Thani, withdrew his offer to buy 100% of the club in October.
United have struggled on the pitch this season and have not won the Premier League since 2013, while there have been regular protests against the Glazer ownership.