Manchester United have announced INEOS Group chairman Sir Jim Ratcliffe will buy a 25 per cent stake in the club.
Here the PA news agency takes a look at some of the key questions following the £236million deal.
What does it mean for the club’s ownership?
In the short-term, not much, given the Glazer family are still majority shareholders.
However, under the agreement, INEOS has accepted a request by the board to be delegated responsibility “for the management of the club’s football operations”.
This is set to include “all aspects” of both the men’s and women’s teams as well as the academies. Just how Ratcliffe and the INEOS Group will implement those on a day-to-day basis remains to be seen – which has already been highlighted by the Manchester United Supporters Trust.
So when will the INEOS Group start their new job?
Detailed and complicated discussions have been going on for some time – but the announcement on Christmas Eve does not mean everything has been signed off.
United’s statement noted the deal was still “subject to customary regulatory approvals” which is expected to take some time.
The process must be ratified by the Premier League and also an official announcement made via the New York Stock Exchange.
Given the Christmas and New Year holidays, there have been suggestions it could take up to six weeks for changes to the club’s ownership to be established with all the relevant parties – which would come right in the middle of a key January transfer window.
What changes are their likely to be in the boardroom?
Lifelong United supporter Ratcliffe will bring with him plenty of sports administration experience – from owning French Ligue 1 side Nice, the INEOS Grenadiers elite cycling team, the Britannia sailing team fronted by Sir Ben Ainslie as well as a holding in Formula One with Mercedes.
Along with structural change, it is expected Ratcliffe will look to bring in some fresh personnel.
Sir Dave Brailsford, former performance director for British Cycling and current director of sport for INEOS, is reported to be in line for a key role at Old Trafford – as is INEOS Sport chief executive Jean-Claude Blanc, who has also held key positions with Juventus and Paris St. Germain.
Manchester United’s director of football, currently John Murtough, is another role which has been suggested could be under review once the INEOS deal is formally approved.
So what about manager Erik ten Hag?
United suffered a 13th defeat of a so-far uninspiring campaign when beaten 2-0 at West Ham on Saturday – the most they have lost before Christmas since 1931.
Despite being well off the pace in the Premier League and failing to reach the knockout stage of the Champions League, Dutchman ten Hag insists he can turn things around again.
Sir Jim Ratcliffe has vowed to return United to “the very top of English, European and world football” – which means results will either have to improve or INEOS could well implement some of that “delegated responsibility” in the dugout.
What else will be on the ‘to-do’ list?
As well as refurbishing the debt-laden club’s infrastructure under the agreement, INEOS will inject £158m (USD 200m) to upgrade Old Trafford.
The on-going renovations are much needed – with reports of roof leaks and a feeling of out-dated concourses which leaves United behind many of their Premier League rivals (not to mention over at the Etihad Stadium).
Ratcliffe’s pledge to see United competing with the best on the pitch again is also not likely to come cheap in the transfer market or be a quick fix – and neither will be unifying the fanbase once again on the back of what MUST feel has been “18 years of debt, decay and mismanagement”.
Kompany targeting Champions League top eight despite stuttering start
Vincent Kompany is eyeing a place in the top eight of the new Champions League format with Bayern Munich despite back-to-back losses in the competition.
Bayern welcome Benfica to the Allianz Arena on Wednesday, hoping to recover from defeats to Aston Villa and Barcelona, the first time they have failed to win consecutive games in the competition since April 2017.
Kompany's started their Champions League campaign with a 9-2 thrashing of Dinamo Zagreb, but have since plummeted down the new league table.
They find themselves 23rd after three matches. However, they have fared better in the Bundesliga, sitting three points clear at the top of the table after nine games.
"What we know is you have to win around six (of eight) games to reach the top eight," Kompany said.
"You have to win three games and that should be enough for the playoffs. My goal is to reach the top eight."
Bayern last failed to reach the Champions League knockout stages in 2002-03, finishing bottom of a group that featured Deportivo La Coruna, Lens and Milan.
But despite their stuttering start in the competition so far, Kompany said the new format plays no role in the team's planning.
"I don't want to think too far ahead because we have enough games," Kompany said.
"We have to win against Benfica. I don't want to spend too much time thinking about what could happen in January.
"No one knows how it will work. We only know we want to win tomorrow. We play at home. That is my only goal."
Bayern, however, have every confidence of getting their European campaign back on track, with the German outfit boasting an impressive record against Benfica.
They have played 12 major European matches against Benfica and have never lost (W9 D3).
But Bruno Lage's side will be looking to buck that trend, having beaten Atletico Madrid and Red Star Belgrade so far, but they did lose to Feyenoord last time out.
"We have a lot of confidence going into this game. We will always adapt and take the steps that are right for the team," Kompany said.
"But to say we will change everything is not serious. We just want to win again at home.
Benzema: Mbappe must adapt to Madrid role and forget 'best in world' Vinicius
Kylian Mbappe must learn to play as a central striker at Real Madrid because he cannot displace Vinicius Junior on the left wing.
Those were the words of Los Blancos' second-highest scorer of all time, Karim Benzema.
Mbappe has scored eight goals in 14 appearances in all competitions for Madrid since his move from Paris Saint-Germain, but has failed to score in his last five games.
The 26-year-old has been deployed in a more central role since under Carlo Ancelotti, as opposed to the wide role where he enjoyed success with the Parisiens.
"The problem, in my opinion, is that [Mbappe] is not a central striker, even with the national team, every time he plays as a number nine he doesn't feel right, because that's not his position," Benzema said on Spanish television show El Chiringuito.
"On the left, he's got a guy who's at the same level as him, Vinicius, so there is a problem.
"You can't play Vinicius as a number nine or on the right, because when he plays on the left he makes the difference in every game.
"Mbappe isn't a real number nine. People ask a lot of him and he's under a lot of pressure, this isn't Paris Saint-Germain."
The France captain has underperformed his expected goals (xG) figure in LaLiga by 1.75 this term, recording a shot conversion rate of just 18.18% from his 33 total attempts.
He has also missed seven big chances, with only Real Betis duo Abde Ezzalzouli and Vitor Roque (both eight) and Barcelona's Robert Lewandowski (11) wasting more in LaLiga.
In Madrid's last game, a 4-0 Clasico defeat, Mbappe recorded just 27 touches. Only Aurelien Tchouameni (24) registered fewer among those who started the encounter.
Benzema also endured a difficult start to life in the Spanish capital, netting just nine goals in his 33 appearances in all competitions in his debut season after his move from Lyon.
He would, however, go on to become one of Madrid's best ever players, scoring 354 times in 648 outings, a total that puts him behind only Cristiano Ronaldo (450) in the club's history.
Benzema won 25 major honours during his time at the club, also scooping the Ballon d'Or in 2022, and had some advice for his compatriot moving forward.
"Don't give up, because I don't think he's going to push Vinicius to move. He's the best player in the world at the moment," Benzema added.
"Mbappe needs to get it into his head that today he's a number nine, and forget about the left flank for a while."
Mbappe will be back in action for Madrid on Tuesday when they face Milan in the Champions League.
Luis Enrique in awe of Simeone energy ahead of reunion
Paris Saint-Germain coach Luis Enrique was full of praise for his former rival Diego Simeone as he prepares to go head-to-head with the Atletico Madrid boss in the Champions League.
PSG and Atletico, who reached the semi-finals and the quarter-finals respectively last season, will face off on Wednesday having both won just one of their three league-phase games.
A home victory would boost PSG, currently 19th with four points, while Atletico, languishing in 27th on three, are aiming to recover from back-to-back losses.
PSG have never faced Atletico in the Champions League before but Luis Enrique's Barcelona defeated Simeone's Atletico side nine times in their 14 meetings between 2014 and 2017, drawing twice and losing three times.
Luis Enrique led Barca to a Champions League and LaLiga double in 2014-15 followed by another league title the following year.
"We've played against each other as players and then as managers. I admire Simeone, when a coach can stay for so many years at a top club it means he is great because that is such a difficult thing to do," Luis Enrique told reporters on Tuesday.
Simeone has managed Atletico for 13 years, guiding them to two LaLiga titles and two Europa League crowns, though the Madrid side had considered hiring Luis Enrique prior to Simeone's arrival.
"I had given my word to another club. If I had gone to Atleti, I would not have stayed half as long as Simeone because I don't have the energy as him," added Luis Enrique.
"They are lucky to have found Simeone as a coach. You need a lot of energy, to be able to convince all your players over the long-term."
PSG, having lost Kylian Mbappe to Real Madrid in the close season, have just two goals in their three Champions League games, beating Girona 1-0 but drawing 1-1 with PSV and losing 2-0 at Arsenal.
"I have no doubt we can improve in defence and attack, whether it is with the defender duos of Marquinhos and Willian Pacho, or Milan Skriniar and Lucas Beraldo, or in the midfield," Luis Enrique said.
"I understand you want to discuss individual players, but we analyse things from a broader perspective.
"What interests me is to always generate goalscoring opportunities and to arrive in the penalty area because you have managed to be stronger than your opponent.
"That is my objective as a coach: to always generate opportunities."
Close-season signing Matvey Safonov, who kept a clean sheet in their opening win against Girona, might replace number one goalkeeper Gianluigi Donnarumma, whose mistakes proved costly at Arsenal and against PSV.
"You will find out tomorrow. After a good cup of cappuccino, I will decide who the goalkeeper is," Luis Enrique said.
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