(Bloomberg) -- Manchester United’s new shareholder Jim Ratcliffe has asked for patience as he tries to help return the English club to the pinnacle of world football.

The British businessman, who late last year paid $1.3 billion for a 25% stake in Manchester United, said while he wants the team to play “the best football in the world,” changing the club’s fortunes will take time.

“I have to ask the fans for patience,” Ratcliffe told reporters Wednesday. “It’s not one of those things that changes overnight.”

Ratcliffe in December won a months-long bidding war for a stake in Manchester United against rivals from petro-states and hedge funds. It remains to be seen how the self-made billionaire will manage the club alongside the Glazer family, which aims to cement Manchester United as the world’s most expensive sporting asset.

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Ratcliffe said he wants to overhaul Manchester United’s foundations and bring in “people who are best in class.” He cited Liverpool and Manchester City as examples of well-run clubs, and added that his relationship with the Glazers is going “very well.”

“The rocky road for a year has strengthened our relationship,” Ratcliffe said. “We got to know each other in adversity.”

Joel and Avram Glazer inherited the team from their father Malcolm, who made a fortune from a range of investments including real estate and broadcasting. Malcolm Glazer bought Manchester United in a 2005 leveraged buyout that saddled it with massive debts, and the family has faced distrust from hardcore supporters ever since. 

While this was mitigated in the early years of their ownership because the team continued to win trophies under Alex Ferguson, resentment has grown steadily after the coach’s retirement in 2013, and the ensuing period of mixed success.

Next week, Ratcliffe expects to announce a task force charged with proposing a possible redevelopment and new stadium around Manchester’s Old Trafford area. The club may also decide to refurbish the current stadium, he said.

Ratcliffe said he believes he made a smart decision when buying into Manchester United. 

“I don’t think the value will devalue — but this is not about a financial investment.”

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