Manchester United minority owner Ineos have announced a "significant strategic investment" into high-end sports clothing brand Castore. The petrochemicals firm will invest in the British apparel brand as part of an agreement to see Castore acquire 100 per cent of Ineos-owned Belstaff on a "debt-free, cash-free" basis. Castore, which boasts sporting sponsorship deals with England Rugby , England Cricket and Andy Murray , now adds Belstaff to its portfolio. Belstaff chair Ashley Reed described the new deal as a "union of two British brands." He continued, "Castore is disrupting the sportswear market and has demonstrated phenomenal growth and resilience in recent years." "Having witnessed their journey, we saw a unique opportunity to join forces and accelerate Belstaff's transformation through shared knowledge and resources." Castore co-founder and chief executive Tom Beahon of Castore expressed his satisfaction at the investment. "We are delighted that Sir Jim Ratcliffe's Ineos is investing in Castore," he said, "which is a demonstration of commitment to our business and global growth ambitions, and we look forward to working together to deliver on this vision." Ratcliffe's recent forays into sport have not yielded many desired outcomes, with the Formula 1 and grand tour cycling teams struggling. Manchester United , meanwhile, lost a penalty shootout to League Two team Grimsby Town in the Carabao Cup this week. That has led to fresh questions about the current situation at Old Trafford , with fans pointing fingers at Ratcliffe – who owns just under 30 per cent of United – and the majority shareholding Glazer family . Last year's results saw leather jacket manufacturer Belstaff report a loss of £18m, and its acquisition by Castore signifies a move from its usual sportswear and athleisure portfolio into more luxury fashion. Lawrence of Arabia famously wore a Belstaff jacket, and Steve McQueen sported one in The Great Escape. Here at The Manchester Evening News, we are dedicated to bringing you the best Manchester United coverage and analysis. Make sure you don't miss out on the latest United news by joining our free WhatsApp group. You can get all the breaking news and best analysis sent straight to your phone by clicking here to subscribe. You can also subscribe to our free newsletter service. Click here to be sent all the day's biggest stories. And, finally, if you would rather listen to our expert analysis, then make sure to check out our Manchester is Red podcast, featuring The Samuel Luckhurst Show and The Midweek Debate. Our shows are available on all podcast platforms, including Spotify and Apple Podcasts , and you can also watch along on YouTube .