This. no?
Trawlers Limited is a company registered under the laws of Isle of Man, and is completely owned by Sir Jim Ratcliffe.
Ratcliffe had said from the beginning that he wouldn’t use any of INEOS’ funds to purchase the 25% stake in United and that seems to be the case here.
Essentially, a company vehicle has been created to oversee the deal and in practice, United will be owned by Trawlers Limited, with Sir Jim Ratcliffe as the CEO.
INEOS will have no interference, or have its funds used in the running of United and they will remain two separate entities.
Edit: If that is right, I hope all these people, like Brailsford, who will be helping United aren't being paid by Ineos Sport. That would be very bad, as we know about Mancini ......