As if the summer transfer window weren’t critical enough for Manchester United, a change in the conditions of the Glazer family’s ownership of the Old Trafford club will shortly come into play.
Man Utd have been controlled by the Glazers since 2005 and it has been a controversial pairing in the eyes of many United fans.
The unwelcome acquisition gave rise to the Love United Hate Glazer movement and FC United of Manchester, a protest club, and in the years after totemic manager Alex Ferguson retired, fan dissatisfaction has only increased.
United is still capable of winning a trophy occasionally, and they will be sure to do so when they play Tottenham Hotspur in the Europa League final in Bilbao on Wednesday.
However, the Red Devils are no longer in a realistic position to win the Premier League, and Old Trafford’s state has been allowed to worsen concurrently.
Jim Ratcliffe and Ineos joined at the end of 2023, and the Premier League’s dismal season has been accompanied by a series of disastrous decisions made behind the scenes. The path ahead may be equally difficult.
The Glazers are three months away from being able to exercise their “drag-along” rights, which would change the landscape of Ratcliffe and Sheikh Jassim’s ownership aspirations, according to The Athletic.
According to the Manchester Evening News: “The Americans will soon have the authority to exercise their drag-along rights, which means that when the majority sells their position to a third party, the minority shareholders, including Sir Jim Ratcliffe, could be forced to sell their shares.
“This development could force Sheikh Jassim back to the negotiating table, with the Glazers potentially able to offer him the chance to push Sir Jim Ratcliffe to offload his shares unless he can match any incoming offers.”
Ratcliffe’s shares, which are now at about 29%, would also be impacted if the Glazers negotiated a deal with the potential Qatari investor.
“Should the Glazers sell to a third party within 18 months of the activation of their drag along rights, Sir Jim can expect to recoup what he paid to invest in United,” says the MEN.
“However, if the owners do not secure a sale prior to that, the British billionaire could potentially be dragged along for whatever price the Glazers agree with a prospective buyer.”
Under the revised parameters, Sheikh Jassim might be enticed to make a new bid by his stated desire to completely buy Manchester United.
But it’s still unclear if he can pull off such a takeover.
“According to filings from last year with the U.S. Securities and Exchange Commission (SEC), Sheikh Jassim did not show adequate proof of funds and subsequently withdrew from the process,” the Manchester Evening News reports.
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