Sir Jim Ratcliffe may have sporting control at Manchester United but he is still only a minority shareholder.
Exactly one year ago, the British billionaire completed a £1.2bn takeover deal at Manchester United which saw him gain a 25 percent stake in the club.
The Glazer family were happy to step back and let Sir Jim Ratcliffe take control of the football club, and there have been sweeping changes to almost every department in the past 12 months.
Ratcliffe has introduced a new boardroom structure at United, with Omar Berrada appointed as CEO.
However, there have been several controversial decisions made by Ratcliffe and his Ineos team, the latest being a post-season tour of Malaysia.
Glazer clause could force Sir Jim Ratcliffe to sell Man United
As recently as last week, Ratcliffe invested a further £79m into United which has been provided for infrastructure investment at the club.
It is clear that he views this as a long-term project with Ratcliffe wanting to build a 100,000-seater stadium at the cost of £2bn.
As reported by The Athletic, the relationship between Ratcliffe and the Glazer family is “friendly and running smoothly”, but that could all change soon.
The report claims that the Glazers are “happy for Ratcliffe to take the lead” as long as he plans to buy their remaining stake in the future.
Exactly 18 months after the deal was completed in February, the Glazers have “drag-along rights” they can enforce which would allow them to sell their shares – and Ratcliffe’s stake – to a new bidder.
For that to happen, Ratcliffe would have to be offered the same price – meaning a sale to a new bidder would only happen if Ratcliffe did not want to buy more shares from the Glazers.
However, after Ratcliffe suffered a £4bn blow to his net worth in the last 12 months, it is not guaranteed that he will want to buy into becoming a majority shareholder.
Why Sir Jim Ratcliffe needs a good 2025
It is not just Ratcliffe’s net worth that has taken a hit. His reputation among the fan base has also plummeted over the past 12 months.
With 250 jobs cut at United and ticket prices rising to £66, Ratcliffe has done a good job of angering United fans in recent months.
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No one has been safe from the cost-cutting methods implemented by Ratcliffe and Ineos, with Sir Alex Ferguson’s contract ripped up in October.
After a turbulent first year as co-owner, Ratcliffe needs a successful 2025 to get fans back on board. If not, news of a new bidder might be welcomed by supporters.
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