Manchester United’s ownership battle intensifies as the Glazers activate drag-along rights, putting Sir Jim Ratcliffe’s stake and the club’s future in doubt
Manchester United’s history has seen several changes, and its ownership structure has changed in many ways over the decades. Started in 1878 by railway workers as Newton Heath LYR Football Club, financial difficulties put the club in trouble. At that time, local liquor businessman John Henry Davies rescued the club, and in 1902, he named it Manchester United.
Even after this, the club had to face many challenges at the ownership level, such as in 1931 James W. Gibson took over the reins. In 1991, the club entered the stock market and then American businessman Malcolm Glazer acquired full control by buying shares from 2003 to 2005.
During that time, the club went into heavy debt. Recently, Sir Jim Ratcliffe’s INEOS Group has taken charge of the football operations by taking a 28.9% stake. Meanwhile, there are reports that Manchester United are eyeing Portuguese star Ruben Neves, which could add new energy to the midfield.
Current situation and latest developments:
Manchester United’s ownership battle intensifies as the Glazers activate drag-along rights, putting Sir Jim Ratcliffe’s stake and the club’s future in doubt.
A “drag-along rights” clause, active from August 13, 2025, allows the Glazers to compel Sir Jim Ratcliffe to sell his stake if they receive an acceptable full club offer.
According to a report by Football Insider, the Glazers’ stake has dropped from 98% in 2005 to 48.9% now. Sir Jim Ratcliffe has increased his stake to 28.9% by investing an additional £238 million. Now the situation is more interesting because, from August 13 2025, the Glazers have “drag-along rights”, under which if they receive an offer to buy the entire club from a third buyer, they can also force Ratcliffe to sell his stake. This situation has indicated that the future direction of the club may now depend on the stadium project. Also, there is talk that if the new stadium project moves forward, the Glazers may seriously consider selling the club.
Vision for the future
As Manchester United supporters, we feel the club is at a crucial juncture. The “drag-along rights” the Glazers hold give them the power to weaken Sir Jim Ratcliffe’s position. Although Ratcliffe wants to consolidate his role at the club, the Glazers could use the stadium project as a weapon. The new stadium proposal would help increase the value of the club and thus make the deal more attractive to potential investors. This could force Ratcliffe to agree to the Glazers’ terms or face a deal that does not match his plans.
We believe the Glazers chase profits instead of preserving the club’s emotional legacy. If they want to increase value by pushing ahead with the stadium project, it conflicts with the feelings of players and fans. This tug-of-war for control over the club’s future could also impact the players as the instability spills onto the pitch. In this context, news has come that Manchester United are trying to sign Barcelona youngster Pedro Fernandez. Such moves show that the club wants to remain competitive at the playing level, but ownership tussles could undermine this vision.
We worry most because the club remain stuck without a clear direction. If the Glazers do indeed move to sell, then they should prioritise long-term stability and supporters’ expectations rather than emotions. Ratcliffe holds a golden opportunity, but the Glazers’ policies may affect his position. Manchester United would benefit from transparent leadership and stability, not just a stadium or investment. We hope that in the coming months, the club moves in a direction where success on the field takes precedence over ownership profits.