Manchester United face a takeover crossroads with Ineos and the Glazer family, but it is certainly not the first time the club has experienced dramatic ownership changes.
It has now been over a year and a half since Sir Jim Ratcliffe completed his £1.2bn takeover of Manchester United to buy a minority stake in the club.
Sir Jim Ratcliffe and his Ineos team were given sporting control at Old Trafford, handing the British billionaire executive decision-making over the footballing department.
But the Glazer family still owns a majority stake in the club and can force Ratcliffe to sell his shares to a new bidder if one emerges, as per the drag-along rights in their agreement.
It has been suggested that Ratcliffe could sell his shares in the future if his project at United fails, meaning the Red Devils could find themselves in another takeover saga – just as they were in 1989.
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Man United broke £20m takeover record in 1989
Three years into Sir Alex Ferguson’s reign as Manchester United boss, the Red Devils found themselves embroiled in takeover drama.
Ferguson had just secured an 11th-place finish in the First Division, and United were on the brink of a huge deal that would send ripples through the footballing world.
As per a retro BBC News report, United were sold for a British record £20 million to former footballer Michael Knighton.
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United chairman Martin Edwards was set to receive around £10 million as part of the deal. At the time, Knighton believed he could turn United into a ‘£150m operation’, according to the BBC.
Former Manchester United chairman Michael Knighton in 1989.
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Knighton had promised to invest in the first-team squad as well as contribute money towards renovations at Old Trafford for the Stretford End.
However, the takeover deal collapsed soon after, with Knighton causing major controversy after choosing to step out on the Old Trafford pitch and parade himself to fans.
He was offered a place on the board if he agreed to walk away from the takeover, and eventually he agreed.
What Michael Knighton said about his Man United takeover attempt
When Knighton announced his takeover at Old Trafford, he said: “Manchester United is a legend. It is undoubtedly in my view the greatest football club in the world.
“I consider myself to be a football enthusiast first and a businessman second”.
There are certainly some similarities between his takeover quotes and those of Ratcliffe in 2023.
Ratcliffe has caused plenty of controversy during his time in charge of United, with plenty of off-pitch drama including redundancies and ticket prices. When he first arrived, he insisted that United would prioritise football over business.
Looking back on his takeover attempt, Knighton told BBC: “I wanted to show the fans I was a football man first and a businessman second.
“I wanted to bridge the gap between the boardroom and the terraces. Yes, it was novel. It was unorthodox. I knew it would attract interest and criticism. But I didn’t care. I needed the fans on my side more than I needed Bobby Charlton or Alex Ferguson, whose job was on the line at that time.
“I knew there was a massive captive market. If you are going to exploit that market, not in a pejorative sense, to sell them everything in order to generate the profits to buy any player in the world, you need them on your side. Look at what is happening now with the current owners and how the sponsors are being lobbied and some fans are not buying memorabilia and shirts.
“Of course I loved it. Who wouldn’t? Despite how it all turned out, I don’t regret going on that pitch and if I had £5bn to buy Manchester United today, I would do exactly the same again. I was fulfilling every schoolboy dream in the world.
“If you look at the pictures of that day and the smiles on the faces of the fans in the stadium, it worked.”
Man United now valued at £5bn under Glazers
As Knighton points out in his comments, the valuation of United has soared in the Premier League era due to the dominance under Ferguson.
Ferguson’s job was on the line when Knighton was preparing to take charge at Old Trafford, but his incredible 27 years in Manchester forged the incredible giant of a football club we now all love.
The Glazer takeover in 2005 was also not short of controversy, and the US family have made billions from their initial £790 million investment.
READ MORE: Sir Jim Ratcliffe gets £3.2bn Man United reality check, Glazers’ takeover asking price was miles off
Recent reports suggest United are now valued at £5bn, and that still stands despite the recent lack of success at Old Trafford.
Whether Ratcliffe increases his shares to eventually own a majority stake or whether the Glazers look for a new bidder is yet to be seen. But the drama around United’s ownership is anything but new, and it isn’t going away anytime soon.