Sir Jim Ratcliffe is at risk of losing all his shares at Manchester United after a previously forgotten clause in his ownership came into effect last week. Ratcliffe was officially announced as a minority stakeholder at Old Trafford back in February 2024, taking a 27.7% stake in the club.
Since then, INEOS and the football leadership team that Ratcliffe put together — which includes Omar Berrada, Jason Wilcox, Christian Vivell, plus former members Sir Dave Brailsford and Dan Ashworth — have overseen major changes. A new manager, training complex and plans for a new stadium have all been introduced, but their work so far is at risk of being taken away from them as a result of a clause that could see Ratcliffe ousted from power without having a say.
INEOS At Risk of Being Booted Out of United
Sir Jim Ratcliffe
The agreement in question, referred to as the 'drag-along' clause, which became active on August 13th 2025, lets the Glazer family trigger a full sale of the club, including Ratcliffe’s shares, as long as they offer him £26 per share. It’s there to stop minority shareholders from getting in the way if the majority owners want to sell up should an offer come in they deem to be acceptable.
While that may ordinarily leave those on the receiving end of such a deal uneasy, Ratcliffe is reportedly not sweating it, and doesn't expect the clause to be utilised, as per The Athletic. It should also be noted, that the English billionaire also has first refusal to make an offer to buy the club outright thanks to a separate
As per a source to the Daily Mail: “Sir Jim’s already put $300 million of his own money in, including £50 million for Carrington. It’s been years since anyone spent money on United instead of taking it out. From the Glazers’ point of view, it’s hard to complain," emphasising the impact Ratcliffe has had on the club and the unlikelihood of him losing his seat at the table.
At the same time that Ratcliffe first showed interest in purchasing a stake in United, a Qatari group led by Sheikh Jassim were also at the forefront, offering a full buyout and promising investment in facilities and a new playing squad. However, it is believed that there is no interest in re-entering negotiations, with Sheik Jassim being left frustrated by the way previous talks went.