Manchester United’s ownership situation could be in for some upheaval if the latest moves by the club’s major investor are any indication.
There is a weird ownership dynamic at Man Utd as Sir Jim Ratcliffe and Ineos own less than one-third of the business, but somehow find themselves at the centre of every decision.
The Glazers, meanwhile, sit pretty with billions in their bank despite not investing anything, but these two are just the public faces of the club.
Ariel is a majority investor in Man Utd, and their latest move has prompted a takeover theory from finance expert and GRV Media’s Head of Football Finance and Governance, Adam Williams.
Co-Chairman of Manchester United Avram Glazer, Sir Jim Ratcliffe attend the UEFA Europa League Final 2025 between Tottenham Hotspur and Manchester United at San Mames Stadium on May 21, 2025 in Bilbao, Spain.
Photo by Jean Catuffe/Getty Images
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Ariel raises £750m for new project
Once Ineos and Glazers come out of the picture, Ariel Investments LLC is next up on the list of the biggest shareholders at Man Utd.
The firm owns about 16% of the club via institutional holdings and mutual funds, so any move they make in the market has a ripple effect on United.
They have made just that move, raising £750m for a new sports investment fund which hints at a diversification of portfolio.
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The catch? As per Adam Williams, they could just about be getting ready for a full takeover at Old Trafford that would leave them very, very rich.
Williams said in an exclusive comment to United in Focus, “Ariel have chopped and changed their shareholding position in United over the years, but they appear to be banking on there being a full takeover one day. At that point, they probably hope that they will be offered a premium for their shares.
“The Glazers will one day sell their stake for well over the $33 per share at which they did the deal with Ratcliffe. Depending on how that deal is structured, the new investor might want to take them private, which would mean they have to buy out the institutional investors like Ariel.
Man Utd’s women’s team could be at the centre of plans
United’s men’s team is the money-spinner entity at the club, something that Sir Jim Ratcliffe is only too comfortable to repeat in public.
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Chart depicting Manchester United's transfer debt
Manchester United transfer debt table Credit: Adam Williams/United in Focus/GRV Media
However, there is bound to be a ceiling at some point, which is where the women’s team comes into the picture.
Despite limited resources, United’s women’s team continue to punch above their weight, and Williams thinks Ariel could be looking to enter that market as part of a wider push.
He said: “Other than banking on a full takeover, I don’t see what the strategy is, because United haven’t paid dividends for several years. Even when they have, they have been fairly modest.
They have made some returns from shorting the stock, but not anything big enough to justify holding it on your books for nearly 15 years. So it’s a patient approach that they are taking at United, as is the case across most of their £11bn portfolio.
“The new fund appears to be focused more on women’s sports teams with big growth potential, rather than established giants like United.
“We are seeing a lot of teams spin out their women’s teams as separate businesses and selling stakes to external investors, however. I am purely speculating at this point, but perhaps Ariel might consider coming on board as a minority investor in United’s women’s team.”
If United can leverage their enormous fanbase and market their women’s team as they do the men’s side, then the expansion potential of the club will skyrocket.
Perhaps Ariel are banking on that to be the case, because that £750m fund for new sports investments might be a safer bet in an institution they are already a part of.
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