Manchester United are one of the biggest sporting institutions in the world - but who actually owns and runs the club is a surprisingly complex story
Avram Glazer and Sir Jim Ratcliffe
Both the Glazer family and Sir Jim Ratcliffe are in charge of Manchester United(Image: 2024 Crystal Pix/MB Media)
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Manchester United's ownership structure remains one of the most scrutinised set-ups in world football.
For nearly two decades, the boardroom at Old Trafford has been the subject of relentless fan protests, green-and-gold scarves, and fierce public discourse.
The arrival of British billionaire and boyhood fan Sir Jim Ratcliffe and his INEOS group finally brought a fresh sense of optimism to the fanbase after years of stagnation and perceived neglect under the Glazer family.
While Ratcliffe has firmly taken charge of the executive footballing direction, the underlying financial and legal framework remains a complex corporate web, stretching all the way from Greater Manchester to the Caribbean. Here, MEN Sport takes a closer look at United's ownership as the club's latest financial results are released on Thursday.
The 'split control' structure
The much-debated Glazer family, led by executive co-chairmen Joel and Avram Glazer, retain majority equity in United, holding around 71 per cent of shares. However, the club now operates under a split control structure alongside Ratcliffe, the local-born INEOS founder whose multi-billion-pound personal fortune was built almost entirely through his ownership of the global chemical group.
Ratcliffe made his initial move into Old Trafford in 2024, purchasing a 27.7 per cent stake for £1.25billion via Trawlers Limited, a holding company incorporated on the Isle of Man. He quickly upped this to 28.94 per cent through an additional £238m cash injection, with those shares subsequently transferred to INEOS Services Limited, a subsidiary of the wider INEOS group.
While CEO Omar Berrada, hired just a few months after Ratcliffe joined, handles day-to-day footballing operations on behalf of the Englishman, Joel and Avram Glazer remain co-chairmen of the club.
Joel and Avram Glazer
The Glazer family took over in 2005(Image: Icon Sportswire/Getty Images)
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The corporate chain
Behind the scenes, United utilises a complex holding chain design established during the Glazer family's controversial £790m buyout in 2005.
At the top of the corporate hierarchy sits Manchester United plc, the top-level parent equity entity incorporated in the Cayman Islands and listed on the New York Stock Exchange (NYSE). Sitting directly beneath the Cayman parent company are UK-based intermediate holding companies, primarily Red Football Holdings Limited and Red Football Limited.
At the operational base sits Manchester United Football Club Limited. This entity serves as the primary UK operational subsidiary, holding Old Trafford stadium, the Carrington training complex, player registrations and the club's core trading contracts.
Manchester United co-owner Sir Jim Ratcliffe
United co-owner Ratcliffe assumed power of football operations in 2024(Image: PA Wire)
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Class A vs Class B shares
Understanding where actual power sits requires looking at United's two distinct share tiers:
Class B Shares: These non-public shares carry 10 votes per share and accrue key voting power. They are held strictly by Glazer family trusts and Sir Jim Ratcliffe.
Class A Shares: Traded publicly on the NYSE, these carry only one vote per share, allowing public market investment without diluting primary administrative control.
This dual-tier setup ensures the Glazers maintain majority corporate equity while enabling Ratcliffe's substantial voting power and sporting mandate - creating an unprecedented joint structure at the top of English football.
Whether this delicate balancing act of American equity and British sporting vision can seamlessly coexist over the long term remains the billion-pound question.
However, beyond the offshore parent companies, stock tiers and complex boardroom mechanics, the ultimate metric for success stays straightforward. For United fans, corporate architecture is strictly secondary to what happens on the pitch: setting elite standards, modernising the club and restoring Manchester United to the summit of domestic and European football.