What is Manchester United’s current ownership structure?
Manchester United’s shares are divided into Class A and Class B. Currently, 56.1 million Class A shares and 116.3 million Class B shares have been issued, but only Class A shares are listed and traded on the New York Stock Exchange.
Class A shares hold only 10% of the voting rights of Class B shares, and Class B shares are mainly held by members of the Glazer family.
Among the stakes held by Joel (14.88%), Darcie (14.02%), Bryan (13.16%), Avram (10.33%), Kevin (9.72%) and Edward (8.95%), they collectively hold 71.04% of Class B shares and 3.04% of Class A shares.
Although their total stake is slightly less than half of the club’s total issued shares, they hold 67.91% of the club’s voting rights.
Jim Ratcliffe holds a majority stake in INEOS Group, which owns just under 29% of each class of shares and thus holds corresponding voting rights.
What is the Glazer family’s "drag-along right"? Why is it so important?
When the Glazer family sold a minority stake to Ratcliffe, documents filed with the U.S. Securities and Exchange Commission (SEC) detailed a "drag-along right" mechanism that would take effect 18 months after the British billionaire’s initial investment. This means the Glazer family can force Ratcliffe to participate in a full sale of Manchester United.
The essence of this clause is to prevent minority shareholders (in this case, Ratcliffe) from blocking a sale when others want to buy 100% of the shares.
If the Glazer family seeks a full sale before February 2027, the share price must be higher than the $33 Ratcliffe paid to ensure he can recoup all his funds.
After this date, Ratcliffe may be forced by the Glazer family to sell at any price they are willing to accept—even if it is lower than the price he paid, which means he could lose millions of pounds.
Is selling in the Glazer family’s interest?
Whether they intend to sell is a question worth billions of dollars, but the terms of the agreement with Ratcliffe undoubtedly indicate that completing a sale before February 2027 is in the Glazer family’s interest.
Before that, as mentioned above, if forced to sell, Ratcliffe will be guaranteed a return of at least $33 per share. The Glazer family also expects to get at least the same return for their shares, thereby raising the minimum price for any transaction.
Manchester United’s business prospects are expected to be closely watched in the coming months. Although the club recently announced a record annual revenue, major changes have occurred across the sector.
Ratcliffe called it a "great partnership," while deals with Snapdragon and Adidas were driven by Victoria Thompson and James Halliday—two executives no longer employed by the club.
If Manchester United is to be sold, how much will it cost and how long will it take?
We do not know the club’s specific price, but we know the minimum cost to acquire Manchester United before February 2027 (when the mandatory drag-along right expires).
Ratcliffe bought shares at a valuation of $33 per share (equivalent to £26 on the trading day), and any sale of Manchester United before the expiration of the mandatory drag-along right must reach at least this valuation.
Even so, Manchester United’s valuation would be $5.7 billion (equivalent to £4.3 billion today), making it the most expensive football club in history.
The Raine Group, which advised Ratcliffe on his share purchase, offered Qatari bidders a price of $35.25 per share during the process.
If existing shareholders seek the same price, the valuation would reach $6.1 billion (£4.6 billion)—roughly the same as the sale price of NBA defending champions the Boston Celtics in April this year.
Where might buying interest come from?
The Middle East, of course.
Sheikh Jassim bin Hamad Al Thani, son of Qatar’s former prime minister, tried to acquire 100% of Manchester United at the same time as Ratcliffe, but SEC documents showed he had been unable to provide proof of funds.
Qatar’s interest is unlikely to fade—especially given the Gulf state’s strong financial resources, which are sufficient to outbid other suitors outside the region if it wishes.
Although the Sheikh claimed his posts on X (formerly Twitter) did not refer to Saudi Arabia, we know there are ties between Saudi Arabia and Manchester United. The two parties are currently negotiating for the club to play a friendly match in Saudi Arabia during the Riyadh season.
In addition, there are unconfirmed reports that a consortium based in the United Arab Emirates (UAE) is also interested in Manchester United.
