Despite a key clause in the Ratcliffe deal now being active, potential buyers are staying away, leaving the Glazers’ long-term ownership in a state of limbo.
MANCHESTER – A pivotal clause in the agreement that brought Sir Jim Ratcliffe to Manchester United has officially come into effect, potentially forcing the INEOS billionaire to sell his stake if the Glazer family decides to cash out. However, a full sale of the club now seems more uncertain than ever.
The clause, known as a ‘drag-along’ agreement, was activated on August 13th. It stipulates that if the Glazers receive an offer to buy their controlling shares at a price of £26 per share, they can compel Ratcliffe to sell his 25% stake on the same terms. This mechanism was designed to prevent a minority owner from blocking a sale desired by the majority.
This development reopens the theoretical possibility of a full takeover, but insiders suggest there is little appetite for a renewed bidding war. According to reports, the Qatari consortium led by Sheikh Jassim bin Hamad Al Thani has “zero interest” in revisiting a deal after their protracted and ultimately failed attempt last year.

Furthermore, Ratcliffe himself is privately indicating he has no intention of triggering the clause or selling his share. An insider highlighted Ratcliffe’s significant financial investment, noting, “Sir Jim has put in $300m of his own money… It has been a very long time since someone has put some money into Manchester United rather than take it out.”
This leaves the Glazer family at a crossroads. While they now have a clear legal path to a full sale, the lack of a willing buyer at their asking price and Ratcliffe’s commitment to his long-term project suggest the controversial 19-year ownership is likely to continue, for now, in its current fractured structure.
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