Manchester United's owners, the Glazer family, could compel Sir Jim Ratcliffe to sell his 28.9% stake in the club due to contractual clauses in his partial takeover. A drag-along clause requires Ratcliffe to sell his shares if a buyer agrees to pay the same price he originally paid – £26 per share – within three years of his deal completing in February 2024.
Ratcliffe does hold a Right of First Offer, allowing him to match any rival bid at that price, but after February 2027 this floor price falls away. The Glazers could then negotiate a full sale at a lower price, with shares currently trading at £16.80 on the New York Stock Exchange. This would give Ratcliffe an incentive to use his Right of First Offer after that date to maximise his return.
Prospective buyers, such as Qatari financier Sheikh Jassim, may need to complete a takeover before February 2027 to benefit from the enforced £26 per share floor. Sheikh Jassim, Ratcliffe's main rival in the 2023–2024 bidding process, has previously stated he is not interested in a joint venture, meaning any successful full buyout could force Ratcliffe and INEOS out of Old Trafford.
Bloomberg reported that some Glazer family members are increasingly motivated to sell their shares and have held internal discussions. The family, including executive co-chairmen Joel and Avram, along with siblings Darcie, Kevin, Bryan and Edward, could open the door to new bidders from the Middle East and the United States.
Ratcliffe may also pursue a full takeover himself. The Glazers favoured his partial acquisition in 2024 because it allowed them to retain control while offloading day-to-day operations. With manager Michael Carrick guiding United to third place in the Premier League and a Champions League return, the club's valuation is expected to rise, potentially securing the Glazers a more profitable sale in future.
