Sir Jim Ratcliffe could be forced to sell his minority stake in Manchester United due to contractual clauses in his partial takeover. The Glazer family, who still control the club, may compel Ratcliffe to sell his 28.9% share if they push through a full sale to a new buyer.
A drag-along clause in Ratcliffe's deal, completed in February 2024, requires him to sell his shares if a buyer agrees to pay £26 per share within three years. However, Ratcliffe has a Right of First Offer, allowing him to match any rival bid or be dragged along. After February 2027, the £26 floor falls away, and the Glazers can negotiate at a lower price, potentially near the current market value of £16.80 per share.
This timeline puts pressure on rival bidders like Qatari financier Sheikh Jassim, who has no interest in joining forces with Ratcliffe. Bloomberg reported that some Glazer family members are considering selling their shares, which could reopen the bidding process. Ratcliffe may also pursue a full takeover, but the Glazers favoured his partial bid to retain control while offloading operations.
Manchester United's recent on-field success under manager Michael Carrick, including a third-place Premier League finish and Champions League qualification, has boosted the club's valuation. This could incentivise the Glazers to wait for a higher offer, but any sale before 2027 would require matching Ratcliffe's original price.
