Sir Jim Ratcliffe could be forced to sell his minority stake in Manchester United, despite owning 28.9% of the club. The Glazer family may compel him to sell his shares if they push through a full sale to a new buyer, thanks to contractual clauses in his partial takeover agreement from February 2024.
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 takeover. However, he has a Right of First Offer, allowing him to match any rival bid or be dragged along with the sale. After February 2027, the £26 price floor will be removed, potentially enabling a sale at a lower price.
Shares currently trade at £16.80 on the New York Stock Exchange, meaning Ratcliffe could extract greater value by exercising his Right of First Offer after 2027. This could incentivise bidders like Sheikh Jassim to complete a takeover before that date.
Bloomberg reported that members of the Glazer family are weighing up selling their shares and have held internal discussions. This could reopen the door to Sheikh Jassim, who was Ratcliffe's biggest rival during the earlier bidding process. Jassim has confirmed he has no interest in a joint venture, meaning any full takeover bid could force INEOS out.
Ratcliffe may also pursue a full takeover himself. The Glazers favoured his partial acquisition in 2024 as it allowed them to maintain control while offloading day-to-day operations. With Michael Carrick guiding United to third in the Premier League and Champions League qualification, the club's valuation could rise further, benefiting any potential sale.
