Manchester United News: Sir Jim Ratcliffe’s Relationship with Glazers Hits Snag
According to a report in The Express, Sir Jim Ratcliffe, the INEOS kingpin, has reportedly ruffled feathers among the Glazer family, Manchester United’s majority owners, with at least two decisions since he inherited control of football operations at the club. As part of his £1.25 billion investment for a 28.9 per cent stake in February 2024, Sir Jim has taken a ruthless approach to try and save the club from financial and sporting ruin.
The Express reports that some of Sir Jim’s moves have rubbed the Glazers up the wrong way, with the British billionaire’s push to hold Executive Committee meetings in different locations that are more suited to him causing discontent. For example, his desire to gather for meetings in Monaco is said to make it more inconvenient for the Glazers to attend. Furthermore, Sir Jim’s frank nature in his latest round of public interviews reportedly didn’t go down well among his business partners. As The Express notes, Sir Jim’s bold statement that Manchester United were at risk of "going bust by Christmas" earlier this year didn’t sit right with the Glazers.
The Express understands that Sir Jim has faced a barrage of bad publicity throughout his regime thus far for his full-speed cost-cutting measures, including sanctioning up to 450 redundancies in just over a year. While that has benefitted the Glazers, as well as making their pockets far heavier, they could soon explore an alternative partnership. According to The Express, the Glazers can soon activate their drag-along rights if fresh interest over a full takeover emerges.
The report adds that Sir Jim can counter any bid that the United owners receive for their Class B shares, which hold much more power than Class A shares. However, he will be compelled to join them in accepting a full sale to another party if he can’t match an external offer. As The Express notes, there is no agreement for Sir Jim to eventually buy out the remainder of the Glazers’ shares, potentially leaving the 72-year-old vulnerable if a third party enters the frame.
The drag-along rights reportedly come into effect in three months, by which point Sir Jim will reach the year-and-a-half mark of his investment. If Sir Jim sells his shares as part of such a deal within the following 18 months, he would make all his money back from the investment. Beyond that point, he would be obliged to accept whatever the Glazers are willing to agree on. As The Express reports, judging by their first strategic review, the Glazers’ asking price is universally deemed unrealistic.
The development raises questions about the future of Manchester United and Sir Jim Ratcliffe’s role in the club. As The Express notes, the relationship between Sir Jim and the Glazers appears to be at a crossroads, with the British billionaire’s ruthless approach causing tension among the club’s majority owners. With the Glazers having the option to remove Sir Jim from the club’s structure later this year, the situation is set to be closely watched by Manchester United fans and football pundits alike.
The news comes as a significant development in the ongoing saga surrounding Manchester United’s ownership. With Sir Jim Ratcliffe’s investment and the Glazers’ potential exit, the future of the club remains uncertain. As The Express continues to report, we will have to wait and see how this situation unfolds and what it means for the Red Devils.
Source: The Express
