Key Takeaways:
- Sir Jim Ratcliffe purchased a 27.7% stake in Manchester United for £1.03 billion in February 2024
- A “drag-along” clause has become active, allowing the Glazer family to compel Ratcliffe to sell should they secure an acceptable offer for the whole club
- Ratcliffe’s tenure has already brought major changes, including a new £2 billion stadium proposal and £50 million in Carrington facilities upgrades
Ownership Structure and the “Drag-Along” Clause
Sir Jim Ratcliffe, aged 72, entered the Manchester United boardroom in February 2024 by acquiring a 27.7% shareholding for £1.03 billion. Although holding a minority interest, Ratcliffe has overseen the day-to-day operations at Old Trafford. However, a rarely-discussed clause included in the initial agreement now jeopardises his stake.
This clause, widely known as a “drag-along” provision, automatically came into effect 18 months following Ratcliffe’s acquisition. This mechanism grants majority stakeholders—the Glazer family—the authority to mandate the sale of Ratcliffe’s holdings if they receive an offer for 100% of Manchester United that they find satisfactory.
(🌕) BREAKING: Glazers activate secret clause in Sir Jim Ratcliffe contract. [@MikeKeegan_DM]
— centredevils. (@centredevils) August 21, 2025
In reference to the clause when he joined the club, Ratcliffe said: “I don’t think we’re going to be taking the legal agreements out of the bottom drawer. I just hope they gather dust and we never see them. Which it should be. It should be on the basis of a relationship.”
Ratcliffe’s Influence at Old Trafford
Since joining Manchester United, Ratcliffe has instituted sweeping changes at the club. Under his stewardship, Ruben Amorim was named manager, a significant number of staff positions were made redundant, and extensive plans for a cutting-edge £2bn stadium were unveiled. Also under Ratcliffe’s direction, the club completed £50m worth of improvements at the Carrington training centre.
| Key Changes Under Ratcliffe | Details |
|---|---|
| Stake Purchased | 27.7% for £1.03 billion |
| Manager Appointment | Ruben Amorim |
| Staff Redundancies | Hundreds of staff let go |
| Stadium Plans | Announced £2 billion new stadium proposal |
| Training Ground Upgrades | £50 million invested at Carrington |
| Active Clause | “Drag-along” clause now empowers Glazers to require sale of Ratcliffe’s shares |
Relationship Dynamics and Potential Outcomes
Ratcliffe has been keen on forging a positive relationship with the Glazer family. In March, he told The Times: “To be fair to the Glazers, they’re really good on the commercial side. The people who advise me say the fans don’t want to hear it. So I’ve got to be cautious. I get a lot of criticism if I support the Glazers, but the fact is they’re really decent people. They’re East Coast, you know — that old East Coast America, they’re very polite, they’re very civilised, they’re the nicest people on the planet.”
Ratcliffe previously fended off competition from Sheikh Jassim in his pursuit of a stake in United. As the “drag-along” clause takes effect, speculation resurges regarding whether Jassim, who once attempted to purchase the club outright from the Glazers, might renew his interest.
