August 13, 2025 marked 18 months since billionaire Jim Ratcliffe invested $1.3 billion for a 25% stake in Man Utd. However, this date also triggered an unusual clause in the ownership agreement, known as a "drag-along right." While common in business, it is rarely seen in football.

A drag-along right allows majority shareholders to compel minority shareholders to sell their shares if the majority decides to sell the company. The minority shareholders are obligated to sell at the same price as the majority. In the case of Man Utd, Ratcliffe is the largest individual shareholder with 27.7% but the Glazer family collectively holds a majority stake.

Billionaire Jim Ratcliffe (left) and Man City chairman Khaldoon Al Mubarak at the Manchester derby at Etihad Stadium, Manchester, UK, 15/12/2024. Photo: Reuters

Billionaire Jim Ratcliffe (left) and Man City chairman Khaldoon Al Mubarak at the Manchester derby at Etihad Stadium, Manchester, UK, 15/12/2024. Photo: Reuters

This means that if the Glazers decide to sell Man Utd, Ratcliffe could lose all control, despite having invested an additional $300 million in team rebuilding and a new Old Trafford stadium. The UK's wealthiest individual would likely be unwilling to relinquish control.

However, this remains a hypothetical scenario. Reports suggest a positive relationship between Ratcliffe and the Glazers. The 72-year-old has publicly expressed respect for the American owners, a sentiment believed to be genuine. Ratcliffe's frequent attendance at board meetings in the US demonstrates a collaborative approach.

This makes it unlikely the Glazers would exercise the drag-along right. They currently benefit from Ratcliffe and Ineos' presence. Over the past 18 months, Ratcliffe's team has handled unpopular decisions like streamlining operations, reducing staff, and raising ticket prices, shielding the Glazers from fan criticism.

Ineos has also invested $300 million in upgrading the Carrington training center and initiated the new stadium project. "The Glazers have no reason to be dissatisfied," a source told the Daily Mail.

Avram Glazer (wearing glasses) during Man Utd's defeat to Arsenal at Old Trafford, Manchester, UK, in the 1st round of the Premier League, 17/8/2025. Photo: Reuters

Avram Glazer (wearing glasses) during Man Utd's defeat to Arsenal at Old Trafford, Manchester, UK, in the 1st round of the Premier League, 17/8/2025. Photo: Reuters

The drag-along right's existence recalls Sheikh Jassim bin Hamad al-Thani's failed bid for Man Utd. The Qatari group offered $6.4 billion for the entire club, but the Glazers declined, opting to sell a portion to Ratcliffe while retaining control and granting him operational authority.

Qatar has since lost interest in Man Utd. Sheikh Jassim and the 92 Foundation have shifted focus to bidding for the 2036 Olympics in Qatar. The previous protracted negotiations left a negative impression. "Qatar has moved on," shared an individual involved in the earlier bid.

If the Glazers sell within three years of Ratcliffe's investment, the minimum share price would be $33, matching Ineos's initial investment, protecting Ratcliffe from financial loss. However, he would lose all influence at the club he considers a lifelong passion.

Those close to the situation believe this scenario is unlikely. The Glazers are content with Ineos managing the football operations, lessening their burden. Ratcliffe also appears patient, accepting a long-term rebuilding process.

Compiled by Hoang An