Man Utd dream of Ratcliffe revival but Glazers' role is big unanswered question

28 December 2023 , 16:08

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Joel Glazer and brother Avram remain in the picture at Manchester United (Image: AP)

With a near-£30billion fortune, Sir Jim Ratcliffe is ranked as the second-richest man in Britain.

If you wanted to be pedantic, it could be pointed out he actually lives in Monaco, but you get the picture. If Ratcliffe is worth that much money, it is safe to assume he has not done too many dud deals in his business life.

And you would not bet against his purchase of 25 percent of Manchester United being a profitable venture for him. But you might well bet against it being a profitable venture for the fortunes of the team.

No matter what the legal small print says, no fan could be blamed for wondering if a quarter-stake in the club can REALLY give Ratcliffe - and his men on the club’s board, Sir Dave Brailsford and Jean-Claude Blanc - total control over footballing matters. The paperwork might say that but what about the reality?

While the footballing decisions are, in theory, left to INEOS, how about the financial decisions? When Ratcliffe’s minority stake is raised to 29 percent (which will happen when he invests the additional £240million towards the redevelopment of Old Trafford), the Glazers’ stake will still be 49 percent.

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Are they going to allow a minority holder to call the financial shots? We shall see.

We will not hear, though, as INEOS and Ratcliffe have formally agreed to say nothing nasty about the Glazers, whose part-sale has seen the six siblings pocket over £700million between them. So, while supporters continue to call for the Glazers to go, Ratcliffe, presumably, will have to keep quiet on the issue, having agreed that neither he nor his colleagues will “in any manner, directly or indirectly, make or cause to be public any public statement or announcement that relates to or constitutes an ad hominem attack on, criticises or otherwise disparages” the Glazers or Manchester United.

What are you expecting from Sir Jim Ratcliffe at Manchester United? Have your say in the comments section

Manchester United will soon learn what Sir Jim Ratcliffe's involvement means in practice (Icon Sport via Getty Images)

Employees have also been sent an email, instructing them not to discuss the deal, which was approved on Christmas Eve and now has to be ratified by the Premier League. If it all smacks of the Glazers still being in charge, then that is because they will be.

Eventually, that will change but if, after 18 months, the Glazers get an offer for a full sale, they can compel Ratcliffe to sell his shares. In that case, Ratcliffe - who would have first refusal on a full sale - would get his money back or make a few more quid.

The 241-page document lodged with the United States Securities and Exchange Commission on Boxing Day, detailing how the INEOS deal will work, is full of barely penetrable financial jargon. It is hardly required reading for United fans who might or might not take heart from the idea that INEOS will be running the football show.

But despite the deal, the hope for those United fans lies in the thrilling Boxing Day exploits of Alejandro Garnacho and Rasmus Hojlund … not in the prospect of Ratcliffe calling the shots.

Andy Dunn