It’s been just over 18 months since Sir Jim Ratcliffe, the British billionaire and owner of INEOS, made waves in the football world by investing a staggering $1.3 billion to acquire a 25% stake in Manchester United. Since that landmark deal in February 2024, Ratcliffe has thrown himself into the club’s daily operations, leading a sweeping restructuring effort that included major personnel changes, ambitious redevelopment projects, and a vision to restore the Red Devils to their former glory. Yet, as of August 13, 2025, a little-known contractual clause has come into force—one with the potential to force Ratcliffe out of Old Trafford, despite all he’s invested and achieved so far.
This clause, known in the business world as a “drag-along right,” is a familiar concept in corporate boardrooms but a relative rarity in top-flight football. According to Mail+ and VnExpress, this provision was embedded in the agreement that allowed Ratcliffe to buy into Manchester United. It states that if the majority shareholders—in this case, the Glazer family—decide to sell the club, minority shareholders like Ratcliffe can be compelled to sell their shares at the same price per share as the majority. In essence, if the Glazers choose to cash out, Ratcliffe could be forced to join them, regardless of his own wishes.
For Ratcliffe, who reportedly holds 27.7% of the club’s shares, this is no small matter. Since his arrival, he has invested an additional $300 million into Manchester United, pouring funds into a planned new stadium and the redevelopment of club facilities. He’s also spearheaded tough decisions—streamlining the organization, cutting hundreds of jobs, and even raising ticket prices. These moves, while sometimes unpopular with fans, have lifted significant burdens from the Glazer family, who, for years, bore the brunt of supporter frustration.
Ratcliffe has been candid about the existence of this drag-along clause. “I don’t think we’ll ever have to take the legal agreements out of the bottom drawer,” he said at the time of his investment. “I just hope they gather dust and we never see them again. That’s how it should be. It should be based on a relationship.” It’s a sentiment that underscores both his optimism and his awareness of the potential risks.
For now, though, there’s little sign of imminent upheaval. Both Ratcliffe and the Glazer family have publicly stated that they have no intention of selling Manchester United. In fact, their relationship appears to be on solid ground, with mutual respect and cooperation marking their interactions. Ratcliffe has gone out of his way to praise the Glazers’ business acumen, even as he’s been careful not to alienate the club’s passionate fan base, many of whom remain wary of the American owners. “To be fair, the Glazers are actually very good commercially,” Ratcliffe remarked in March. “People advising me say the fans don’t want to hear that, so I have to be careful. I’ll get a lot of stick if I support the Glazers, but the truth is they’re really nice people. They’re old East Coast Americans, very polite, very civilized, some of the nicest people on the planet. I mean, Joel Glazer isn’t evil at all.”
Still, Ratcliffe has not been shy about criticizing Manchester United’s previous leadership. “I won’t defend Ed Woodward or Richard Arnold,” he said, referring to the club’s former chief executives, whose tenures were marked by controversial decisions and uneven results both on and off the pitch.
The drag-along clause became a talking point in part because of Manchester United’s recent history with would-be buyers. Before Ratcliffe’s successful bid, Qatari billionaire Sheikh Jassim bin Hamad al-Thani made a high-profile attempt to purchase the club outright, offering a reported $6.4 billion. The Glazers ultimately declined, preferring to sell a minority stake to Ratcliffe rather than relinquish full control. According to VnExpress, Sheikh Jassim and his 92 Foundation have since shifted their focus to other ventures, including a bid to host the 2036 Olympics in Qatar. “Qatar has turned to a new page,” one source involved in the negotiations told the paper, suggesting there’s little appetite to revisit the Manchester United deal anytime soon.
Should the Glazers decide to sell within three years of Ratcliffe’s investment, the contract stipulates a minimum share price of $33, matching the amount INEOS initially paid. This provision is designed to protect Ratcliffe from financial loss, even if he ultimately loses his influence at the club he’s described as a lifelong passion. But as insiders have told Daily Mail, such a scenario feels remote. The Glazers are reportedly content to let INEOS and Ratcliffe handle football operations, freeing them from the day-to-day pressures that once made them the target of fan ire.
Indeed, over the past year and a half, Ratcliffe and his team have shouldered the heavy lifting—implementing cost-cutting measures, enduring the brunt of supporter frustration, and driving forward ambitious infrastructure projects. The Glazers, for their part, have enjoyed a reprieve, no longer serving as the club’s “lightning rod” for criticism. “The Glazers have no reason to be dissatisfied,” a source told Daily Mail, noting that the club’s American owners are benefiting from Ratcliffe’s hands-on approach and the resources of INEOS.
For Ratcliffe, the risk of losing control over Manchester United is more than just a financial consideration. The club is, by many accounts, a labor of love—a project he’s embraced with characteristic determination. Losing his stake, even at a fair price, would mean walking away from an institution he’s invested in emotionally as well as financially. Yet those close to the situation insist that such an outcome is unlikely. Both parties are said to be patient, committed to a long-term vision, and satisfied with the current division of responsibilities.
Of course, football is a business as much as it is a sport, and circumstances can change quickly. The drag-along right exists precisely to prevent minority shareholders from blocking a sale if the majority wants out—a safeguard designed to facilitate smooth transactions, not to upend hard-won partnerships. For now, though, it remains a provision gathering dust, just as Ratcliffe hoped.
As Manchester United continues its journey under the joint stewardship of Sir Jim Ratcliffe and the Glazer family, the club’s future looks, at least for the moment, stable. The drag-along clause is a reminder of the complex interplay between passion and profit in modern football—a game where even the most devoted owners are sometimes at the mercy of the fine print.
