TA: The Glazer family has the right to kick La Jue out of management, and they are increasingly dissatisfied with their decisions

According to TheAthletic, the Glazer family, the majority holder of Manchester United shares, has the right to remove Ratcliff from the club's management structure later this year.

Ratcliff invested £1.25 billion to acquire a 28.9% stake in the club after months of negotiations in 2024. Since then, the Ineos head has supervised a number of radical decisions as a core figure in Manchester United's football-related strategy.

A series of employees layoffs, decision to stay in Tenghach and then quickly fired him, all caused dissatisfaction among fans. According to TheAthletic, the Glazer family was particularly dissatisfied with the two decisions:

meeting site selection controversy: Ratcliff insisted on holding an executive committee meeting in Monaco, which made it inconvenient for members of the Glazer family to attend the meeting.

Public remarks are inappropriate: His recent interview claims that "Manchester United may go bankrupt before Christmas" have caused dissatisfaction with US shareholders.

Equity Terms Analysis

If there is a sole-owned acquisition invitation, the Glazer family can activate "drag sale rights".

Ratcliffe has the right to counter the offer of Class B shares (including 10 times the voting rights); if the matched offer is refused, a full sale must be accepted.

The third-party acquisition intention may endanger Ratcliffe's right to participate, and the drag-out right will be effective in three months, that is, when its investment reaches 18 months. Within the next 18 months, Ratcliff can sell shares to recover costs; after the period exceeds the period, any decisions of the Glazer family must be accepted, but there are no relevant signs at the moment.