Manchester United’s majority-owning Glazer family are reportedly waiting for the right opportunity to sell the club, while allowing minority owner Sir Jim Ratcliffe to continue overseeing football operations despite the deepening crisis at Old Trafford.
Ratcliffe’s investment has not delivered the promised revival
The Glazers announced a strategic review in November 2022 which considered outside investment, a full sale or another transaction involving United. Ratcliffe completed his investment on 20 February 2024, paying approximately £1.25 billion for a 27.7% stake and receiving control of football operations.
United subsequently cut around 250 jobs in 2024 before announcing plans in February 2025 to remove up to another 200 positions. On the pitch, manager Ruben Amorim was dismissed in January 2026 after 14 months, with head coach Michael Carrick initially returning on a caretaker basis before receiving a contract until 2028 in May.
Sunday’s 3-0 home defeat by Bournemouth extended a miserable run and left United 16th in the Premier League, two points above the bottom of the table. Carrick’s team have won only one of their opening eight league matches, with the Bournemouth performance exposing further problems with their pressing, passing and defending.
Sale conditions and concerns over Ratcliffe
The Glazers retain nearly 72% of United and control any future sale. The agreement with Ratcliffe also contains a drag-along provision which allows them to require him to sell his stake as part of a takeover by a third party (via ESPN).
Ratcliffe is entitled to receive at least $33 per share if a sale takes place before February 2027. That protection then expires, while United’s shares closed at $20.61 on the New York Stock Exchange last Friday.
“One source has told ESPN that the Glazers are waiting for the right time to cash in and sell,” reporter Mark Ogden claims. So might it be that the Glazers are waiting until that February deadline before finally selling the club? Before United fans get too hopeful, ESPN notes that:
“There is no market right now for investors looking to buy a Premier League team, especially one with United’s problems. Uncertainty over the outcome of Manchester City’s appeal against a guilty verdict on 114 of 115 Premier League charges means that any potential buyer is likely to wait for that process to play out. The range of contrasting outcomes to City’s appeal… makes investment a riskier proposition.”
In the meantime, the Glazers are said to have concerns about Ratcliffe’s management, including the manner in which the extensive job-cutting programme was implemented.
An unnamed source who watched the Bournemouth defeat from the directors’ box delivered a particularly blunt assessment of Ratcliffe’s work: “The fans were all singing about the Glazers, but I’m not sure they realize how bad Jim is. He couldn’t have masterminded a worse situation.”
United co-chairman Joel Glazer has not attended a game at Old Trafford since the meeting with Barcelona in April 2019. He was previously heavily involved in everyday business, speaking several times a day to former executive vice-chairman Ed Woodward and approving expenditure, while he also rejected plans to furlough employees during the Covid-19 pandemic.
Two decades of Glazer control at Old Trafford
The Glazer family completed its £790 million leveraged takeover of United on 28 June 2005. The transaction left the club with gross debt of £604 million by 2006 and prompted sustained opposition from supporters.
Joel and Avram Glazer became executive co-chairmen, while their four siblings also held positions as club directors. United won 15 major trophies during the first 20 years of the family’s ownership, including five Premier League titles and the 2008 Champions League.
Unless the Glazers alter the current arrangement, the immediate decision over Carrick and his potential successor is likely to stay with Ratcliffe, Wilcox and the INEOS hierarchy rather than the majority owners.
Final Thoughts
- The Glazers are reportedly waiting for the right opportunity to sell United.
- A limited buyer market is said to make an immediate takeover unlikely.
- INEOS remains responsible for deciding Carrick’s future.