Manchester United Stock Drops to $20.61 as Owners Watch From Afar
The Glazer family retains control of 72% of the club but has not attended a match since 2019, leaving Sir Jim Ratcliffe to manage a team two points from relegation.
By Kaito Sokolov ·
Manchester United stock closed at $20.61 on the New York Stock Exchange last Friday, a value well below the $33 per share Sir Jim Ratcliffe paid for his stake. The share price has fallen as the club sits two points above the bottom of the Premier League table, raising the prospect of a relegation battle for the English soccer giant.
The Glazer family, which has owned the club since 2005, holds nearly 72% of Manchester United. They ceded control of soccer operations to Ratcliffe in February 2024 in a deal worth £1.5 billion for a 28% shareholding. Since that handover, Ratcliffe has hired and fired senior executives, slashed transfer and salary budgets, and cut almost 500 jobs at Old Trafford. Despite these moves, the team has lost to Bournemouth 3-0 and faces the possibility of a fourth managerial change in two years.
The Glazers remain silent in the United States while the club deteriorates. Joel Glazer, 59, has not attended a game at Old Trafford since Manchester United played Barcelona in April 2019. Sources note that the family saddled the club with £600 million in debt during their leveraged takeover. Since 2005, the club has paid out nearly £2 billion in interest, dividends, and other financial costs. A source who watched the recent defeat from the directors' box said Ratcliffe has downgraded every department, operating in the opposite manner of his stated strategy.
The Glazers retain full control over any potential sale of the club. A drag-along clause in their agreement with Ratcliffe allows them to force him to sell his stake if they choose to sell the team to a third party. Until February 2027, Ratcliffe is entitled to receive $33 per share if a sale occurs. After that date, the minimum price expires, allowing the Glazers to sell at any figure. Sources indicate there is currently no strong market for buyers, partly due to uncertainty surrounding Manchester City's appeal against 114 of 115 Premier League charges.
Two specific factors could trigger a sale: the construction of a new stadium at Old Trafford or the potential expulsion of Manchester City from the league. The Glazers are reportedly waiting for the right time to cash in. The failed European Super League plan in 2021 previously denied them an opportunity to sell. Meanwhile, Ratcliffe continues to manage the club's operations, a role that has become more difficult as the club's value declines and its competitive standing worsens.
Internal tensions exist over how Ratcliffe handled recent staff reductions. One source said the implementation of job cuts clashed with Joel Glazer's sense of decency and old-fashioned values. This view contrasts with the perception of Joel among supporters, who criticize his lack of communication. Previously, Joel was deeply involved in daily operations, speaking to executive vice-chairman Ed Woodward several times a day. He even approved trivial expenses, such as paint orders for the maintenance team, and vetoed furloughs for staff during the pandemic to keep employees on full pay. Now, the family observes Ratcliffe struggling to stabilize a club that is falling behind its rivals in England and Europe.
The next major decision point for the ownership structure occurs in February 2027, when the minimum share price protection for Ratcliffe ends. Until then, the Glazers hold the power to initiate a sale. The club's current trajectory suggests that any sale will likely occur at a lower value than the $33 per share benchmark. Ratcliffe remains in charge of soccer operations, managing a squad and staff that have been significantly reduced in recent months. The Glazers maintain their majority stake and control over the club's future, waiting for market conditions or internal developments to present a favorable exit opportunity.
