The Glazer family could force Sir Jim Ratcliffe to sell his shares in Manchester United if they choose to permanently walk away from Old Trafford.
Ratcliffe is awaiting the completion of a £1.3bn deal to buy a 25% stake in United which will give him control of the club’s football decisions, while also allowing the Glazers to remain at the club in some capacity.
As part of his deal with the Glazers, Ratcliffe will be given the chance to make the first offer if the Americans ever decide to fully cash in and sell all their shares.
However, the Glazers have no obligation to accept Ratcliffe’s proposal and could opt to sell their shares to a higher bidder, at which point Ratcliffe would be forced to sell all his shares as well.
The Glazers cannot encourage new offers for United for at least 12 months after Ratcliffe’s takeover is completed, and 18 months after that date, they are free to sell the Red Devils in full and force Ratcliffe’s Trawlers Ltd company to sell as well.
“For so long as the Glazer parties are the majority holder, following the date that is 18 months after the closing date and in connection with any sale of the entire company, the Company Board may require the Trawlers party to sell all of their company ordinary shares and take such other actions as are reasonably necessary to effect the full sale,” takeover documents state.
“If the sale occurs within three years of the closing of the offer, the Trawlers parties must receive at least $33 per share, which is the same price as the offer price.”
Ratcliffe is understood to be keen to buy United outright but recognised his current approach was the most likely to get a deal done.
The British billionaire has vowed to inject £300m into the running of the club once his deal goes through, which Ratcliffe expects to be around mid-February.
