Manchester United are in crisis and the family that controls the club has remained largely absent, according to ESPN. The club is described as a “dysfunctional mess” with no obvious leader and a manager reportedly waiting to be sacked, while fans continue to criticize the Glazer ownership that began with a leveraged takeover 21 years ago.
ESPN reports the Glazers remain United’s majority shareholders with nearly 72% of the club after ceding control of soccer operations to Sir Jim Ratcliffe as part of a £1.5 billion deal for a 28% stake in February 2024. United has plunged into turmoil “following almost three years in the hands of Sir Jim Ratcliffe,” and the team sits two points off the bottom of the Premier League table, according to the report.
Supporters have long been hostile to the Glazers, who left the club with about £600 million in debt, ESPN notes. Sources told the network that Ratcliffe’s arrival — which was billed as a revival of fortunes — has instead coincided with a deterioration on the pitch and in other departments. One source who watched a 3-0 loss to Bournemouth from the directors’ box said, “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. He’s downgraded in all departments. It’s basically the opposite of what he said his strategy is.”
Ownership mechanics give the Glazers significant control. ESPN reports a “drag-along clause” in the agreement would allow the Glazers, from August 2025, to force Ratcliffe to dispense with his stake if they decide to sell. Ratcliffe is entitled to receive $33 a share until February 2027; that minimum share price is set to expire in four months’ time, allowing the Glazers to sell at any price thereafter.
Sources told ESPN there is little current market for buyers of a troubled Premier League club. Uncertainty around Manchester City’s appeal of a guilty verdict on 114 of 115 charges is also cited as a factor keeping investors on the sidelines. United’s stock closed at $20.61 on the New York Stock Exchange last Friday, well below the $33-a-share figure tied to Ratcliffe’s deal. ESPN said the Glazers are waiting for the right time to cash in, with potential triggers including a new Old Trafford stadium or a dramatic change to the Premier League landscape.
