Source:REUTERS/Peter Powell
[Saba Sports News] According to British media, James Ratcliffe has no intention of selling his shares in Manchester United, and Qatar has also lost interest in acquiring the club. A clause in the deal in February last year, when Ratcliffe bought a 25% stake in the club for £130 million, quietly kicked in. This clause is called a “drag-along right,” which is uncommon in football but common in business. The drag-along right exists to make it easier for companies to be sold and prevent minority shareholders from blocking transactions that majority shareholders want to proceed with. For Manchester United, this means if the Glazer family wants to sell the club, Ratcliffe and Ineos can no longer stop them. According to the agreement, such a clause becomes effective 18 months after Ineos’ investment. Furthermore, if the Glazers are willing, they can not only sell their own shares but also force the petrochemical magnate to sell his as well. At a press conference held at Ineos’ London headquarters, he even mentioned this, though those present may not have realized it at the time. Ratcliffe said, “I don’t think we will take the legal agreements out of the drawer. I hope they gather dust and we never see them. It should be based on a relationship.”