Last Wednesday Manchester United crawled back on the market.
It may be relatively unnoticed, but August 13 was a technically significant date for the Premier League Giants.
Why? Because when the clock hit midnight, buried a clause in the finer print of the deal, with Sir Jim Ratcliffe paid £ 1.3 billion last February for 25 percent of the club, came quietly in the game.
The clause is known as the 'Drag-Along Right' and Although it is not part of football, in the business world 'Drag-Along Rights' are so everyday that they have three different names for them.
The goal is simple. Drag-Alongs (or Come-Alongs or by-Alongs) exist to make it easier for a company to be sold by preventing situations in which a minority shareholder can block a deal that those who have the majority want to continue.
In the case of United, this means that if the glassers want to sell, Ratcliffe and Ineos cannot stop now.
The deal was that such a clause would come into play 18 months after completion of the investment of Ratcliffe. It added that if they wish, the glassers could not only sell their interests, but also the Petrochemicals could force billionaire to do the same with his.
Daily Mail Sport has spoken with insiders in Old Trafford, Ineos and in the Qatar Homeland of Sheikh Jassim bin Hamad al-Thhani, who missed the club to buy the club downright, to find out if we have more acquisition drama and the Sheikh has the appetite to go again.
Although there has been little noise, this is a situation that Ratcliffe is well aware of. At the Unveil press conference, at the London headquarters of Ineos, he even referred to it, although those present may not have known it at the time.
“I don't think we will take the legal similarities from the bottom drawer,” said the 72-year-old. “I just hope they collect dust and we never see them. What it should be. It should be based on a relationship. '
For those with knowledge of the situation and what has been folding since then, Ratcliffe – who refers to the clause – hit the nail on the head with that comment. Above all, the relationship is the key to this story and the signs are that the relationship that matters is by no means near Mancunian rocks.
Ratcliffe and the glazers continue. With the risk of running the wrath of United's fan base, the lifelong fan from nearby Failsworth has only spoken with heat about the American owners in public. But the reality is that his feelings towards them are authentic and not just public impressions of affection. “They definitely continue,” said a source. 'So much so that Jim has flown to the US several times to have board meetings in front of their door. They are like -minded people. '
There is also an opinion that the glazers know when they are a good thing – and that this is a good thing. That Ineos has done the necessary dirty work that is needed to put the company on the right track, through a considerable restructuring that has made hundreds of workforce superfluous. There has been a period of serious bloodshed, in combination with the first ticket price rises in a long time, and the shoulders of the inevitable bad press and fan that followed.
“Ineos have arrived, acknowledged that the company had been blown up and carried out the necessary measures to make it something that Lean is approaching,” the insider added. 'They also brought all the anti -aircraft guns and for the first time in a long time someone other than the glassers removed the hits from the fan base. That did not go unnoticed. To add that, they have taken over control over all football activities and effectively run that side of the company, so that a different headache relieves. Then there is the new stadium, for which Ineos tries to find the financing. They have attracted the Big-Hitters to the project, such as Lord Coe, they seem to have political support locally and they can continue.
'Then there is also the investment, which came as part of the deal. Sir Jim has introduced $ 300 million of his own money, which has paid for the £ 50 million upgrade to Carrington. It has been a long time since someone put some money in Manchester United instead of removing it. Simply put, if you are the glazers, what's not fun then? '
Although the glazers never comment on such things, the faith within the club is that they like what they see. It is known that Joel and Avram are the two of the five brothers and sisters who have invested the most in the revenue of United, but it is less known that their brother Ed is also heavily involved in the extent that he has lately attended a number of competitions, often under the radar, recently.
There is an excitement in the camp in what will follow this season under Ruben Amorim, something that – despite the final loss – was only underlined by the opening day fight with Arsenal, who saw the debut of three players and a United United team on the front match against quality against quality. The fact that they were welcomed from the field, for Avram Glazer, will undoubtedly give back over the Atlantic Ocean.
Then there are other considerations. If it comes to a stage where there is a appetite to “open the drawer,” as Ratcliffe said, it can still be seen what the level of interest would be.
In February 2023, Daily Mail Sport broke the seismic story that a Qatari group would enter the race to buy United, after the glazers had announced that they would be open to 'explore strategic alternatives'. After a difficult process that Raine yielded, the American investment bank that was dealing with it became no less than £ 24.9 million, their range of £ 4.79 billion for the entire package was rejected in favor of Ratcliffe's £ 1.25 billion for a quarter interest, which the club had rated marginal.
Now that the clause is active, the obvious question is whether Sheikh Jassim and his 92 Foundation have the intention to go back.
According to those with knowledge of the situation, while he has monitored the situation and is aware of the clause, there is 'zero interest' to act accordingly. The simple facts are that those in Qatar have continued and now work on other 'mega projects', including their attempt to organize the 2036 Olympic Games. If that sounds far -fetched, those involved are deadly serious, although rival bidders India may have something to say about their chances. Very little happens in Qatar without the support of the Emir. At the moment his total focus is, as understood, at the Olympic Games. The chances that secondary projects are currently getting the green light are very unlikely.
The moment United was for sale, the group of Sheikh Jassim wanted to buy a leading club in Europe. “That is simply no longer the case,” explained an insider who worked on the original bid, called Project Ruby. “Things have changed and the project would now be considered even more difficult for a few reasons, not least because there is a conviction that the standard of the Premier League has improved and it would be harder to turn things around.”
Although the offer of Sheikh Jassim was a family affair, the broader success of Qatar's ownership in Paris Saint-Germain may also have had an impact. The fact that the project landed in the French capital five trophies of six, including a First Champions League, makes an investment in another club less attractive because someone else has already been there and has done it in Europe.
The scars of that bidding process also continue to exist. While the camp of Sheikh Jassim refused to comment, it is safe to say that their treatment did not precisely arouse appetite for more. Constant questions that went as far as asking if Sheikh Jassim existed or had the money to buy the club that co-founder of Raine Joe Ravitch later confirms that it is the case in a later interview with The Times.
But there is also the view that a deal, how unlikely it sounds, must be a willing seller. And in Qatar they do not believe that this is the case. “There are other priorities now,” said the insider. “The Qatar universe is doing well, they are through with different projects.”
If there is interest from elsewhere, it should be equipped with deep pockets. The importance of Ineos is now up to 29 percent after that extra $ 300 million. The 'Drag-Along judge' guarantees Ratcliffe the highest amount paid to another shareholder of the same class of shares'. If the sale is within three years after the investment of Ineos, the clause states that the amount paid would be 'at least $ 33 per share', that is what the Trawlers vehicle of Ratcliffe is, named after Eric Cantona's famous quote, which was published 18 months ago. Add that scenario, the fact that Ineos would first have refused an offer and it becomes even less attractive for potential buyers.
With regard to the Ineos camp, there may not be surprising, zero appetite for selling. Although there is a desire to get Manchester United back to the top of world football as quickly as possible, there is also an acceptance that this will take time. The position is that the first, difficult steps of a long journey have been taken and the hope is that the rewards are not too far away.
There is also the opinion that Ratcliffe did not come to a place where he is seen under the richest of Great Britain by doing deals that can work spectacularly within the room of two years and that there may have been off-the-record insurance, perhaps describing the clause as a safety mechanism in a safety mechanism.
Another source may have set it in the clearest conditions. “Jim takes a lot from the S ***, does a lot of the hard work and he didn't snack them,” they said. “Why on earth would you want to change that?”