A bombshell document has revealed a controversial ownership clause between the Glazers and Sir Jim Ratcliffe, MySportDab reports.
Manchester United announced a co-ownership deal with Sir Jim Ratcliffe after the club ratified the latter’s 25% stake for a partial ownership of the club.
As part of the agreement, Sir Jim Ratcliffe was expected to take charge of Manchester United footballing operations to return the club to its elite sporting life.
Sir Jim Ratcliffe has pledged billions of pounds for a revamp of Old Trafford and the club’s Carrington training base. He has also committed a prodigious sum to aid United’s transfer activities this summer.
After a largely pessimistic bent on the side of United fans towards Sir Jim Ratcliffe’s partial ownership deal with the Glazers, a meeting between Manchester United Suporters Trust and the UK billionaire knocked off all doubts on the club’s chances under the watch of the INEOS chief.
Now, a bombshell document made available by United States Securities and Exchange Commission, and shared by the Sun, has revealed some controversial terms and aspect of Sir Jim’s pact with the Glazers.
One of the terms, and the most controversial of them, is that the Glazers could force Sir Jim Ratcliffe to sell all his 25% of his Manchester United stake should they want to totally sell out the club in 18 months after Sir Jim’s takeover is completed in mid-February.
The controversial clause on the document reads;
“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 (Sir Jim Ratcliffe’s group) to sell all of their company ordinary shares and take such other actions as are reasonably necessary to effect the full sale.”
It is pertinent to note, the clause can only be triggered only if the Glazers want to sell the club fully in 18 months after mid-February.
The clause is controversial as it could force United into another dragging phase of ownership transition should the Glazers want to opt out fully from the reins at Old Trafford.
Meanwhile, Sir Jim Ratcliffe has began head-on with his mission to transform the fortunes of Manchester United for good. He has met with Manchester United Supporters Trust and has given his words to work around the clock to restore the club to its glory days.
Sir Jim Ratcliffe joined fans on the stands to attend Manchester United last Premier League match against Tottenham Hotspur at Old Trafford.