Glazers potential date for selling Man Utd emerges as 'small print' of contract offers clue
Manchester United, owned by the Glazer family, have come in for yet more criticism in recent weeks, but could they soon sell the club to current minority shareholder Sir Jim Ratcliffe?
The thought of the Glazers ending their more than two-decade ownership of United will be a pleasant one for most supporters, with the majority of the fanbase voicing their opposition to the Americans, who have saddled the club with debt since completing their takeover in 2005.
As of September 2026, United’s overall debt remained above £1bn, down from £1.3bn at the end of December 2025.
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Could INEOS take majority control of Man Utd?
The Glazers remain majority shareholders despite selling a minority stake to Ratcliffe and INEOS in 2024, with the British billionaire taking control of football operations.
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Since then, United have won just one domestic trophy – the 2024 FA Cup – and have sacked two managers, Erik ten Hag and Ruben Amorim. Current boss Michael Carrick remains under pressure after a poor start to the 2026/27 campaign.
Several of Ratcliffe’s decisions have already come under fire, including cutting 450 jobs to reduce salary costs by £11.3million.
But could Ratcliffe buy the Glazers out?
The answer appears to be yes, but it will not be straightforward, with a recent report from The Telegraph revealing the details.
The outlet mapped out how Ratcliffe could potentially buy out the Glazers by 2029. It explained that a refinancing deal over the summer could indicate when INEOS may seek majority control from the Glazers, with the move unlocking financing for a new 100,000-seater stadium.
The terms of the club’s new £441million refinancing deal may make it easier for the club to refinance its debt and borrow more.
The loan terms reportedly include ‘senior secured notes’ and refer to two key concepts.
The Telegraph reports: “The first concept is a “New Stadium Group”, essentially a separate company set up by Manchester United to own and manage the proposed new ground and associated land, to keep it legally separate from the main club’s assets that lenders can claim against.
“Once United officially designates the new stadium as its home ground, that protection could change under the loan agreement.
“The second is a “Stadium Event”: money raised by United specifically to fund a new stadium (or redevelop Old Trafford), either through borrowing or equity injection from investors.
“What is significant about that? The terms stipulate that a “Stadium Event” would unlock the option to repay the $550m loan notes at face value without an early repayment penalty. But this can only happen on or after June 10, 2029.
“A separate secured-term loan of $225m (£168m) can also be repaid at any time, but the clauses work together to encourage all debt relating to the Glazers’ leveraged buyout (LBO) to be cleared alongside stadium financing on or after that June 2029 date.”
The outlet added: “For Ratcliffe and Ineos – who hold a 28.94 per cent stake in the club – to even contemplate paying off or refinancing the Glazer-induced debt, it would need to make financial sense. And it is hard to make a persuasive case for that without majority ownership.”
“The route to the new Old Trafford is now more intertwined with the financial firepower of Ineos,” said football finance writer James Bajwa.
“The terms of the loan notes accommodate Ineos taking a majority position in Manchester United. Ineos could then refinance the LBO debt and house it on their own books rather than the club’s books.
“Should this happen, it would provide the club with much more flexibility in how they finance a new stadium."
Gary Neville urges Glazers to sell Man Utd
The former United captain sent a direct message to the American billionaires during a recent appearance on Stick to Football on Disney+.
“There’s £1.2 billion ($1.6 billion) of debt in that football club, they’re hamstrung in some ways,” Neville said.
“They’ve spent an absolute fortune on players, just under Man City in the last 15 years. £1.4bn ($1.86bn) on players, they’re second in the spending, but a lot of it’s the never-never.
“They have to sell now, they have to sell, I’m sorry the time has come.
“They have subcontracted the football department out to INEOS, they are trying to run the football department, they have had three years of struggling and it looks like this year is going to be a struggle.
“The Glazer family over in America, in Tampa, they’re very popular over there, they go to every game, apparently, I hear, they go to all the NFL games, they’ve hardly been to Old Trafford in 20-odd years.
“My point is, they have to sell now, enough is enough, the club is in debt, you’ve not spent a penny on the stadium, you’re now trying to borrow £2bn for a stadium you don’t know how you’re going to borrow.
“You’ve got a failure of 13, 14 years on the football side, you’ve subbed it out to somebody else, which is ridiculous, and not took responsibility. It is now at a point where they have to sell.
“Enough is enough, they have to sell the whole the club. The fans have had enough. They have to go now.”
The Glazers also own the Tampa Bay Buccaneers, an NFL team.
Topics: Man Utd
Luke Davies