Manchester United co-owner Sir Jim Ratcliffe could face the same backlash as the Glazer family from the club’s die-hard fans, following reports he’s backed out of a proposed fan share scheme.
The Manchester United Supporters’ Trust (MUST) is reportedly pushing for a revival of the plan initially unveiled by Joel Glazer in 2021. The European Super League scandal three years ago further strained the already tense relationship between the fans and the unpopular Glazers.
In response to the fallout, Glazer proposed an equity scheme for fans, promising matters would be addressed. However, a strategic review of the club led to changes in the ownership structure.
Ratcliffe shelled out £1.3 billion for a 27.7% stake in United, with INEOS now managing football operations and wielding significant power across the club. The fan scheme has since been put on the backburner.
According to Sky News, MUST has written to Glazer, Ratcliffe, and United’s new CEO, Omar Berrada, highlighting the Old Trafford regeneration project as a chance to finally give the green light to the scheme.
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The Red Devils have set up a Task Force to decide whether to refurbish Old Trafford or construct a brand-new, cutting-edge stadium on nearby land, reports the Express.
The Task Force, which includes Lord Sebastian Coe, Gary Neville, and Greater Manchester Mayor Andy Burnham, is anticipated to make their recommendation by year’s end.
In its letter, MUST encouraged the club to seize this opportunity “to ignite fan interest, raise meaningful capital, and give fans a real sense of ownership in the new stadium”.
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MUST also stated that it had reached a principle agreement with United to create an ‘F class’ of fan shares, which would carry the same 10-times voting rights as the Glazers’ B-shares.
The letter, sent two months ago, suggested the F-shares “would be ring-fenced for investment in infrastructure or fan-related initiatives, and in consultation with the Fan Advisory Board”.
It further added: “The Club would provide one free share to all Season Ticket and Facility holders and Official Club Members (as of a given date) to generate buy-in and momentum from this key group of supporters.”
However, despite United establishing a Fans Advisory Board, the club reportedly hasn’t formally responded to MUST’s letter. Sky News reports that insiders at Old Trafford admit a fan share initiative is currently unlikely to proceed.
United reportedly maintain that the scheme isn’t entirely off the table, but is on hold while the stadium redevelopment continues. However, this hasn’t eased tensions between fans and the Glazers, who loaded the club with debt to finalise their £790m takeover in 2005.