27 December 2023 , 09:34
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The Glazers are not due to receive their usual biannual dividend after Sir Jim Ratcliffe completed his minority takeover at Manchester United.
The Americans remain the club's majority shareholders, but will not be able to pocket more money from the club as they have been doing for years. The Glazers remain immensely unpopular at Old Trafford after their leveraged buyout almost two decades ago.
That move placed the club in huge debt and the lack of investment from the Glazers, who at the same time have profited personally from United, has been a major gripe for fans and ex-players. The Times has reported that a 241-page document published by the New York Stock Exchange shows details of Ineos’ proposed investment.
It states that no dividends will be paid to shareholders for the next three years. Gary Neville has been among those to be most vocal against the Glazers, regularly criticising the way in which they run the club. They've been accused of allowing the club to rot as a lack of on field success is coupled with a diminishing infrastructure.
Last year he said: "The Glazer Family should NOT be taking £11m in dividends this Friday. It isn’t right with the investment needed in the team, stadium and training ground. The clubs cash position is low compared to previous years. An announcement is needed to halt it for the next 3 years minimum."
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In another major change on the red half of Manchester, the Ratcliffe-led Ineos takeover will have to be consulted on any major sporting decision taken by the club during the ratification process, which is expected to take four to six weeks.
The Glazers are set to miss out on dividends as a result of the takeover at Old Trafford (AFP via Getty Images)The group must be told if United consider “appointing, dismissing or accepting the resignation of any director of football or first team manager of the company and/or any of its subsidiaries”. The document also states that United must also consult Ineos if they are “entering into, or continuing any existing, discussions or negotiations relating to the purchase, sale or other transfer . . . of any player.”
Erik ten Hag has spent big since arriving in Manchester 18 months ago, adding the likes of Antony, Casemiro, Lisandro Martinez and Rasmus Hojlund for big fees. Few have delivered as expected, leading to criticism of the club's scouting and recruitment - an area Ineos see as a priority area for action.