Next steps for Man United as £8.9bn development speaks volumes about the Glazers

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The Glazers have been public enemy number one at Man United for decades, but that is not necessarily the case throughout their sports empire.

The Glazers sold a 27 per cent stake to Sir Jim Ratcliffe in February this year, but the INEOS billionaire has immediately had an outsized influence relative to his minority shareholding.

As well as explicitly outlining a plan to get costs under control and making a number of astute hires behind the scenes, Ratcliffe is in the process of creating a vision for the redevelopment of Old Trafford.

These are issues that the Glazers, absentee landlords for the majority o their two-decade reign Old Trafford, neglected to the long-term detriment of the club.

On face value, a football investment does not suit the family’s style – it requires active engagement from the very top of the club.

But even after an era of non-stewardship in which as silverware has, at least in the last few year, been sparse, United have retained their value.

The Glazers have managed to generate a tidy £1bn from the 27 per cent equity sale to Ratcliffe, as well as millions of dollars in dividends even in years when the club has generated a loss.

News from the broader world of sports business indicates that the family stands to recover significantly more in the future when they eventually decide to cash in on their assets.

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Glazers received £9bn valuation for sports empire

Earlier this August, the Glazers reportedly rejected a received and rejected a £4.7bn bid for the Tampa Bay Buccaneers, their NFL franchise that won the Super Bowl in 2020.

Had it been accepted, it would have been a world-record acquisition for a sports franchise – and by some margin.

Ratcliffe’s minority investment valued United at around £4bn, which was some way short of what the Glazers wanted to relinquish full control of the club.

And now, Sportico new list of the top 50 most valuable sports franchises in the world, United’s value has been appraised at £4.7bn.

That gives them 17th place on the list, making them the most valuable football club in the world and one of only six on the list in total.

The Buccaneers meanwhile are valued £4.2bn, giving them 24th spot on the list and the status as the franchise with the biggest increase in value over the last 12 months.

With a combined value of £8.9bn, the Glazers are the only ownership group to have two enterprises on the list.

In the era of multi-club, multi-sports ownership, this is an impressive feat.

The fact that the family have this unique position and yet to do not take a particularly hands-on approach at either of their ventures gives an indication of their investment style.

The M.O is: 1) buy low, 2) delegate, 3) sell-high.

Are the Glazers still making decisions at Man United?

As voting processes are private, we can only speculate as to who exactly is pulling the strings at Old Trafford.

Certainly, Ratcliffe has become the public face of the club since his acquisition, but he will need sign-off from the other shareholders.

It is tempting to think of ‘The Glazers’ as a homogenous group, but the siblings all have individual votes, albeit it isn’t known how many besides Joel and Avram exercise their fiduciary right.

Ratcliffe is clearly on top of the micro and macro decisions, but the Glazers will absolutely be protecting their investment and overseeing the very biggest judgements – such as the redevelopment of Old Trafford.