Sir Jim Ratcliffe investment in Manchester United to deny Glazer family dividends

Dividends will not be paid to Manchester United stakeholders for three years upon the Ineos Group's completion of their minority stake.

The Glazer family have been criticised by United supporters for taking semi-annual dividends out of the club over a seven-year period between 2015-2022. It stopped in this year following the announcement of United's strategic review last November.

In filings released to the New York Stock Exchange last night, Sir Jim Ratcliffe's stake in United will increase to 29% once the transaction is completed. The Glazer family will own 49% and other shareholders 22%.

Ratcliffe has the first right of refusal over any potential future sale of Class B shares by one of the six Glazer siblings who sit on the board of directors.

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The Glazers could force Ratcliffe to an outright sell through a 'drag-along' where the Ineos chairman would be obliged to sell his shares subject to him receiving a $33 (£26) per share cash offer from the Glazers if they decide on a full sale 18 months from now.

Ratcliffe has delegated seats on the football board to Sir Dave Brailsford and Jean-Claude Blanc, the former Paris Saint-Germain chief executive, while John Reece, the Ineos chief financial officer, and Rob Nevin, the chairman of Ineos Sport, will be on the PLC board.

Reece was listed 14th in The Sunday Times Rich List earlier this year. Ratcliffe was second with a £29.688billion fortune.

Sources have reiterated the funds from the primary offering of $300m (£235.88m) will be principally dedicated to renovating Old Trafford. The combined transactions value United at