United's ownership saga: Glazers, Woodward and Ratcliffe shape the club's future

Manchester United's ownership saga continues to shape the club's trajectory as it pursues a new stadium, navigates a changing global market and contends with a balance sheet built during the Glazer era.

The Glazer family completed a leveraged takeover in 2005, which spurred revenue growth and international expansion but also left the club with debt. In July 2005, Bryan Glazer was introduced to a group of English football writers in Hong Kong, a scene that reflected the family's cautious approach to public comment. A week later, during United's Asia tour, he again looked uncomfortable as reporters pressed for answers.

Old Trafford has struggled to keep pace with modern standards. An internal assessment described the ground as aging, with a leaking roof and maintenance needs that have persisted for years. The stadium's condition has become a symbol of a broader perception that the club has fallen behind rivals in both infrastructure and sporting urgency.

Despite uneven on-field outcomes, United remains financially strong. The club posted a record revenue of about £666.5 million for the 2024-25 financial year, underscoring the brand's global reach even as trophies have been intermittent.

Ed Woodward, the Glazers' chief of staff and a central figure in United's commercial expansion, built a large private operation in Mayfair and helped mobilize sponsorships across a wide range of products. He was praised for commercial discipline but criticized by some within the club for a football-focused shortfall and a leadership style that emphasized celebrity alignment over football expertise. Insiders say he sought marquee signings and often prioritized visibility and fan engagement in negotiations, sometimes at odds with deeper football strategy.

Transfers during his era moved at a cautious pace, with near misses for high-profile targets and questions about whether football decisions received sufficient senior oversight. The Glazer family, including Joel Glazer, tended to want to rubber-stamp major transfers, a dynamic that left some insiders feeling football operations were not allowed to mature under a dedicated technical director.

Public tension around identity and ownership intensified in 2021, when a green-and-gold protest at Old Trafford disrupted a league match and brought home the strains between fans and owners. Woodward later described a security ordeal that underscored how high the stakes had become for a family whose business model has centered on asset wealth even as on-field performance fluctuated.

In recent years Sir Jim Ratcliffe has taken a more hands-on role in football operations, despite holding less than a third of the club. He has moved to address structural issues at Old Trafford and is overseeing plans for a new stadium, with a cost widely cited around £1.2 billion. The aim is to deliver a modern venue and improved commercial potential, while profits would continue to flow to the Glazer family in Florida.

The Euro 2028 swing is a practical reminder of the stadium question: Manchester will host games at City’s Etihad Stadium rather than Old Trafford, a decision that underscores the pressure to upgrade facilities. The club's 2024-25 revenue surge, however, indicates that the brand remains a global draw even if the sporting cycle remains unsettled.

The central question remains whether the Glazer family will relinquish control. Ratcliffe's involvement signals a shift toward more active football governance, but ownership today remains retained in Florida. If the club can translate improved infrastructure and a clearer football strategy into sustained on-field success, the asset's value could rise; if not, the ownership structure and its financial model will continue to shape United's path for years to come.