INEOS may seek full United control from June 2029

Sheikh Jassim, Sir Jim Ratcliffe and Sir David Beckham appear with the Man Utd badge as Manchester United sit 18th in the Premier League, with manager Michael Carrick under mounting pressure and fans directing louder anger at the Glazer family and INEOS than ever before.

Valuation based on revenue multiples

INEOS purchased a 25 percent stake in February 2024 for approximately £1.2 billion, which implied an overall club valuation of £4.8 billion. The deal applied a revenue multiple of roughly 7.4 times, a rate comparable with the Chelsea and Liverpool transactions earlier this year.

United’s revenue in the year before Ratcliffe’s investment was £648.4 million, and applying the same 7.4 times multiple to the most recent £677.6 million revenue figure for 2025/26 yields a valuation of about £5 billion. The club may argue that the projected 2026/27 revenue, expected to exceed £700 million thanks to a return to Champions League football, should be used instead.

Given the poor start to the campaign, the likelihood of Champions League participation next season appears slim, so any purchaser would probably treat this season’s revenue as an anomaly. Consequently, the expected sale price is placed between £5 billion and £5.5 billion.

Potential buyers

INEOS already holds almost 29 percent of United and has overseen the club’s football operations since 2024. Financing arrangements allow certain loans to be repaid early from June 2029, suggesting that year as a possible point for the group to acquire full control.

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A full takeover would clash with INEOS’s current retreat from football investments, as the company has put its Swiss Super League side Lausanne‑Sport up for sale and is seeking to sell OGC Nice after sharply reducing its original €250 million asking price. Thus, committing to underwrite any future losses at United would be unexpected.

Qatari royal Sheikh Jassim pursued a United purchase in 2023, and recent reports indicate that investors from Saudi Arabia, Bahrain and the United Arab Emirates have also made enquiries. However, capital flows from the region have slowed, illustrated by the Saudi Public Investment Fund scaling back its Newcastle United stake and withdrawing from the LIV Golf project.

A Jeff Bezos‑backed consortium that bought a minority stake in Liverpool earlier this year shows that wealthy American families are keen on owning shares of Europe’s biggest clubs. Paul Scholes has suggested that such a bid could be fronted by David Beckham, who has co‑owned Inter Miami since 2014.

The contrast between United’s on‑field turmoil and a valuation that remains anchored around £5‑5.5 billion highlights that any future sale will depend on which of these diverse suitors is willing to accept the financial risk. The Glazer family’s decision on timing will therefore shape the club’s destiny.