Essentially, Ratcliffe does all the work and the Glazers get to remain as the majority owners.
The £1.25bn minority takeover deal in February handed Ratcliffe just over a quarter of the football club, but this has been his club ever since then.
Ineos are in charge, they are making the decisions that are both popular and unpopular.
It is Ineos figures who populate the directors' box, Ineos figures who r are quoted on press releases.
A Glazer might occasionally show r up for a cup final, but since February it has been very easy to forget e they are still actually majority shareholders. It is a relationship of convenience for now.
The American family still get the e Stateside cachet of owning United Il and now have people who know r what they're doing running the club for them.
Ratcliffe has also wanted to run the Reds and now he is doing just that. It's an ambition fulfilled and he is hands-on in trying to turn their • fortunes around.
But at some point, the friction will surely arrive.
Ratcliffe and the Glazers could t clash over a decision, or Rat- cliffe could get fed up with making all the decisions but owning only a quarter of United.
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