Thanks for keeping a civil tone despite us ‘butting heads’ a bit, appreciated!
The assets of the club belong to MUFC plc, and unless the club is dissolved, no shareholder have any claim on it or right connected to those assets whatsoever.
I am not sure if this helps, but some basic starting points of company law:
MUFC is a public limited company that exist to make profits for its shareholders. All shareholders are as a rule equal, variation of voting power may exist but very little else in terms of differences.
Glazers are exactly like every other shareholder, but their shares has 10 votes, the other shares has 1 vote.
A shareholder only does two things, they vote at General Meetings and collect dividend. It generally criminal for a shareholder of a PLC to obtain any value whatsoever from the PLC if it is not in the form of dividend. There are of course exceptions when a shareholder also has another relationship with the company, like an employee, a director of the board, a customer, supplier or whatever.
At a General Meeting, a Board of Directors is elected, by a majority vote (or to be precise, relative majority is required, if there are three proposals it doesn’t take 51% (a majority), the ones who get the most vote win).
A shareholder can also be a director of the board. In this capacity, the director/share holder however has a fiduciary duty to inter alia act in the best way for all shareholders. Avram Glazer cannot vote at a board meeting for the club to take an action that is beneficial to him, but not other shareholders.
A company has as a rule nothing whatsoever to do with a shareholder selling or otherwise disposing his/her shares.
So the Glazers can privately sell their shares to whomever they want — without it concerning the MUFC plc.
But what about a merger you will say? A concept that exist is a so called Statutory Merger. In practice, it is the law maker who have thought “sometimes it’s good when two company join forces and become one, we should create a chapter in the Companies Act that help mergers to take place by streamlined simplified procedures”. You can in practice merge two companies without using these provisions, but if anyone want to use them, it can be done and they simplify things.
For a Statutory Merger to take place, it requires (a) that the BoDs of both companies enter into a Merger Agreement and (b) that the shareholders of both companies approve the merger. So then you might say, wait, a merger is clearly best for — all — shareholders, how can the BoD turn down a merger proposal? It is best for all shareholders, but if a majority owner (the Glazers) tell the board that sorry, in step (b) we won’t vote in favor of your merger — it’s not best for the company if the BoD to approve the merger, just leads to an unnecessary general meeting since it won’t get shareholder approval. And a shareholder can vote at a general meeting in (almost) any way if wants, it’s only a director of the board that — when acting on the board — has a fiduciary duty.