The Glazers will 'only' get 52.1% of the profit between them after the sale. The remaining 22.9% goes to all the people who own the A shares. The A shares give little voting rights so the Glazers will still have 71.8% of actual control of the club, but they've given INEOS control of most aspects.
When Ratcliffe invests the £300m, brand new shares are issues to him. That will increase his total to 29% of the shares, and decrease the Glazers to 49.3% financial and 68% of voting power. There's no confirmation, but it's likely that any further investment will be treated the same way, so Ratcliffe will slowly increase his percentage by investing more in the future.
Spot on assessment however the investment is $300m for 4% extra shares which will probably be raised as an IPO (Initial Public Offering) only after all the shareholders agree that the £237m investment is needed for infrastructure
( TBF this has probably been approved already) and they will all agree to dilution of their shareholding percentage within the club. Simple philosophy you have to speculate to accumulate.
The shareholders who did not agree Ratcliffe $33 per share will be hanging on with the hope that Ratcliffe might continue to invest forcing the club in an upward trajectory.
Most of this initial investment is set aside for a training complex which is rumoured to be relocating from the current Carrington complex to probably somewhere in Cheshire like Hale, Wimslow or Alderly Edge, lots of nice golf courses round there and most of the players live in that golden triangle of the north west.
If you assume Sir Jim might also invest another £230-250m for another 4% capital share dilution in the summer to facilitating transfers over a 12 month period then by next summer 2025 I’m guessing he might own 33% of the club through his Trawlers Limited.
The club has no cash so it desperately needs some working cash flow but it also needs to be run far more efficiently that befits a behemoth football club like Man United.
Sir Jim has started in a more than encouraging way, For all United fans it’s now time to unite, stop the infighting this is where we are, he’s already attended a Munich memorial, visited Carrington to give pep talks to the staff, the manager and the players and he’s come to watch a home PL game all before he’s even been ratified.
Plus he’s 71, has £30 billion private wealth which incidentally is 1.5 times Sheikh Mansour and he seems to be in a hurry to restore this club to where it belongs, initially I wasn’t that keen on him or Qatar, possibly preferring Qatar because the Glazers would have gone completely, however that was clearly never on the table so it’s time for a new chapter and so far so good.