INEOS Ltd reveals large Manchester United (MANU) Class A and B shareholdings

Rhea-AI Filing Summary

INEOS Ltd filed an initial ownership report for its stake in Manchester United plc. The filing shows direct holdings of Class B Ordinary Shares that are convertible into Class A Ordinary Shares on a one-for-one basis with no expiration.

INEOS Ltd holds 33,692,463.4970 Class B Ordinary Shares, which are convertible into the same number of Class A Ordinary Shares, and 16,188,182.5930 Class A Ordinary Shares directly. A related letter agreement means James A. Ratcliffe, Andy Currie and John Reece collectively have voting and investment power over INEOS’s securities, but each individually disclaims beneficial ownership for Section 16 purposes.

Insights

Equity ownership analyst

INEOS Ltd reports a substantial, but non-transactional, stake in Manchester United.

The filing establishes INEOS Ltd as a major holder of Manchester United’s Class A and Class B Ordinary Shares, without reporting any new purchases or sales. The Class B shares are convertible into Class A on a one-for-one basis at an exercise price of $0.0000, and have no expiration date.

Footnotes clarify that James A. Ratcliffe, Andy Currie and John Reece collectively exercise voting and investment power over INEOS’s holdings, but each disclaims individual beneficial ownership for Section 16(a) purposes. This positions INEOS as the relevant reporting entity, while the individuals are associated with, but not deemed owners of, these securities under the cited standard.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider INEOS Ltd

Role Director

Type	Security	Shares	Price	Value
holding	Class B Ordinary Shares	--	--	--
holding	Class A Ordinary Shares	--	--	--

Holdings After Transaction: Class B Ordinary Shares — 33,692,463.497 shares (Direct); Class A Ordinary Shares — 16,188,182.593 shares (Direct)

Footnotes (1)

1. James A. Ratcliffe, Andy Currie and John Reece (the "Shareholders") collectively have voting and investment power over the securities held by INEOS Limited. Due to that certain letter agreement between the Shareholders with respect to the voting and disposition of the shares in Manchester United plc (the "Issuer"), for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, none of James A. Ratcliffe, Andy Currie and John Reece individually has beneficial ownership over the securities held by INEOS Limited. (cont'd in fn 2) (cont'd from fn 1) James A. Ratcliffe, Andy Currie and John Reece each disclaim beneficial ownership over all of the securities in the Issuer held by INEOS Limited and neither the filing of this Form 3 nor any of its contents shall be deemed to constitute an admission by any of James A. Ratcliffe, Andy Currie or John Reece that they are individually the beneficial owners of any of the securities referred to herein for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each Class B Ordinary Share is convertible on a one-for-one basis into a Class A Ordinary Share at any time at the option of the holder, and has no expiration date.

Key Figures

Class B Ordinary Shares held: 33,692,463.4970 shares Class A Ordinary Shares held: 16,188,182.5930 shares Conversion ratio: 1 Class B : 1 Class A +1 more

4 metrics

Class B Ordinary Shares held 33,692,463.4970 shares Direct holdings reported by INEOS Ltd

Class A Ordinary Shares held 16,188,182.5930 shares Direct holdings reported by INEOS Ltd

Conversion ratio 1 Class B : 1 Class A Each Class B share convertible into one Class A share

Exercise/Conversion price $0.0000 per share Conversion of Class B Ordinary Shares into Class A

Key Terms

beneficial ownership, voting and investment power, Section 16(a), Class B Ordinary Shares, +1 more

5 terms

beneficial ownership financial

"each disclaim beneficial ownership over all of the securities in the Issuer"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

voting and investment power financial

"collectively have voting and investment power over the securities held by INEOS Limited"

Section 16(a) regulatory

"for the purposes of Section 16(a) of the Securities Exchange Act of 1934"

Class B Ordinary Shares financial

"Each Class B Ordinary Share is convertible on a one-for-one basis"

Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.

convertible financial

"Each Class B Ordinary Share is convertible on a one-for-one basis into a Class A"

A convertible is a type of investment that starts as a loan or preferred stake (like a bond or preferred share) but can be exchanged for common shares of the company at a set price or under certain conditions. It matters to investors because it offers a mix of steady income and downside protection like a loan, plus the upside of stock ownership if the company does well—similar to holding a coupon that you can trade for a full ticket if the event becomes valuable.

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

INEOS Ltd

(Last) (First) (Middle)

FORT ANNE

(NO DATA)

(Street)

DOUGLAS IM1 5PD

(City) (State) (Zip)

ISLE OF MAN

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Manchester United plc [ MANU ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See remarks

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Ordinary Shares	16,188,182.593	D(1)(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Ordinary Shares	(3)	(3)	Class A Ordinary Shares	33,692,463.497	$0	D

Explanation of Responses:

1. James A. Ratcliffe, Andy Currie and John Reece (the "Shareholders") collectively have voting and investment power over the securities held by INEOS Limited. Due to that certain letter agreement between the Shareholders with respect to the voting and disposition of the shares in Manchester United plc (the "Issuer"), for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, none of James A. Ratcliffe, Andy Currie and John Reece individually has beneficial ownership over the securities held by INEOS Limited. (cont'd in fn 2)

2. (cont'd from fn 1) James A. Ratcliffe, Andy Currie and John Reece each disclaim beneficial ownership over all of the securities in the Issuer held by INEOS Limited and neither the filing of this Form 3 nor any of its contents shall be deemed to constitute an admission by any of James A. Ratcliffe, Andy Currie or John Reece that they are individually the beneficial owners of any of the securities referred to herein for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

3. Each Class B Ordinary Share is convertible on a one-for-one basis into a Class A Ordinary Share at any time at the option of the holder, and has no expiration date.

Remarks:

John Reece, who is the chief financial officer of the INEOS group of companies and a director of, and shareholder in, INEOS Limited, and Rob Nevin, who holds certain roles within the INEOS group of companies, are directors of the Issuer and were nominated by INEOS Limited pursuant to a governance agreement dated as of December 24, 2023, and therefore, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, INEOS Limited may be deemed a director by deputization of the Issuer.

	/s/ Simon Morland	03/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What stake in Manchester United (MANU) does INEOS Ltd report on this Form 3?

INEOS Ltd reports holding 33,692,463.4970 Class B Ordinary Shares and 16,188,182.5930 Class A Ordinary Shares of Manchester United. The Class B shares are convertible into the same number of Class A shares, indicating a substantial aggregate equity position through both classes.

How are Manchester United (MANU) Class B Ordinary Shares held by INEOS Ltd treated?

Each Class B Ordinary Share held by INEOS Ltd is convertible into one Class A Ordinary Share at any time at the holder’s option, with no expiration date. This means the 33,692,463.4970 Class B shares can become an equal number of Class A shares if converted.

Who controls voting and investment power over INEOS Ltd’s Manchester United (MANU) shares?

The filing states that James A. Ratcliffe, Andy Currie and John Reece collectively have voting and investment power over the securities held by INEOS Limited. Their control is based on a letter agreement concerning voting and disposition of Manchester United shares held by INEOS.

Do James A. Ratcliffe, Andy Currie and John Reece claim beneficial ownership of MANU shares held by INEOS Ltd?

No. The filing explains that each of James A. Ratcliffe, Andy Currie and John Reece disclaims beneficial ownership of all Manchester United securities held by INEOS Limited. It also notes that the Form 3 does not constitute an admission that any of them is an individual beneficial owner.

What does the $0.0000 exercise price on INEOS Ltd’s Class B Manchester United shares mean?

The Class B Ordinary Shares are listed with an exercise or conversion price of $0.0000 per share, meaning there is no additional cash payment required to convert them into Class A Ordinary Shares. They are simply exchangeable on a one-for-one basis at the holder’s option.