Wow, the drag on rights is a big deal. This applies for the next 18 months. This gives you an idea that the Glazers want to sell all their shares of club eventually very soon. Also, if Ratcliffe puts in 300m, he will most likely get it back if there is a forced sale of his shares (if he doesn’t buy the whole club) as he is buying equity shares.
I do think Ratcliffe is in this for the long haul, however, Glazers are still hoping for the big cash in where either Ratcliffe buys the rest of the shares or somehow a state comes in and buys Man Utd for a higher share price.
This is a win-win for the Glazers and for Ratcliffe. I totally get why it took so long to get this over the line. Not ideal, but complexity is not always bad.