Over the years, there have been numerous calls from Manchester United fans for club owners the Glazer Family to leave their club, citing a number of reasons.
Although the Glazer Family has invested billions of pounds to fund the club transfers since taking over in 2005, fans feel they have not done enough to return their club to its old glory days, and this has been partly fuelled by the club’s failure to win a Premier League trophy in 2013.
The pressure got to the Glazers and in November last year, they put up Manchester United for sale, a move that doubled the club’s stock price on the New York Stock Exchange.
In the past few days, news of two bids of ownership received by the Glazers from Qatar’s Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe’s INEOS Group has been circulating, and the fan-base is excited. So, what do we know so far about this imminent sale?
Bids for ownership of the club from the Qataris and Ratcliffe’s INEOS group were confirmed on Friday, while it was revealed on Saturday that US hedge fund Elliott Management also lodged a proposal for possible financing.
But is this a complete takeover? Will United’s current owners, the Glazer family sell the club completely? What could this mean for spending in the summer transfer window, and when will we know the outcome?
Is it full or partial ownership?
British Billionaire Sir Ratcliffe’s bid is for a 69% stake in Manchester United. This is the same percentage of the club the Glazer family owns so his bid is buying out the current owners. If it goes through, the Glazer family will no longer be involved at Manchester United, something that a big part of the fanbase wants. It has been reported that Ratcliffe may also buy out the remaining shares of the club.
However, Sheikh Jassim’s bid for outright full ownership of the club is believed to be in the region of £5 billion and will ensure that the club’s £515 million is wiped out. The bid also provides for investment in the club on and off the pitch. The Glazers value the club between £6 – 8 billion so it is upon them to see if they can come down to the submitted bid prices.
When can a deal be finalized?
It is in the interest of all parties involved to finalise this multi-billion deal before the season ends, or before the summer transfer window opens in July. Manchester United stock is on an upward movement since November last year so it makes good business sense for the Glazer family to cash in now. Additionally, the Glazers wouldn’t like to spend in the summer when they’re uncertain they will stay at the club for another season.
Manchester United manager Erik Ten Haag would also like to know who will be signing the transfer cheques come next season and it is understood he would like to enhance his squad in the summer since they only signed loan players in January.
Who is in pole position to take over Manchester United?
According to Sky Sports, Sheikh Jassim is currently the favourite to win the bidding war. His 100% ownership proposal and how much he is willing to invest in the club’s facilities, both men’s and women’s teams, reinvesting the profits into the club and putting the fans at the heart of operations at the club all look like a better deal. The party also feels his bid is legally alright in the eyes of the Premier League and UEFA regulators.
Ratcliffe’s INEOS Group that’s backing his bid has an estimated turnover of £65 billion but his personal wealth is about $15 billion. Sheikh Jassim, his royal family from Qatar is estimated to be worth about $335 billion. You can see the scale is clearly not balancing.
