The three billion-dollar options for the sale are ready: the highest is that of Sheikh Jassim (5.67 billion euros), in any case lower than the valuation of the property which is close to 7 billion… The alternative is Jim Ratcliffe
And now it’s the Glazer family’s turn. The owners of Manchester United received the third and final round of offers for the sale of the club yesterday evening, delivered to the New York bank Raine which is handling the sale on their behalf. And now they have to decide how to move, whether to accept an offer that would transform the Red Devils into the highest paid club in the world or stubbornly remain at the helm, possibly with new minority partners, despite the fact that fans have been asking them to leave for some time.
THE SHEIK
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The highest offer is that of Sheikh Jassim, favored to become the new owner of the club of which he professes to be a fan. The ex-Qatar prime minister’s son is the only one who wants 100% control of United, for which he has made an offer of just over £5bn (€5.67bn), the biggest highest ever paid for a sports club but still less than the 6 billion pounds (6.81 billion euros) which is the valuation that the Glazers have made of United. Sheikh Jassim’s latest offer has included freeing the club of all debts, heavy investments in the club’s facilities (the legendary Old Trafford, desperately in need of a makeover, and the Carrington training centre) and significant funds for the transfer market . If the offer were accepted, the sheikh would need about a month to complete the purchase of 69% of the shares currently owned by the 6 Glazer brothers and a further 6 weeks to acquire 31% of the shares, divided by hours between small and big investors.
RATCLIFFE
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England’s richest man is the only other bidder who has publicly said he is aiming to become United’s new majority shareholder. His proposal is limited to 69% of the shares, those owned by the Glazer family, and he would also have envisaged a scenario in which his Ineos buys 51% of the club, leaving shares to Joel and Avram Glazer, the two brothers most interested to keep a share of the club. Ratcliffe’s plan would restore English ownership to the club and ensure heavy investment in the community and fan relationship, as well as much-needed updates at Old Trafford and Carrington.
TIGHT DEADLINES
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The whole United world hopes that the Glazers decide quickly. There are other US funds in the game, such as the Elliott group, already owner of Milan, but they are only interested in becoming minority shareholders for the current ownership and the new one for targeted investments in the club. The Glazers have taken time to reflect, also because they have to resolve differences of opinion within the family that owns the club since 2005: if Joel and Avram, the most involved in the management of the Red Devils, would like to sell only a minority stake or still maintain a presence in the club, the other 4 brothers point to a total dismissal. Clubs and fans are waiting: there is a new season to plan, a team that will return to play in the Champions League and will need new signings, which cannot be planned until there is clarity on ownership. Also for this reason all the spotlights are on the Glazer family, the one in Manchester no longer wants to see but who still holds the keys to United.
April 29, 2023 (change April 29, 2023 | 12:16 am)
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