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At Uniteds Carrington training ground and their Old Trafford stadium, staff have been asked to dig out facts and figures that would be used for due diligence. Then, even taking delays into account, it was expected a deal would be sorted by the end of the season. ", Manchester United sale: Sheikh Jassim's 5bn bid could make it the most expensive club in the world, Unfortunately we have been unable to verify if you have consented to, Manchester United sale: Eight bids could be made as Wednesday deadline looms. One source close to the situation said this weekend that Carlyle's interest in Manchester United was "serious", adding that it had been engaged in discussions for some time. The firm's continued involvement in the process has led to suggestions the Glazers are looking to stay at United, with their money potentially being used to redevelop the club's stadium and facilities. Manchester United would not be Zilliacus' first venture into sports, having been chairman of HJK Helsinki between 1982 and 1986. Manchester United Sale Odds. He hopes to take 100 per cent control of the club and has vowed, if he does so, to wipe all debts and invest considerably in the club and its infrastructure and support local communities. Negotiations around the potential sale of Manchester United are still taking place with multiple parties. It is nearly seven months since the Glazers put the club up for sale the anniversary is Thursday. The sense both publicly and privately is that Sheikh Jassim bin Hamad al-Thanis Nine Two foundation has slipped ahead of Jim Ratcliffes Ineos bid after making a fifth and final offer this month. James Robson is at https://twitter.com/jamesalanrobson, More AP soccer: https://apnews.com/hub/soccer and https://twitter.com/AP_Sports. Who is bidding to buy English soccer club Manchester United? They started their 18-year-old reign at the club by stiffing fans. Given INEOS already owns a football club French side Nice Ratcliffes camp entered the meetings with a good knowledge of United and sports business in general, so did not have to go through how broadcast deals work, player contracts and so on. Qatari banker Sheikh Jassim bin Hamad Al Thani and British Jim Ratcliffe at Old Trafford in March (Photo: Peter Byrne/PA Images via Getty Images), Avram Glazer (front row, right) watches Manchester United in the recent Womens FA Cup final (Photo: Marc Atkins/Getty Images), tabled a last-minute offer to buy Chelsea. So it goes for Manchester United supporters, for week after interminable week. Sheikh Jassim wants 100% control and his fourth bid is nearer to 5bn. Even now the debt is still eye-watering. Liverpool are a little bit closer. US hedge fund Elliotts acquisition of AC Milan, by contrast, took a matter of weeks. Try a week on us. "So they're not firing on all cylinders, that's my point on performance.". (1:47) Rob Dawson updates with the next steps in the sale of Manchester United, after Britain's richest man Web2 baths, 1716 sq. 137 million (US$174 million) in revenue, 10.34% less than the prior-year quarter report of 152.8 million. Ownership under the Glazer family since 2005 has been described as "tenuous." May 16, 2023. MANCHESTER, England (AP) The race to buy Manchester United is taking shape. Finnish businessman Thomas Zilliacus and Jim Ratcliffe's Ineos Group were also believed to have been actively bidding for Manchester United. As ever in a process that has meandered in various directions, with plenty of contradictory claims along the way, scepticism is a useful companion. He would have to borrow money to finance any takeover and INEOS has not committed to paying off the clubs debt, which sits at 656million, although those close to his bid have offered assurances that no new debt will be loaded onto the club. Based on the publicly declared bids for one of the worlds most iconic (Editors note: A version of this article was published on Wednesday, March 22). Sheikh Jassim wants to complete a full takeover of United, meaning he would buy the Glazer familys 69 per cent and then purchase the remaining 31 per cent, which is made up of smaller investors. It was the most significant public development since the Glazers announced the club was up for sale in November. Manchester United staff concerned over job security as they await takeover news, Multi-club ownership becomes the risky model for Americas soccer spree | Ed Aarons, Original reporting and incisive analysis, direct from the Guardian every morning, 2023 Guardian News & Media Limited or its affiliated companies. INEOS owner Jim Ratcliffe has also submitted his final bid for the club, with Sky Sports News saying the deal would only get him around 50% of the club's shares, which could leave the current owners Avram and Joel Glazer with a combined 40% of control. The view has always been the Glazer family would not settle for less than 5bn, which is twice what Todd Boehly and his consortium spent to buy Chelsea 12 months ago, although they also pledged 1.75bn to improve Stamford Bridge. which remains on the table despite suggestions he would not engage with the process beyond 9 June. Based on the publicly declared bids for one of the worlds most iconic soccer teams, the frontrunners are Qatari banker Sheikh Jassim bin Hamad Al Thani and local boy-turned-billionaire Jim Ratcliffe. Notably, in a new development, bankers associated with past acquisitions by petrochemicals giant INEOS were very recently instructed to pull together specific financing for the United bid, indicating an advanced stage of talks. Latest news, updates on Man United club sale. Carlyle, which has assets of more than $370bn (298bn) under management, ranks among the world's largest private equity firms. Outside football, Ratcliffe also purchased the Team Sky cycling franchise in 2019, now known as the Ineos Grenadiers. And it is also frankly incredible that the Premier League, and a Labour government, saw no reason to object to Glazer using a leveraged buyout to fund his takeover even though United fans warned of the grim consequences. FIFA 23 Women's World Cup player ratings: How many USWNT stars make top 100? It is unclear what the scale of any of the second bids will be yet. The Glazers' 18-year tenure has been dogged by controversy and protests, with the lack of a Premier League title since Sir Alex Ferguson's retirement as manager in 2013 fuelling fans' anger at the debt-fuelled nature of their takeover. A deadline of 28 April was set for those third bids. That in turn would make it even harder for United to compete for trophies - and cost the Glazers even more in the long-run. What happens next in the Manchester United sale? View sales history, tax history, home value estimates, and (Photo: Matt Watson/Southampton FC via Getty Images). His commitment would be about 51 per cent of the overall club value, which, at 6billion, would be 3.06bn in the same ballpark as the 2.5bn bid he made for Chelsea, which had an additional promise of 1.75bn investment into the London club over the following 10 years. United might still be the worlds biggest cash machine, but when the team, Old Trafford and the Carrington training facility are no longer world class, it comes at a cost. The 70-year-old Manchester-born businessman is one of the richest people in Britain, with an estimated personal wealth of approximately 6bn. Ratcliffe and Ineos are willing to secure a majority stake, which would allow current owners the Glazer family to retain representation in some capacity. He has promised to rid the club of debt, invest in the stadium, training center and playing squads in a bid to return the club to its former glories both on and off the pitch.. Around 10,000 fans joined a protest against the Glazer family's ownership ahead of the 2-1 win over Liverpool in August. The person spoke on the condition of anonymity because they were not authorized to comment publicly about the bid. Skip to main content. In February, the Red Devils' 2-0 defeat of Newcastle United in the Carabao Cup final landed their first trophy for six years. The firm's London-based managing partner Gordon Singer remains on the board at the Italian club having retained a minor financial interest. Well, that doesnt end well. Reuters reportedexternal-link on Thursday that United were negotiating exclusivity with Qatari banker Sheikh Jassim bin Hamad Al Thani. Ratcliffe, however, is bidding for the Glazers 69 per cent and, at this stage, is not offering to buy out the remaining shareholders. The person spoke on the condition of anonymity because they were not authorized to comment publicly. If they depart. Manchester United has predicted record annual revenue for the recent season, raising doubts about whether the Glazer family will sell the club. The share price has been below $20 for a fortnight, significantly below the all-time of $27 in February, suggesting investors have gradually been losing faith in their prospect of ever receiving a souped-up offer for their shares. If you were an agent of a player lined up for a move to Old Trafford, wouldnt you wait to see if the Qataris, with almost bottomless pockets, took over first? The 69-year-old, who had a brief political career after attending university, has submitted a unique bid to buy half of the club and says he will allow fans to buy the other half. The billionaire owner of petrochemicals giant INEOS is one of Britains richest people and a United fan since childhood. Born in Failsworth, Greater Manchester, he says he is focused on United winning the Champions League for the first time since 2008 and making it the number one club in the world once again.. "We boycott the game for 18 minutes," the 1958 said. Sports. Many fans would argue even that would be too long. Manchester United Home Shirt 2022-23 - Long Sleeve. Elliott Investment Group has revised its involvement from purely offering funding to being prepared to buy a minority stake. What happens now remains to be seen, but the end-game is at least in sight. WebRegular: US$9600. A protest is planned by a fan group known as the 1958 at Sunday's game against Aston Villa, where supporters will march through Manchester and boycott 18 minutes of the game. After they finished at Old Trafford, INEOS delegation headed to Carrington, the clubs training ground, for further meetings. Manchester United says it is continuing negotiations over a new contract for David de Gea. LONDON (AP) Deep in the bowels of Wembley Stadium, Manchester United co-owner Avram Glazer strode past a group of reporters seeking an update in fact, just any news about the potential sale of the storied English club. Yet the family remains in situ, still inflicting the sort of slow torture that would make Torquemada flinch, still desperate to make every last penny before they depart. Equally, the Glazers have set a price and if that is not met, then they will not feel under any added pressure to sell the club. It's for 100% of the club, it's debt free, and money will be made available not just to Erik Ten Hag, but also for improving the infrastructure around the club; doing the kind of thing Man City have done in Manchester. Other investment groups similar to Elliott including Ares Management, which refused to comment on its involvement at a recent event are thought to have also offered their capital to potential bidders and the Glazer family. Sky News exclusively revealed last November the Glazer family's plan to explore a strategic review of the club its members have controlled since 2005, kicking off a five-month battle to buy it. 31 per cent of shares held by non-family members, He has greater flexibility to pay more per share because he is not planning to straightaway buy 100 per cent of club stock. On Friday, New York-listed shares in Manchester United closed down nearly 5% at $22.02, giving the club a market valuation of close to $3.8bn (3.1bn). Sheikh Jassim is the chairman of Qatar Islamic Bank and he is the son of a former prime minister. The club have not won a trophy since 2017 and last won the Premier League title in 2013, the year Ferguson retired. For now, however, Rumfitt and other United fans must hold their breath. Filters. Sky News has learnt that Carlyle is among a handful of parties which have pitched proposals to acquire a minority stake in the Old Trafford outfit. At the very least, it creates uncertainty. The fact he has not blown Ratcliffe out of the water adds weight to claims it is a private enterprise rather than a state-sanctioned move. The most popular The culmination of the process comes as United chase trophies in both the FA Cup, with a semi-final against Brighton and Hove Albion next weekend and the second leg of a Europa League quarter-final against Sevilla to come, with the tie finely poised at 2-2. There is relatively little information about him in the public domain, but it is known he attended boarding school in the UK and went on to the Royal Military Academy at Sandhurst, during which time he apparently fell in love with United.

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