Back in December, Manchester United manager Erik ten Hag said it would be a good thing if the Glazers sold Manchester United, and right now, it looks like he was correct.
A huge bidding war is underway, and once the dust settles on it, we could see a new “most expensive/valuable club of all-time.” That would most likely lead to further investment in the club, which, in theory would improve the roster.
At 5pm EST, 9pm BST tonight comes the deadline for the next round of offers to be submitted to Raine Group, the New York City based investment bank that is managing the sale.
You have two front-runners, INEOS owner/British billionaire Sir Jim Ratcliffe (who we just detailed in the last post), and a group led by banker and Qatari Sheikh Jassim bin Hamad Al-Thani; whom we’ll focus on here.
Both parties are submitting second/improved offers, with reports indicating that the people around the Sheikh Jassim bid are feeling “very confident” it will succeed.
This bid, according to The Independent, is for a world-record £5.5bn.That is $6.7B, 6.3 billion Euro. It has been long reported that the Glazers want 6 billion Great British Pounds Sterling in return.
In the words of legendary Atlanta based rapper Ludacris “that is big paper like pancakes, stacking ’em up!”
This comes on the heels of a 10-hour meeting held with the club last Thursday. Sheikh Jassim himself did not attend, but he instead sent a delegation.
Some reports indicate that we could see as many as six different bids come in for the club, with most of the other potential purchasers not yet named publicly.
Some of the other bids would set up a minority investment arrangement, rather than a complete takeover, which is what American hedge fund Elliott Investment Management is reportedly seeking to do.
This would lead to a situation where Avram and Joel Glazer retain ownership of the club, but the outside financing would help with reorganization. Not sure any United fan wants to hear that right now, but it is what it is.
There has been strong backlash against the Glazers for years, and the fan vitriol only seems to be on the upswing lately.
Paul M. Banks is the owner/manager of The Sports Bank. He’s also the author of “Transatlantic Passage: How the English Premier League Redefined Soccer in America,” and “No, I Can’t Get You Free Tickets: Lessons Learned From a Life in the Sports Media Industry.”
He’s written for numerous publications, including the New York Daily News, Sports Illustrated and the Chicago Tribune. He regularly appears on NTD News and WGN News Now. Follow the website on Twitter and Instagram.