LONDON – Plans for a takeover of Manchester United could be delayed until May, with the current United States-based owners the Glazer family said to be holding out for a better offer, according to British media reports.
The Daily Mail reported this week that the Glazers wanted a bid of at least £6 billion (S$9.68 billion) after initial offers from Sheikh Jassim Bin Hamad Al Thani, chairman of Qatar Islamic Bank and son of the country’s former prime minister, and British billionaire Jim Ratcliffe were lodged at a maximum of £4.5 billion.
It remains to be seen if the two interested bidders – who are the only parties who have publicly declared their interest – will increase their bids.
The Mail said this might mean a sale of the club, who won their first trophy in six years by clinching the League Cup at Wembley Stadium last Sunday, will not take place until May at the earliest as the process is not so straightforward.
In another report, The Guardian said there was indecision among the six Glazer siblings because each had their own view of any takeover but that the sale remained “under serious consideration by the family as a whole”.
The Glazers could also seek investment instead of a full buyout, with several hedge funds reported to be interested in investing in the club.
Sheikh Jassim, 44, educated at Britain’s elite Royal Military Academy at Sandhurst, claims to be a long-time United fan.
He was the first to submit a bid by the “soft deadline” of Feb 17 and has promised a “completely debt-free” takeover of United.
Boyhood United fan Ratcliffe, who was born in the Manchester area, is one of Britain’s wealthiest individuals, with an estimated net worth of £12.5 billion following the success of Ineos, his global chemicals company.
He is keen to expand a sporting portfolio that already includes French football club Nice and Swiss team Lausanne-Sport, as well as the cycling team Ineos Grenadiers, formerly Team Sky.
A price tag of around £6 billion would smash the record fee for a football club set when a consortium led by Los Angeles Dodgers co-owner Todd Boehly and private equity firm Clearlake Capital purchased Chelsea in 2022.
Russ Mould, investment director at Manchester-based stockbrokers AJ Bell, told AFP on Wednesday: “As bidders continue to circle one of the globe’s most valuable sports franchises, it seems no party has reached the £6 billion valuation put on the business by Manchester United’s current owners.”
United have struggled to keep pace with bitter rivals Manchester City since the retirement of legendary manager Alex Ferguson in 2013.
But under Erik ten Hag, they appear to be on the rise and ended their long wait for silverware by beating Newcastle United 2-0 in the League Cup final.
They are also third – behind Arsenal and City – in the Premier League, beat Barcelona last week to progress to the last 16 of the Europa League and faced West Ham United in the fifth round of the FA Cup on Wednesday.
Mould said that with United’s prospects on the pitch looking rosier, the Glazers might think twice about ceding full control of the club.
“Speculation has been growing that should Erik ten Hag’s revolution in performance that has seen Manchester United go through an improved run of form and win their first trophy since 2017 continue, the family could be less willing to sell the club,” he said.
If the Glazers do decide to hang on to all or part of the club, it would be deeply unpopular with United’s supporters. They have frequently demonstrated en masse against the American owners, who have been taking money out of the club over the years. AFP
