Club ownership | Senior management team talk

[Plant0x84]

Do your search on here, you will see people after December 25th 2023 talk about INEOS option to buy within 2-3 years.

No, I don’t need to because I don’t care what clueless numpties on here think. I know there is no legally binding put and call option with the accepted offer because I followed the process closely. Thats good enough for me. If others think otherwise good luck to them.

 

[Big Ben Foster]

It’s still false. If Man Utd sign Vinicius JR for £200m, we have our first £100m bid rejected can we once the deal is done for £200m put £100m on our financial statement or just transfer real £100m? No we can’t. The bid that got rejected got rejected. Literally it’s only for INEOS where I’ve heard a rejected bid get spoken about as if it was part of the official deal. This only ended in December when Jim himself said he had no need to buy the club.

What the hell are you talking about? I never said it was part of the deal - I made it clear it was rejected.

 

[pocco]

Yes, 1 never existed and 2 is also false.
Throughout the entire process, the Glazers pursued 2 options only; a primary investment or a full sale of the club. A handful of investors were considered via the primary investment route and only 2 investors (JR being one) were considered via the full sale route. Ultimately the Glazers preferred the full sale approach and both of the full sale investors were encouraged (at each stage) to submit bids for all of the shares in the club. JR never did. The most he was prepared to pay up front was about $2.2b dollars for 60% of the B shares. He simply didn't have, or was unwilling to commit, the funds for a full sale. The partial sale (25%) approach was his idea, and that plus a required primary investment of $300m became the basis for the final deal. How anyone can read the SEC material and conclude that "Ratcliffe had no option, glazers never wanted to sell" is frankly bizarre.

Why didn’t they just accept the Jassim offer then if that’s what they preferred?

 

[JediSith]

What the hell are you talking about? I never said it was part of the deal - I made it clear it was rejected.

With all due respect. I never spoke about you specifically. I made it clear that “Ratcliffe will buy the club within 2-3 years” was a common theme posted after Ineos bought their 28% from the glazers. If you and the other guy never posted anything about Ratcliffe/Ineos buying out the Glazers after 25 Dec 2023 then my comment doesn’t apply to you.

So you have no reason to comment or feel offended. You have already explained the seed from which that myth grew. I in turn explained why it was irrelevant after the 28% investment by INEOS.

 

[Redjazz]

Why didn’t they just accept the Jassim offer then if that’s what they preferred?

The offer from Bidder A wasn't big enough.

On May 22, 2023, at the direction of the board representatives, representatives of Manchester United and Raine informed Bidder A that its proposal to acquire all of the Ordinary Shares at a price of $30.01 per Ordinary Share did not have sufficient support to proceed and, in response to a request of Bidder A for guidance, indicated that a price of $35.25 per Ordinary Share would be considered.

On June 1, 2023, Bidder A submitted a revised offer for the acquisition of all of the Ordinary Shares and specified consideration of $34.00 per Class B Share and $24.81 per Class A Share ($5.20 less than the per Class A Share consideration in the May 16, 2023, offer from Bidder A). Again, this revised offer did not provide customary financing commitment letters. Also, as noted above, the board representatives, directly and indirectly through its legal and financial advisors, held discussions regarding the terms of Bidder A’s proposal with members of the Board of Directors throughout the Strategic Alternatives Review Process. Specifically, following the submission of Bidder A’s proposal on June 1, as part of such outreach members of the Board of Directors noted that they would not be prepared to support a potential transaction unless the holders of Class A Shares received the same per-share consideration as to be received by the holders of the Class B Shares.

On July 26, 2023, representatives of Bidder A met with the board representatives to discuss Bidder A’s proposal. The representatives of Manchester United informed Bidder A that Manchester United was not prepared to move forward with a potential transaction unless the holders of Class A Shares received the same per-share consideration as to be received by the holders of the Class B Shares. Bidder A informed the representatives of Manchester United that it was not prepared to increase its value for the Class A Shares to an equal level to the price offered for the Class B Shares.

From August 2023 to October 6, 2023, representatives of Manchester United, Bidder A and their respective advisors held several telephonic meetings to negotiate and discuss the terms of Bidder A’s proposal, communications about Bidder A’s proposal and exchanged drafts of a merger agreement, including communications from Bidder A in late September 2023 where representatives of Bidder A conveyed to Raine that Bidder A was still preparing to submit a revised proposal.

That proposal was never submitted and:

On October 15, 2023, Bidder A notified advisors of Manchester United that Bidder A was formally withdrawing from the Strategic Alternatives Review Process.

 

[Plant0x84]

The offer from Bidder A wasn't big enough.








That proposal was never submitted and:

And there you have it.

For all the talk of does he exist, can he prove funds, is it state backed or private, they will buy 100% and wipe the debt, we are getting Mbappe etc, the Qatar entity in the process never actually made an offer that valued A and B class shares with the same consideration, therefore never making an offer that would be accepted.

When Raine asked them to address this they declined and withdrew from the bidding process. Qatar were never serious about buying United and they were never ever in the race.