No, they don’t give a sh*t about the value of the club. All they care about is the value of their shares - and that is all that is on the table right now. They cannot speak for the other 31% shareholders. This deal is purely about the value of the Glazer’s shares - nothing else.
Club Sale | It’s done!
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Class B share value is not indicative of class A share value. His offer has to be for the Glazer 69% because they have no control over the price of the remaining 31% considering it’s public stock owned by thousands of people.
Okay, so: Ratcliffe and Qatar both make offers. Ratcliffe's offer is flexible (meaning that he is willing to buy all the Glazers out, but if the 2 bastards are adamant on staying, then he will take a 50.1% controlling stake and later buy the rest), but Al Thani and his guys want the 69% and later probably the remaining 31%, so I assume they'd want to take United private.
Both offers will have a / share valuation.
Let's say Ratcliffe's is 1.20/share, and Qatar's is 1.10/share.
This means that the Glazers would receive altogether more money right now from Qatar, since they would be paying for all 6 siblings' shares. However, if they go with Ratcliffe, the 4 siblings will get more money right now due to Ineos' higher valuation / share, but Joel and Avram will also receive more money in a few years' time. That's why I don't understand why this is even a question.
As much as we hate the vampiric leeching feckstains, you have to hand it to old Malc, it's some piece of business.
Invested virtually nothing to acquire the club, got the club to pay for the take over, sucked out tens of millions in dividends, and then double their families overall worth when they sell.
Take the money and feck off now for fecks sake.
Invested virtually nothing to acquire the club, got the club to pay for the take over, sucked out tens of millions in dividends, and then double their families overall worth when they sell.
Take the money and feck off now for fecks sake.
Isn’t the situation that Ratcliffes valuation is based on todays figures ?
Meaning that the listed shares in the NYSE would still be kicking around in 3 years or so under his offer.
currently they are at around $19. So let’s say he values the Glazers shares at $25 to give them a bit of premium.
If they take his deal and the share price of the listed shares fell to say $5 then it would logically follow that the Glazers shares would fall in value also and isn’t this then the risk for the Glazers under Ratcliffes deal?
TLDR: Jim might value the club at 6bn today but there is no guarantee the Glazers will walk away with 6bn in the future ?
Meaning that the listed shares in the NYSE would still be kicking around in 3 years or so under his offer.
currently they are at around $19. So let’s say he values the Glazers shares at $25 to give them a bit of premium.
If they take his deal and the share price of the listed shares fell to say $5 then it would logically follow that the Glazers shares would fall in value also and isn’t this then the risk for the Glazers under Ratcliffes deal?
TLDR: Jim might value the club at 6bn today but there is no guarantee the Glazers will walk away with 6bn in the future ?
The 'value of the club' in this context, is merely an extrapolation of the bids for the Glazer shares.
The valuation is per share. When you see SJR bid is x million and Qatar is y million it represents what they value the entire club at. If both value the club at £10 billion SJR will pay £6.9 billion to Glazers. So will Jassim.
For SJR the story ends there. He has what he wants. Jassim on his hand will force through a sale of the rest of the shares and delist the company from the Stock Echange. For this it is likely that he will have to pay the remaining £3.1 billion to the rest of the owners, although things could happen that increase or decrease the valuation between dates of those transactions. Thus Jassim will in the end have paid more money, but the same amount of money per share.
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Actually with Ineos the 4 siblings don’t get more now because the deal is structured to be paid over 3 years.
Why is the glazers collectively receiving more money even a consideration for them? I assume they all have their own self interests that they're looking out for and want to maximize that. Two of them want to stay on, rest want to get paid as much as they can.
The INEOS offer does that.
I think it was the Times that broke Ineos outbidding Qatar first. After that, everyone went with it, even Keegan, Qatar's very own handpicked mouthpiece. So it's 99% true.
If its true then he’ll win. If not we know its not true unless you think Glazers won’t take the bid that gives them the most money (and now)
Think about it. The only thing up for offer in this deal is the Glazer’s shares. They can’t sell anything else!
I think we've all missed the most important question: how do we plan on misspelling the new owner's name? Glaziers became a regular sight on the Caf.
Well, we don't know whether they think collectively or separately...but if there's nothing more to the Qatari bid than what's being reported, then there's nothing attractive about it compared to Ratcliffe's offer.
Qatar win the bid IMO, a few days ago the Glazers were at Claridges, now the bid
Radcliffe is pretty much set in stone.
Your not understanding how the process works mate. The valuation is the enterprise value. The Glazer's share of the total valuation would then be 51% or 69%
Because the above is speculation based on conflicting reports so we do not actually know which bid gives the Glazers the most money right now. We also can assume that Qatar will follow the same playbook as the owners of Manchester City and if so they could be offering all manner of additional payments and benefits in kind under the table.
I've not read this before, what's the source?
To help people understand, the likely situation is SJR has offered £6billion with 3 upfront.
SJ is likely to be between £5.2-£5.5b upfront.
This is for100%
Bingo.
SJ is likely to be between £5.2-£5.5b upfront.
This is for100%
Bingo.
Yeah
Yes and in that case the Qatar offer is more attractive as they can do much more with the money now in terms of investing etc.
I don’t think we have any idea whatsoever what goes on. If Qatar is even remotely interested in winning this race they know they’ll have to outbid SJR. I don’t see why they would waste their time and risk having to hang their heads in shame of being outbid by a UK businessman when they’re supposed to represent super wealth if they did not plan to put in an offer that SJR could not match at some point.
If that were the case, then SJR's offer is comfortably better.
I hope you're right, Desperate for Sir Jim to get the club.
It's over Jim
It's not comfortably better.
Is this the final, final offer? So whens the final, final, final offer going to be?
Thanks, makes more sense that way, still reckon we are being over valued here considering the baggage we come with.
Find out next time, on Dragon Ball Z
Deeply concerning...
I can guarantee you that they will stick around a few years for an extra £500-800 million.
In what way
You can't guarantee shit mate.
it is. But we don’t know the Glazers personal situation. They may need to consolidate and need an influx of money now/immediate future for all we know.
At least 4 of them want the money now and I would suggest Joel and Avram do too, or they would have accepted SJR deal already.
Pure speculation.
I can't wait. Three weeks worth of one battle, while some dude does some gym work in a space sphere.
Qatar FC. Tonight we feast
Why they’ve valued the club at £0.5-1 billion less, doesn’t matter what you buy, if INEOS have bid £6bn for 51% share it means that he is offering £3.1bn and leaving two goblins with 20% equity. So the 4 other Glazers are getting a lot more from SJR now about £2.7bn between them and Joel and Avram £350m for selling 6% that’s paid into their bank accounts in next 2 months.
SJ through 92 foundation have offered initially a rumoured £5.5bn as a final offer or could be as low as £5.2bn let’s take the £5.5bn figure and 69% of that is £3.8bn to be paid between all 6 siblings for their 69% which means all the siblings receive less now from SJ, the Qatari bid is trying to use ; we’ll give you opportunities in the Middle East, we don’t need to borrow to send you the money, we’ll spend money by investing in the club infrastructure and stadium and pay off the debt.
The mistake SJ/Qatar has made is they genuinely think the Glazers give a feck about the club and the future of the club, SJR still is the favourite this is an opinion of someone who is completely neutral I just want the Glazers gone. To remove a snake you got think and act like one which is what SJR is doing, as soon as he has control he’ll force the other two goblins out before the 4 year time period.
If you are buying 100% of the company it’s a complete takeover and means the debt must be paid off as the company must be taken completely off the NYSE which would also mean that Qatar would have to pay an additional £635m debt as part of the total cost in addition to what is offered to the Glazers.
SJR is buying the controlling shares and leaving the club listed, he does not have to pay the debt off instantly or at all if he doesn’t wants to, he just needs to manage the debt through the interest payments previously agreed.
Summary this was 80/20 in SJR favour before the 11th hour bid, I’d say it’s still 60/40 in SJR favour, had the bid been £6bn I would say 70/30 in favour of SJ but the bid was not £6bn, although it will be reported as more than £6bn because the debt and investment will be added to their bid from all the Middle East media.
Wow, first to indicate the valuation is similar.
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