Club Sale | It’s done!

[Nou_Camp99]

They don't want INEOS offer.

They do until Qatar offer them a better deal pro rata.

Why do you have it in your head they prefer Qatar as a bidder? They'd sell us to Somalia or Azerbaijan if they offered more money.

 

[George The Best]

So let’s try and get this right, if anything can be believed from reports from people that don’t really have a clue.

SJR has bid 3bn for 50.1% control. That can only mean a bid for the Glazer’s shares, as that’s all he can buy and he has stated no interest in acquiring 100% of the club. Btw, that does not mean he values the entire club at 6bn because 31% of the shares are lower value.

On a pro-rata basis that means his offer for the entire 69% of the Glazer’s holding is around 4.1bn (do the math)

IF SJ’s bid (big if) is around 5bn for the Glazer’s shares only, then why are Ineos in the lead?

 

[Berbaclass]

They do until Qatar offer them a better deal pro rata.

Why do you have it in your head they prefer Qatar as a bidder? They'd sell us to Somalia or Azerbaijan if they offered more money.

Ratcliffe is going for 51% ( I don't think he intends to buy all 6 Glazers out) and Qatar for the full buyout. The Glazers just want their price and they are gone.

 

[RopersReturn]

How these greedy bstards sleep at night is a miracle.

 

[Berbaclass]

So let’s try and get this right, if anything can be believed from reports from people that don’t really have a clue.

SJR has bid 3bn for 50.1% control. That can only mean a bid for the Glazer’s shares, as that’s all he can buy and he has stated no interest in acquiring 100% of the club. Btw, that does not mean he values the entire club at 6bn because 31% of the shares are lower value.

On a pro-rata basis that means his offer for the entire 69% of the Glazer’s holding is around 4.1bn (do the math)

IF SJ’s bid (big if) is around 5bn for the Glazer’s shares only, then why are Ineos in the lead?

Both bids value the club are relatively similar numbers.

Ratcliffe is $3 Billion for 50% (69% would equal £3.59 Billion)

SJ is £4.8 Billion for 100% (69% is £3.13 Billion)

 

[Nou_Camp99]

So let’s try and get this right, if anything can be believed from reports from people that don’t really have a clue.

SJR has bid 3bn for 50.1% control. That can only mean a bid for the Glazer’s shares, as that’s all he can buy and he has stated no interest in acquiring 100% of the club. Btw, that does not mean he values the entire club at 6bn because 31% of the shares are lower value.

On a pro-rata basis that means his offer for the entire 69% of the Glazer’s holding is around 4.1bn (do the math)

IF SJ’s bid (big if) is around 5bn for the Glazer’s shares only, then why are Ineos in the lead?

Because it isn't.

Qatar aren't paying the Glazers 5bn for their 69%. Their bid is for 100% of the club so 30% of it won't go to the Glazers.

Price per share is ultimately what it comes down to and the last we heard Sir Jim's bid was higher.

 

[Blackbeard]

How these greedy bstards sleep at night is a miracle.

They sleep soundly in huge mansions on a bed of fresh bank notes.

 

[MegadrivePerson]

Beginning to wonder if this will even be sorted before the start of next season. There seems to be no end in sight.

If its a full takeover then it won't be completed before the start of next season.

I'd say the best case scenario now is September/October.

 

[Plant0x84]

So let’s try and get this right, if anything can be believed from reports from people that don’t really have a clue.

SJR has bid 3bn for 50.1% control. That can only mean a bid for the Glazer’s shares, as that’s all he can buy and he has stated no interest in acquiring 100% of the club. Btw, that does not mean he values the entire club at 6bn because 31% of the shares are lower value.

On a pro-rata basis that means his offer for the entire 69% of the Glazer’s holding is around 4.1bn (do the math)

IF SJ’s bid (big if) is around 5bn for the Glazer’s shares only, then why are Ineos in the lead?

I have no idea where you have got your figures from.

 

[pratyush_utd]

Simon mentioning they are anticipating another bid from Qatar. Glazers are aware its a state bid so they must think in case both bid are of similar value, Qatar can go higher to win the bid. But if Qatar doesn't budge (most likely in that case it was a private bid) then there is INEOS bid to accept anyway.

There is no scenario where they end up losing. Glazers have played this well and will end up with 6bn that they originally targeted despite most in media downplaying that amount at the start.

 

[George The Best]

Both bids value the club are relatively similar numbers.

Ratcliffe is $3 Billion for 50% (69% would equal £3.59 Billion)

SJ is £4.8 Billion for 100% (69% is £3.13 Billion)

SJ cannot bid for 100% in this process, why can’t people get their heads around this. The only shares on offer are the Glazer’s. You cannot bid within this for publicly listed shares - that would be illegal. Glazer’s may have asked for bidders to value the entire club, but God knows why. This auction is about Glazer’s shares only, they have no say over the other 31%

 

[Berbaclass]

SJ cannot bid for 100% in this process, why can’t people get their heads around this. The only shares on offer are the Glazer’s. You cannot bid within this for publicly listed shares - that would be illegal. Glazer’s may have asked for bidders to value the entire club, but God knows why. This auction is about Glazer’s shares only, they have no say over the other 31%

He's not bidding for 100% that's just the valuation. The Glazers would receive 69% of that valuation.

 

[pratyush_utd]

SJ cannot bid for 100% in this process, why can’t people get their heads around this. The only shares on offer are the Glazer’s. You cannot bid within this for publicly listed shares - that would be illegal. Glazer’s may have asked for bidders to value the entire club, but God knows why. This auction is about Glazer’s shares only, they have no say over the other 31%

Problem with evaluation is that it is being done by journalist who have some figures leaked by Raine group or from the bidders. Unless we have clear picture of what these bids are (proper documents which is being sent over), it will be just guessing game who is ahead and who isnt

 

[pratyush_utd]

He's not bidding for 100% that's just the valuation. The Glazers would receive 69% of that valuation.

As mentioned, remaining 31% cant be valued at the same level as 69% as it is of lower voting rights. So the way 31% is being valued becomes key here which is not known. Most journalist are simply assuming 100% of shares are of equal value which given the voting rights disparity, it should not be valued equally.

Since 31% is being sold on public stock market, valuing that before Glazers seems odd way to do it.

 

[Berbaclass]

As mentioned, remaining 31% cant be valued at the same level as 69% as it is of lower voting rights. So the way 31% is being valued becomes key here which is not known. Most journalist are simply assuming 100% of shares are of equal value which given the voting rights disparity, it should not be valued equally.

Since 31% is being sold on public stock market, valuing that before Glazers seems odd way to do it.

I agree.

 

[Nou_Camp99]

SJ cannot bid for 100% in this process, why can’t people get their heads around this. The only shares on offer are the Glazer’s. You cannot bid within this for publicly listed shares - that would be illegal. Glazer’s may have asked for bidders to value the entire club, but God knows why. This auction is about Glazer’s shares only, they have no say over the other 31%

Amazing how you're having a go at people not getting it but you yourself don't seem to.

Price per share is the only number that really matters. Right now as far as we are aware....Qatar haven't gone above Sir Jim. If they do they will get hold of the club most likely unless Sir Jim goes higher himself.

 

[Blood Mage]

Feels like we're not even close to a resolution. Our summer window is fecked unless some nutjob chairman chucks £40m at us for Harry Maguire.

 

[Waynne]

Good God. Sell already you fecking rats !

 

[Dominos]

How long after a bid is accepted can we expect to see new owners in charge, and able to sanction transfer activity?

Are the bidders themselves not pushing to get this resolved ASAP? Surely the new owners don't want a scenario where we go into next season with zero signings because they couldn't get the takeover done in time? That scenario would very possibly resign us to a non-top 4 finish next season and having to start the whole rebuilding process again next summer with no CL revenue.

This whole thing is a farce.

 

[dinostar77]

How long after a bid is accepted can we expect to see new owners in charge, and able to sanction transfer activity?

Are the bidders themselves not pushing to get this resolved ASAP? Surely the new owners don't want a scenario where we go into next season with zero signings because they couldn't get the takeover done in time? That scenario would very possibly resign us to a non-top 4 finish next season and having to start the whole rebuilding process again next summer with no CL revenue.

This whole thing is a farce.

Its just the glazers holding out to squeeze every single penny from the club. Apparently they want £6billion and the two bidders wont go that high.

 

[Woziak]

Both bids value the club are relatively similar numbers.

Ratcliffe is $3 Billion for 50% (69% would equal £3.59 Billion)

SJ is £4.8 Billion for 100% (69% is £3.13 Billion)

This is my understanding as well 50.01% is $3bn not £3bn plus the Glazers also hold additional ‘A Shares’ alongside other huge investors who will be putting pressure on the Glazers to accept the full bid, SJ bid probably values the voting shares at a higher rate than the A shares so I would say these two figures are much closer than people think, there might be a $10 premium for the Voting B shares so for example The Glazers own 113 million voting B shares which at current close today was valued at $18.97 with a market cap of $3.13bn, there are another 50 million shares which makes up the 31% owned by other investors including hedge funds, bankers, etc.

£4.8bn or $5.927bn for or all 163 million shares is $36.36 per share but this would mean that all other investors would gain the same premium as the Glazers class B Shares, the more likely scenario is that SJ has offered $39.77 (Twice the current Share Price) to the 113 million voting class b shares owned by the Glazers would be an offer of $4.494bn. This would mean that an offer of approximately $28.66 would be offered for A shares which is a higher offer than the maximum share price achieved on the NYSE this year. This would actually mean that the Glazers would receive more from SJ not SJR and this is where the delay is coming from the breakdown of the bid and hue the money will be transferred.

I keep saying if SJR takes 50.01% he can change the registration of the company from the Cayman islands to another country where capital gains tax could be demanded on a complexed deal like staggered layered buy out which is being proposed, hugely risky for the Glazers and a hugely complicated contract!

The delay is obvious they want more money and hope SJ will go back to Qatar and ask for £5.25-5.5bn with an even higher value per voting share I think they want $44/45 which is $5bn for their voting shares then offering $30 for the remaining 50m shares equals $1.5bn which is $6.5bn or £5.25bn bid plus the £635m debt equals a final bid of £5.885bn or $7.3bn

 

[Dominos]

Its just the glazers holding out to squeeze every single penny from the club. Apparently they want £6billion and the two bidders wont go that high.

Well everyone involves knows it will get done eventually.

Maybe to the bidders, taking over in September after a summer of zero signings is no big deal? It's a ridiculous way to start your tenure as owner though, knowing you're likely to have a shit season and a very unhappy manager who has had to watch all his rivals strengthen while he's given nothing. If they miss out on top 4 again next season due to lack of signings it sets us back years in the process yet again. They need to make it clear they will walk away if it's not done by a certain date.

 

[Waynne]

Well everyone involves knows it will get done eventually.

Maybe to the bidders, taking over in September after a summer of zero signings is no big deal? It's a ridiculous way to start your tenure as owner though, knowing you're likely to have a shit season and a very unhappy manager who has had to watch all his rivals strengthen while he's given nothing. If they miss out on top 4 again next season due to lack of signings it sets us back years in the process yet again. They need to make it clear they will walk away if it's not done by a certain date.

Glazers don't give a feck about all that.

 

[Kush]

They are waiting for cup final and season to be over before announcing they are staying by getting into bed with Elliot.

They know fans wouldn't be able to do anything in the off-season, and once they buy a couple of shiny toys in the summer, fans won't sabotage the start of new season either.

 

[Dominos]

Glazers don't give a feck about all that.

But surely the bidders do? They need to put a deadline on it or they walk away, which will force the Glazers hand.

 

[SAFMUTD]

I'm starting to think this will drag until next season

 

[VanHaal'sRedArmy]

Just give the trolls a commercial property deal in Doha and be done with it.

 

[Mercurial]

But surely the bidders do? They need to put a deadline on it or they walk away, which will force the Glazers hand.

Doubt any party would walk away over that "little detail". The club has it's transfer funds and people in charge and whatnot so I think we will see that planned 100m package no matter what goes.

 

[devilish]

Why? Are they pro Jim?

Let's put it this way. Muppetiers is as loyal to Jim as Brailsford is.

 

[MDFC Manager]

Another day. Need to wait and see if it's a big one.

 

[cyberman]

They will have a clause written into any such deal that makes it compulsory for Jim to buy them out fully eventually if that's the route they go down.

Even that doesn’t make sense. They’d make the difference back in interest if they take Qatar bid now.

 

[AneRu]

They are waiting for cup final and season to be over before announcing they are staying by getting into bed with Elliot.

They know fans wouldn't be able to do anything in the off-season, and once they buy a couple of shiny toys in the summer, fans won't sabotage the start of new season either.

They wouldn't have reached this stage of the bidding or tried to gently entice the bidders for a full buyout to increase their bids if whatever deal Elliot and Co are offering were favorable. They have been in control of this process from day 1 and it would have been simpler to just put up a deadline and say bid £6b by such a date or we go with Elliot.

 

[RopersReturn]

Its just the glazers holding out to squeeze every single penny from the club. Apparently they want £6billion and the two bidders wont go that high.

Regardless of what they think they can get, surely they’d be well advised to agree on an offer soon. Surely the overall share prices will dip with the looming uncertainty over a deal?

 

[berbasloth4]

Jim is the right bid!!!

ifUnited keep doing well glazers go no where. He takes his percent then allows them stakes then pushes glazers out thegone. Do not compare nice to owning United. Smallwaiting game

 

[dacore]

This is my understanding as well 50.01% is $3bn not £3bn plus the Glazers also hold additional ‘A Shares’ alongside other huge investors who will be putting pressure on the Glazers to accept the full bid, SJ bid probably values the voting shares at a higher rate than the A shares so I would say these two figures are much closer than people think, there might be a $10 premium for the Voting B shares so for example The Glazers own 113 million voting B shares which at current close today was valued at $18.97 with a market cap of $3.13bn, there are another 50 million shares which makes up the 31% owned by other investors including hedge funds, bankers, etc.

£4.8bn or $5.927bn for or all 163 million shares is $36.36 per share but this would mean that all other investors would gain the same premium as the Glazers class B Shares, the more likely scenario is that SJ has offered $39.77 (Twice the current Share Price) to the 113 million voting class b shares owned by the Glazers would be an offer of $4.494bn. This would mean that an offer of approximately $28.66 would be offered for A shares which is a higher offer than the maximum share price achieved on the NYSE this year. This would actually mean that the Glazers would receive more from SJ not SJR and this is where the delay is coming from the breakdown of the bid and hue the money will be transferred.

I keep saying if SJR takes 50.01% he can change the registration of the company from the Cayman islands to another country where capital gains tax could be demanded on a complexed deal like staggered layered buy out which is being proposed, hugely risky for the Glazers and a hugely complicated contract!

The delay is obvious they want more money and hope SJ will go back to Qatar and ask for £5.25-5.5bn with an even higher value per voting share I think they want $44/45 which is $5bn for their voting shares then offering $30 for the remaining 50m shares equals $1.5bn which is $6.5bn or £5.25bn bid plus the £635m debt equals a final bid of £5.885bn or $7.3bn

Excellent post. Feels like most media, consciously or not, are wrongfully splitting Jassims total bid equally to all the shares, both A and B. As you are saying the B shares should have a larger value so Jassims bid should be closer to Jims valuation.

Even so, now we just have to wait for the Glazers announcement about Jim as the perferred bidder so they force Jassim to go a bit higher, again.

 

[gajender]

Regardless of what they think they can get, surely they’d be well advised to agree on an offer soon. Surely the overall share prices will dip with the looming uncertainty over a deal?

It doesn't matter to them as long as they get the deal done for their Stake , they couldn't care less about prices of share floating in the Market .

 

[Licha M]

As usual, the club's welfare is last on the list of priorities with these wankers in charge.

All this talk of wanting to complete in the first quarter of the year in the best interests of the club etc. Completely undermining our preparations for next season in an attempt to squeeze out a few extra quid on top of an already sickening deal for them.

Leeching parasite bastards, every single one.

 

[RopersReturn]

It doesn't matter to them as long as they get the deal done for their Stake , they couldn't care less about prices of share floating in the Market .

Yes was about add that the bid is only in view of the 69% stake the family hold.

 

[duffer]

At what point does this need to get done by before it starts impacting your preparations for nex season? Next couple of weeks? Already has?

 

[RoadTrip]

At what point does this need to get done by before it starts impacting your preparations for nex season? Next couple of weeks? Already has?

I would say it already has, the extent to which though at this stage is potentially minimal depending on how much preparation is done behind the scenes. Every day that impact increases though.