The Glazers.
The problem for the Glazers is that, whereas previously they were taking dividends and undertaking the odd share sale, moving forward there is not much room for manoeuvre.
If they reduce their ownership, selling shares, by even a few percent then they no longer enjoy majority ownership (2/3 of the shares).
Accordingly they don't have many options if they still want to live off United.
We know that, last year, they looked at bringing in equity partners but the terms were not attractive.
However they did see the Chelsea stampede and probably realised that it may be a good time to cash out for an obscene value.
Unfortunately within a few months the whole financial scene has changed and when they mooted the sale there were very few interested parties, and certainly no stampede. Liverpool, an equally attractive jewel in the football world crown, recognised this and decided to withdraw from their sale.
This left the Glazers with very few options and therefore they had to introduce their own
leverage to fire up the willing bidders.
Here, they introduced the narrative that A and J want to remain. The obvious reason for this is so that a bidder who wants full ownership realises that they have to pay over the odds to get rid of these 'club lovers'.
They also introduced an extremely opaque bidding process where nobody knows where they stand or at least nobody other than the Glazers.
However it seems clear that there is definitely a difference of opinion amongst the siblings.
If A and J hang around in the expectation of a greater reward then the other four, who are clearly not stupid, will not want to sell their shares for less knowing that A and J will receive more than a couple of years.
They also must realise that by getting a bidder to pay more in the future is, obviously, the same as them paying less now, so why are they receiving less now surely they would receive more now if the bidder wasn't being forced to pay an OTT sum in the future.
All the parties must know this and that may be one reason it's still being dragged out.
The Glazers have few options. If they keep the club, they may strike lucky with future TV revenue however that is no guarantee and the real money in a European Super League is no longer there. Dividends will be hard to take when the club is in a financial pickle. They have tapped out on share sales and risk losing their majority ownership if they sell too much (also doesn't Woodward own 1% of shares, class A or B?).
Conclusion, I'm guessing that they want a full sale but the leverage isn't quite working for them. The two bidders despite over paying realise that they are both equally close to the right deal the only question is whether one of the parties will either walk away or will simply just trump the other unless the Glazers actually decide.
The shares on the NYSE.
The shares on the exchange seem to be worthless. They only appear to have a speculative value.
If SJR wins then those shares will be sink, literally like parking your money where you receive negative interest. There can be no real movement in those shares for at least a decade. It begs the question as to why anyone would have purchased them. It seems that someone is going to be sued, some serious misrepresentation somewhere.