I really feel for anyone who believes Custis in 2023. Or any year tbh.
Club Sale | It’s done!
- Thread starter JB08
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When you dig and dig deep, the Glazers originally used money borrowed against the US shopping malls they owned to raise cash for the £235m cash Malcolm actually paid in the original buy out in 2005, the remaining £500m or so was raised through multiple hedge funds and Bank of America.
Subsequently nearly all of these malls went bankrupt or are struggling, they also owe $373m on the Buccaneers, have £307m amortised transfer debt from 2022/23 accounts added to the £535m legacy debt and it just becomes a complete financially unmitigated disaster.
The £500m bond that they used in 2010 to pay off some of the debt during a period of success on the pitch has since been eroded away from the days of the club only( I say this in absolute disgust) £260m of debt by boom and bust tactics, an incredibly under qualified CEO in Ed Woodward who just bought absolute mercenary football players to the club like Di Maria, A Sanchez, Pogba, Falcao…..The list is endless.
Conclusion - Even with Top 5 qualifying for the CL, new World club Cup which we have no guarantees to qualify, new CL format and new EPL media deals, they simply can not afford to run the club, by using its credit card facility to buy football players this summer and pretend they care, it’s a farce.
There may be some truth in this but Custis has gambled with his story and it might be completely feasible that Qatar are taking their time, especially as they unravel the complete financial disaster that they will find, let’s be clear here, the £1 billion plus the club currently owes is not to one bank or hedge fund, no it’s to probably multiple hedge funds, Banks, and multiple European football teams, let’s take the Andre Onana deal as an one example;
Club agreed - £43m fee on a 5 year contract and 5 year terms which is £8.6m per year on the books plus his wages
We pay £8.6m this year from revolving credit after paying £64m up front for Rasmuth Hojlund and £55m up front for Mason. Means we have used £130m of the £260m which was available but have also received or will receive £24m in total player sales so far, United are never this efficient in the transfer window!
Inter Milan still owe the club for Lukaku and May or may not have missed a couple of years payments for the sum of £28m!
Top level financial executives from Qatar, will deal with this but it will take time to do a deal with Inter Milan, other clubs and various banks and hedge funds to make the club completely debt free, if SJ takes control they will want no debt whatsoever with the club, not one penny!
After all this, 92 Foundation still have to buy the 50m minority ‘A’ shares out by offering Fair trade enterprise value in accordance with Cayman Island Law.
This will be a further $1.9bn on top of the original $7.1/7.4bn to take and gain control. I guess the financial shit pool and the miserable accounting state the Glazers have left the club in could easily take 3-4 months to unravel!
https://www.essentiallysports.com/s...-united-forces-to-make-load-deals-in-january/
Anyone thinking they can ride this out for two years are living in ‘Cuckoo Land’, they would struggle to survive one season without resorting to operating like they did in January 23, official PL Beggars, with desperate Weghorst and Sabitzer loan deals.
Should Manchester United spend £250m this summer that’s because they know they are selling and someone else is paying off this summers transfer debt, the moment the new owners take over?
I always wonder why anyone would read the fecking sun.
We are all looking for crumbs of comfort
Is it 2023 yet?
No, but the World Cup in Qatar is about to start. People fancy England to do well and that Jude Bellingham will be the breakthrough player.
Should be a great World Cup when it comes although quite concerning what Kwasi Kwarteng has just announced with this mini-budget
Can we do a pointless poll - "what month will the takeover be completed?"
Or what thread. Look we’re on 2022, when all this takeover stuff started.
What decade more like
2022 - Manchester United fans are by and large disgusted by the Qatari World Cup and the abject conditions people were forced to work in to complete such a disgusting situation. Massive outcry lead by Eric Cantona calling the situation vile and human rights organisations around the world rightfully question whether sporting success is worth the death of thousands.
Rest in peace, HRH Queen Elizabeth II.
She wasn't HRH
2023. The year Manchester United was sold.
Premature on both counts.
2022, one word, Casemiro.
But those steadfast human rights supporters Lineker and Shearer go anyway, despite them solemnly stating they wish they didn't have to.
As right as Cantona is about Qatar, I wouldn't be too hasty in promoting his word as gospel. If it isn't Sports Direct he plugs, it's gambling companies.
Man loves his cash, alright.
Boycotting events is merely boycotting the problem. They were quite right to attend and highlight abuses. My gripe is they did not go far enough.
A better accusation to aim at Shearer would be his consistent silence regarding Saudi Arabia's newcastle project. We need constant focus on such matters, as we do with city and indeed us when Qatar's state bid finally assuages the Glazer's arrant greed.
When it is completed, I'd imagine these pages will play more 'whataboutery and hypocrisy' than BlueMoon on trophy day.
Manchester: International capital of sportswashing.
Haha, imagine supporting Human Rights. Weirdos.
It'll happen in September.
Whoosh.
2022: murmurs the club is on the market. Click onto the next page to find out our new owner.
So much for living in the past. Let's move to the present...
Can't remember where I saw it, and didn't seem to be a source, but did read it will be done in November... although the piece didn't say in which year...
They have a pill for that
Shares are up 4.5% pre-market
Hopefully the share price increase indicates Qatar are close to completing due diligence
No I understood exactly what you were trying to say mate.
Yeah we know, everyone who speaks out is a hypocrite.
Got all excited just, been reading about the deal being close and then got this alert on my watch.
So I immediately assume, due to no transfers being in the pipeline, that there was an announcement seeing as it was BREAKING NEWS.
Straight to the website to check.
fecking bastards.
So I immediately assume, due to no transfers being in the pipeline, that there was an announcement seeing as it was BREAKING NEWS.
Straight to the website to check.
fecking bastards.
The share price is up. Happening big time innit?
Over a month period we've been much higher, up to around 26 a share so this is normal fluctuation I believe
It's off again innit?
No, very much on and we are getting Kane, Osimhen & Mbappe on loan before Wolves.
How I wish there was truth in Custis article
Share price rise is just normal fluctuation. It’s been higher in the past month even.
It’s absolutely nothing to do with the sale.
It’s absolutely nothing to do with the sale.
For people saying it’s natural fluctuation, it’s not. 7+% isn’t normal. I imagine Neil Custis article has had this effect.
It’s definitely off the back of the articles. I think a lot of very reactive retail investors are involved with it at the moment.
Thanks for explaining that.
And if I recall correctly, isn't a good portion of their existing debt maturing by 2025?
For the last week or so, actually forgot we were in the process of being sold. What came of the last round of bids if anything?
It’s ‘normal’ relative to the situation over the last few months.
We’ve seen it rise higher than this based on Rio’s completely false claims that the club was being bought by Jassim.
Custis’ article affecting share price isn’t anything to do with the ‘sale’ itself.
It’s just proof - as we’ve already seen - that share price is not an indication of ‘sale close to happening’.
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