The spend is incredible to be sure, but wouldn't something have leaked by now?
Club Sale | It’s done!
- Thread starter JB08
- Start date
-
In the latest episode of the United Hour Podcast, Nik (@Rood) and Imran (@Annihilate Now!) look forward to a new life under Ruben Amorim. What system will we be playing? What players will impress? and how will it all go? We also say goodbye to Ruud Van Nistelrooy and review United's 3-0 win at home against Leicester City.
- Status
The spend is incredible to be sure, but wouldn't something have leaked by now?
Well, the Saudis apparently own a % in the Boehly consortium and that's literally official.
You also have them buying Koulibaly for stupid money and taking on his full wage. Granted, they did it with other teams but I genuinely think there's something there.
The money spent by Chelsea just doesn't make sense otherwise. It's almost like a reverse Newcastle where they said let's gut the club and buy loads of players and they had a nice excuse of the Abramovich upheaval to give them cover.
I might be wrong on this, of course, but it's just so suspicious.
If you're not, then maybe this Jacobs knows something concrete then.
My opinion. The club wont be sold anytime soon. The Glazers missed their opportunity to sell.
When Chelsea sold in May 22, the US FED interest rate was close to 0.5%. Fast forward to November 22 the rate was close to 4%.
It is no wonder they didn't get the numbers of bids they expected because in Nov 22, it would cost any group (minus those paying cash) around 25% extra in loan payments, than it would have cost in May 22.
Rates are at a 12 year high today, with the FED effective rate is at 5.3%. That means an extra 35%+ more than it would in May 22.
In this high rate environment, it dramatically reduces the number of groups that could buy United at $6bil+. There is really only sovereign wealth funds now who could buy United. Or maybe a billionaire with a passion for the club, that can fund the purchase from his existing company that has 200bil in assets.
I would think that even Chelsea at a third of the price of United would struggle to find a buyer today.
Corporate M&A has dropped by over 35% in the last year to to a 10 year low....
https://www.reuters.com/markets/deals/global-dealmaking-sinks-lowest-level-over-decade-2023-03-31/
In my opinion, The Glazers are either playing a very high stakes game of poker in the hope that they can squeeze more out of one of the bidders. Or, they are going to keep taking their dividend, continue not to invest in the club and wait for market conditions to be in their favour.
When Chelsea sold in May 22, the US FED interest rate was close to 0.5%. Fast forward to November 22 the rate was close to 4%.
It is no wonder they didn't get the numbers of bids they expected because in Nov 22, it would cost any group (minus those paying cash) around 25% extra in loan payments, than it would have cost in May 22.
Rates are at a 12 year high today, with the FED effective rate is at 5.3%. That means an extra 35%+ more than it would in May 22.
In this high rate environment, it dramatically reduces the number of groups that could buy United at $6bil+. There is really only sovereign wealth funds now who could buy United. Or maybe a billionaire with a passion for the club, that can fund the purchase from his existing company that has 200bil in assets.
I would think that even Chelsea at a third of the price of United would struggle to find a buyer today.
Corporate M&A has dropped by over 35% in the last year to to a 10 year low....
https://www.reuters.com/markets/deals/global-dealmaking-sinks-lowest-level-over-decade-2023-03-31/
In my opinion, The Glazers are either playing a very high stakes game of poker in the hope that they can squeeze more out of one of the bidders. Or, they are going to keep taking their dividend, continue not to invest in the club and wait for market conditions to be in their favour.
You talk a big game but this literally makes zero sense.
They have debt to refinance from the original takeover in 2005 and that'll be at a high rate, so cash buyers like Qatar give them a way out (because it'll be very expensive if the buyers use debt like INEOS want to).
Furthermore, they simply cannot take dividends out of the club because the cash flow is fecked. We literally had a record season last year for attendance and home fixtures and still struggled in the summer. I am not sure if they would be legally allowed to take dividends, given the duties of directors who recommend these things in the firs place.
If anything, it's more likely they'll sell the quicker and the more rates rise because they have the impending debt tsunami of 2025 which will consume all of free cash flow, unless we start doing a Brighton and buying good players for cheap and paying them a pittance while making the CL.
It's pretty well leaked that Joel and Avram want their siblings to sell to Ratcliffe so they can get more later. They are refusing for obvious reasons. J&A are refusing to sell to Qatar. So it's stalemate for now till one of the bidders drops out or the Glazers all get on the same page. Which is why putting pressure on INEOS to fek off is a good idea since nobody else I listed would care about fan response
Last edited:
They have refinanced several times since 2005 when they bought they club with the 15% PIK loans. Those loans are long gone.
First with a £500mil bond issue...
https://www.theguardian.com/football/2010/jan/11/manchester-united-bond-debts
Then with the IPO in 2012 raising over 100mil...
https://www.sec.gov/Archives/edgar/data/1549107/000104746912008161/a2210672z424b4.htm
Minus the COVID years, revinue has increased almost year on year.....
https://www.statista.com/statistics/271665/revenue-of-manchester-united/
They didnt take dividends because of the massive investment in the team at the start of last season. I dont expect they were planning on spending 150+mil on Antony and Casemiro. They lost 50mil from not being in the CL to. They probably also wanted to make their cashflow look better pre sale....
https://theathletic.com/3982199/2022/12/08/manchester-united-glazers-dividends/
Well, why have they not sold then? Nearly a year later and nothing! The business is running just fine. Debt is being serviced, they are not injecting any cash and for every other year, they have taken dividens and they will continue to do so when they get their next opportunity.
What is the "debt tsunami" ?
It has also been said that Ineos and Qatar bids are the same, in terms of value per share. Which would mean the 4 other Glazer sibling would get the same payout and J&A would continue to hold onto a portion of the club.
Not true. The PIF have invested billions in assets managed by Clearlake Capital. That doesn't mean they own a percentage of the company that Boehly runs.
Clearlake are an private equity firm. It is how these firms work. They look for investments to make, source the money to make them in the promise of future returns.
I just don’t know what will finally convince Jassim to push up bid by around £400m. Have said it before but he probably thinks his current offer is more than enough.
If he really wants to acquire the club, he is going to have increase his offer. Being a Qatari does he want his home nation to just be remembered for the World Cup and having PSG or does he want a lasting legacy? If not he can settle Saudi Arabia making all the headlines.
There are also the opportunities of developing the surrounding la d around Old Trafford.
If season ticket holders didnt go to a few games in protest, would the club threaten to take their season ticket status away?
https://x.com/utdreport/status/1706450944081199584?s=20
https://x.com/utdreport/status/1706450944081199584?s=20
Last edited:
You have to attend a certain amount of games, but missing a few games is no problem
I completely agree,there must be something which makes him think OK I will find that extra required to get this club but god knows what that is
Manchester United fans fly ‘Glazers Out’ banner over Tampa Bay Buccaneers NFL game
The banner, made by Man Utd fans, was flown over the Raymond James Stadium where at least two members of the Glazer family were in situ.
This is the sort of stuff that works. It embarrassed them in front of their own folks -- Tampa is a tiny city so its humiliating for them.
Stuff at OT is futile unless it's something serious.
The banner, made by Man Utd fans, was flown over the Raymond James Stadium where at least two members of the Glazer family were in situ.
This is the sort of stuff that works. It embarrassed them in front of their own folks -- Tampa is a tiny city so its humiliating for them.
Stuff at OT is futile unless it's something serious.
Hope this is a bit closer to home. I feel they're hardly bothered by anything that happens in OT.
I like this. They should keep doing this at every one of their games. Maybe instead of just “Glazers Out”, include the amount of debt these cnuts have put the club in and how much they’ve taken out
Jimmy Brexit is still fighting, not giving up.
Paywall - Does it say the offer will be reworked for a full buyout or what sort of offer do we know?
Sheik Jassim: Ok cool here is my next offer it’s what Ratcliffe is offering plus it’s better for the club, fans and stakeholders because I’m still going to out a billion into the club when I buy it.
I love this!
Some of the Glazers actually go to these matches so more direct affected then.
I think the four willing sellers if not all six attend all the Buccs games.
Any Caftards from Pittsburgh or Tampa who contributed to the fly-by?
Maybe we need to start a fund here at the Caf to fund this together with the United fans from Pittsburgh and Tampa. Keep this a biweekly event.
Also worth noting that he’s “restructuring” his bid which is open to a lot of interpretation
Here we go again. New offer from Sir Jim, New offer fron SJ then stories about offers haven't met the asking price.
This fecking guy..just like the Glazers..a turd you cant flush.
Only united supporters would be this lucky to get two shit owners in a row while Chelsea supporters get two owners in a row that atleast get owners that invest in the club.
I mean yeah we know this is the case and has been for ages
Bit weird that they’re presenting this as a new development.
The restructuring is to "address concerns about the terms of his bid from minority investors". the article says that his existing bid to only buy the Glazers' shared left "little benefit" for those holding the club's remaining stock, and it references a previous article it wrote about how a top-3 Man United shareholder had sent a letter to the board warning that independent directors are at risk of being sued if they recommend a bid that favours one set of shareholders over another.
No shout out to minority investor Pexbo. Just the big names apparently. Whatever.
Some pre-market action on this unsurprisingly as it’s suggesting that both bids if successful will need to compensate minority investors equally.
Up 2.6% currently which is small but it’s rare that there is any pre-market action at all recently.
Up 2.6% currently which is small but it’s rare that there is any pre-market action at all recently.
Terrible sign for Jim’s bid.
November peoples.- Status