You are completely inaccurate, Ratcliffe initially bid £4-4.5 billion for 100% of the Siblings 69% shares then reconstructed his bid to win 51% of their class B voting shares which was circa $3 billion or £2.7 billion for 57.63 million of their class B shares and for them to relinquish controlling stake of the club. For the very last time the Glazers nor the Raine group can decide how much I or any other Class A shareholder sells their shares for.
Forbes valued the club at $6bn and The glazers overvalued their controlling stake at £6 billion. The main reason that the Qatari will not move on their bid right now there is no comparable bid which is trying to ;
1. But the 69% Controlling stake
2. Pay off all existing debt and therefore delist from NYSE
3. Make a fair enterprise value for all Minority class A shares through their newly incorporated Cayman Island Company
Don’t take my word, take the word of the Cardiff Chairmen who actually managed the initial management buyout of the Club in 2005
https://x.com/UtdPlug/status/1690700246173491200?s=20
How did a respected banker who is chairman of Cardiff football club come to that conclusion, he’s clearly has contacts with the Glazers but more simply put this is the view within the market from agencies like Bloomberg and Reuters if a 100% deal was to get done the Glazers and incoming owners would want the following ;
Appendix A. - £6 billion for their 69% controlling stake of the. Club including purchase of 113 million class B shares
Appendix B - Representative compensation for loss of future broadcasting and merchandising deals inclusive in £6 billion
Appendix C - changeover of title of deeds on all land owned by the club to new owners inclusive in £6 billion settlement
Appendix D - An agreed settlement of the minority Class A share holders at fair enterprise value - $34-38 there are 50 million of these class A shares which the Glazers hold 6.9 million.
Appendix E - Since all assets are transferred in a 100% sale by the outgoing owners all debts must also be settled as the Glazers are the original guarantors of the club debt, therefore £700-800m must be deducted from the £6 billion fee however amortisation of transfer debt will be moved over to the new owners as a ongoing concern.
Appendix F - Only After all of the above have been settled can the new owners seek permission to delist the Club from the NYSE
The cost to buy 100% of United is £7.3 to 7.4 billion pounds.
The belief rightly or wrongly is that SJ/92 foundation have offered £5.2 billion to the Glazers to buy their 69% stake however the debt would have to be taken from that fee so they would roughly get £4.4-4.5 billion.
To prevent the Class A Shareholders from taking The Glazers to court, simply because it’s their duty to make sure all shareholders receive a fair enterprise offer should the clubs ownership structure change.
They also need to inform the NYSE of this major change, then they would have to allow SJ/92 to make an offer per share , assume that offer is currently nearly twice the market value at $34 then the additional cost would be 50 million multiplied by $34 to buy 100% of the club which is $1.7 billion or £1.392 billion.
It’s quite reasonable to expect that the true cost of the Qatari bid irrespective of any promise of future investment is already a commitment of £6.5-6.6 billion with some of that huge investment being staggered payments next year to buy the remaining 31% minority class A shares
The Glazers only care about themselves and want £6 billion because after the debt has been subtracted that will give them approximately £5.2-5.3 billion which converts to $6.4-6.5 billion or more than $1 billion each, even after they’ve paid Raines huge commission fee.
I hope this finally clears this subject up, for the very last time the Glazers want £6 billion to sell their 69% controlling stake and relinquish complete control of the football club. If they don’t get it or at least £5.7-5.8 billion they won’t sell or simply manipulate a minority investor like INEOS who will be far too clever for the Glazers, and I doubt that deal gets done when everyone reads the small print with a hugely complexed Put and Call M&A deal.
Ps Sky sports have backtracked maybe 8 or 9 times within the last year. They reported it wrong initially and even now they are reporting the 25% minority investment wrong why because it’s no longer a M&A takeover deal, it’s purely a minority investment so it is completely not relative to discussing this with SJ/92 foundations bid, discuss INEOS latest attempt with Elliot management and other minority investors who looked to buy a part of the company now im the hope that eventually it goes. Bankrupt under the Glazers Stewardship, only for them to pick up the club for pennies whilst settling its huge debt issue?
