"You will continue to suffer if you have an emotional reaction to everything that is said to you. True power is sitting back and observing everything with logic. If words control you that means everyone can control you. Breathe and allow things to pass." - Bruce Lee.
I think there's a meta game at play here. I have always thought and maintained that the Glazers need and want out of this sinking ship they're responsible for. If we consider that they have failed to get investment or a buyout of any kind for some time for Darcie, Edward, Kevin and Bryan and that these Glazers have been selling off equity for a number of years for cash tells us they definitely want out.
"Strategic Alternatives" was intentionally vague to extract the most value by insinuating that all options are open - including crucially, that they'd all stay. However, Jassim, Shazhad Shahbaz and the rest of the delegation know full well that the status quo isn't sustainable and they will have to leave at some point. The trouble the Nine Two Foundation had was that this process would have continued indefinitely as long as they were engaged in it. The Glazers are in no rush to get to the magic number as long as the share price remains inflated to the degree it was when Jassim's consortium was involved and when you had Ratcliffe trying everything to get his foot in the door.
Jassim publicly (through Romano of all people) told the world he's out forcing the Glazers to negotiate a minority offer with Ratcliffe knowing that isn't what at the very least, an outcome that 4 of the Glazers wanted and the other 2 (Joel and Avram) have a diametrically opposed view to that of Ratcliffe to majority control at the current EV.
By forcing the Glazers to negotiate with Ratcliffe, Jassim's camp are speeding up the process and putting a ceiling on the valuation. Risky strategy but the only one I think they could use at this point given that the Glazers/Raine have been playing this game for close to a year with no prospect of it ending soon.
This minority investment only makes sense if it's just minority investment that much is clear but Ratcliffe isn't going to spend a premium for just 25% - it has to be with a view for majority or full control within a set time frame.
I just can't see how this benefits any of the Glazers unless it's at a ridiculous EV in the future which I can't see Ratcliffe paying especially when he could take it all for less now - he's not stupid.
I think it's more likely to end up with no agreement with Ratcliffe especially under the current PR spin coming out of his camp which, actually serves two purposes in that it's a fantastic exit strategy from a PR point of view - he tried full buyout of the Glazers, he tried 50.1% and he tried 25% with full sporting control with Jean-Claude Blanc and a Paul Mitchell revolution but couldn't reach an agreement.
If the Glazers end up with nothing then I can see a situation in where Jassim's consortium are invited back to the table with a view to actually making a deal happen since he hasn't officially left the process, yet anyway.
I also wonder what legal implications the Glazers have opened up for themselves by butchering this process because a bidding party has offered double the market value for 100% of the club which includes 31% of publicly listed shares and they've been forced to leave negotiations taking a significant payoff off the table. Fiduciary responsibility and all that.
So in Bruce Lee's eternal wisdom - all is not what it seems.
I think there's a meta game at play here. I have always thought and maintained that the Glazers need and want out of this sinking ship they're responsible for. If we consider that they have failed to get investment or a buyout of any kind for some time for Darcie, Edward, Kevin and Bryan and that these Glazers have been selling off equity for a number of years for cash tells us they definitely want out.
"Strategic Alternatives" was intentionally vague to extract the most value by insinuating that all options are open - including crucially, that they'd all stay. However, Jassim, Shazhad Shahbaz and the rest of the delegation know full well that the status quo isn't sustainable and they will have to leave at some point. The trouble the Nine Two Foundation had was that this process would have continued indefinitely as long as they were engaged in it. The Glazers are in no rush to get to the magic number as long as the share price remains inflated to the degree it was when Jassim's consortium was involved and when you had Ratcliffe trying everything to get his foot in the door.
Jassim publicly (through Romano of all people) told the world he's out forcing the Glazers to negotiate a minority offer with Ratcliffe knowing that isn't what at the very least, an outcome that 4 of the Glazers wanted and the other 2 (Joel and Avram) have a diametrically opposed view to that of Ratcliffe to majority control at the current EV.
By forcing the Glazers to negotiate with Ratcliffe, Jassim's camp are speeding up the process and putting a ceiling on the valuation. Risky strategy but the only one I think they could use at this point given that the Glazers/Raine have been playing this game for close to a year with no prospect of it ending soon.
This minority investment only makes sense if it's just minority investment that much is clear but Ratcliffe isn't going to spend a premium for just 25% - it has to be with a view for majority or full control within a set time frame.
I just can't see how this benefits any of the Glazers unless it's at a ridiculous EV in the future which I can't see Ratcliffe paying especially when he could take it all for less now - he's not stupid.
I think it's more likely to end up with no agreement with Ratcliffe especially under the current PR spin coming out of his camp which, actually serves two purposes in that it's a fantastic exit strategy from a PR point of view - he tried full buyout of the Glazers, he tried 50.1% and he tried 25% with full sporting control with Jean-Claude Blanc and a Paul Mitchell revolution but couldn't reach an agreement.
If the Glazers end up with nothing then I can see a situation in where Jassim's consortium are invited back to the table with a view to actually making a deal happen since he hasn't officially left the process, yet anyway.
I also wonder what legal implications the Glazers have opened up for themselves by butchering this process because a bidding party has offered double the market value for 100% of the club which includes 31% of publicly listed shares and they've been forced to leave negotiations taking a significant payoff off the table. Fiduciary responsibility and all that.
So in Bruce Lee's eternal wisdom - all is not what it seems.
