It helps, or so I’m told.
Club Sale | It’s done!
- Thread starter JB08
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I am more concerned about the cost of the debt in 3 years time. It will pale in comparison to any possible dividends by then.
I want a name check for anti Qatar sentiments.
My apologies. Though don't think you're dedication to the cause was in any doubt.
I'll add a sneaky edit
Precisely. More power to him. But the delusion that he just spent £1.3Billion plus another 300million cash for shits & giggles is laughable.
I hope he makes money from United, however long he gets to hold on to it. It only means that we are successful both on & off the field and the valuation of United would be a lot more than the current £6+billion.
And unless the Ratcliffe Trust fund babies keep United, the next owner will definitely be some PE or/but more likely, some sovereign fund.
I thought we decided a while ago that these football journos know feck-all about financial details or news about this strategic review?
Right!! Do a Moyesy.
Feck the Glazers don't trust them. They will feck this up.
Who knows what will happen, but to think he's an idiot is sure something....
Ronay nails the problem:
Who gets the final say on summer tours or transfer spend? Everything is, in the end, a football operation.
https://www.theguardian.com/footbal...-effect-but-manchester-united-still-have-hope
This deal has to be temporary.
Who gets the final say on summer tours or transfer spend? Everything is, in the end, a football operation.
https://www.theguardian.com/footbal...-effect-but-manchester-united-still-have-hope
This deal has to be temporary.
Wow, the drag on rights is a big deal. This applies for the next 18 months. This gives you an idea that the Glazers want to sell all their shares of club eventually very soon. Also, if Ratcliffe puts in 300m, he will most likely get it back if there is a forced sale of his shares (if he doesn’t buy the whole club) as he is buying equity shares.
I do think Ratcliffe is in this for the long haul, however, Glazers are still hoping for the big cash in where either Ratcliffe buys the rest of the shares or somehow a state comes in and buys Man Utd for a higher share price.
This is a win-win for the Glazers and for Ratcliffe. I totally get why it took so long to get this over the line. Not ideal, but complexity is not always bad.
I do think Ratcliffe is in this for the long haul, however, Glazers are still hoping for the big cash in where either Ratcliffe buys the rest of the shares or somehow a state comes in and buys Man Utd for a higher share price.
This is a win-win for the Glazers and for Ratcliffe. I totally get why it took so long to get this over the line. Not ideal, but complexity is not always bad.
I am positive about positive things.
Just so few and far between with United.
Should be up for a lifetime achievement award for his dedication to the cause
The Slopping Forehead Award.
What are you both on about?
That's not what it means.
So Ratcliffe will be forced to match a rival offer in the next few years or he will be forced to sell his shares to someone else. Sounds like the Glazers have got themselves a great deal in the short-term with the potential of a bigger offer to come from Ratcliffe or elsewhere.
And everyone thinks the Glazer trust fund babies/goblins are dumb.
Meanwhile, Ratcliffe gets to play Football Manager till the moment of truth in 2025.
Lets assume that Ratcliffe & his team is successful in increasing the club's valuation further through their improvement in on & off field performances; the next phase of strategic review will consist of a handful of potential suitors, and I am sure it will only be PEs or most likely sovereign funds.
The more successful Ratcliffe & team becomes, the less likely he can afford to buy out the rest of the Glazers' shares. But at least he will make some decent ££ out of it.
Win-win.
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Nah.
It seems that the Glazers had finally realised that dividends is chicken feed compared to selling actual class A shares. If they could fetch 5b+ out of a poorly run Manchester United with a leaking stadium, a vintage training facilities and a bloated squad then imagine how they would fetch if they actually invest in the place. What the point in getting 90m in 3 years when they can sort the shit around and sell their shares for an extra billion?
Their dividends are chick feed when you value the club in excess of £6+billion.
I think that Ratcliffe had signed a shrewd deal here. If the club doesn't perform well then he'll probably buy it all himself for 33 dollars per share. If it does well and they are able to find a rich owner willing to spend the dosh then he'll come out with a clean profit. He might even use his contacts in the ME to find potential buyers.
Precisely. If he gets the club's valuation up, I doubt if he can afford to buy the remaining shares. But he will know others who can. The next owner's will be PE or sovereign funds.
The guy is rich mate and his stocks are on the way up. Let's not forget that his bid was always the highest on the table irrespective if it was for full control, 50% or 25%. We're not talking about Knighton here. However its a win win situation for him either way
In the next round of strategic valuation, I bet the Glazers are looking at an EV of £9-10billion, which will be outside Ratcliffe's range.
That's why they rejected Jassim's measly £5billion.
Sure but let's see things from a certain perspective
a- SJR already has a foot at the door with 25%. So if the EV is 10b then SJR will only need 7.5b while the rest will have to foot the entire 10b.
b- No one was willing to buy the club at 7b-10b because its poorly run, its infrastructure is mush and loans are on ridiculous interest rates. That might change in the next few years
c- As said clubs value is directly tied to Infrastructure investment. That's a problem considering the high interest rates + the fact that the Glazers refuse to invest their own money in the club. Guess who can help on that? Yep INEOS. Thus I can see SJR injecting more cash in the club in exchange for, well, more shares.
I can see a scenario were the club would cost 10b to let's say a Saudi owner but would cost SJR 6B to buy.
Would Ratcliffe want to spend another £6billion? That's some serious chunk of change even for someone with his wealth. And he would be 74y.o by then. Not sure his kids would be that keen.
My guess will be in 2025, a sovereign fund comes in
Glazers clearly think that there’s a sovereign fund /state backed entity out there who harbours an interest in the club. Wouldn’t surprise me if in a couple of years they try to get Qatar back to the table with SJR having fixed a lot of the structural issues at the club and back in a more stable footing.
Ratcliffe will be a profit-making enabler then.
I think it's a decent deal for all parties. Jim will make a chunky profit if at all there is a full sale in 18 months, given that whoever intends to buy will have to bid at an amount that Jim will be unable to match (as he holds first refusal).
Is that first refusal for an indefinite period?
Good question! I'll skim through the doc to find out
Just wondering where you got that from, as it sounds incorrect.
The drag-along rights makes this feel like a stay of execution rather than anything final with regards to our ownership situation. We're still a sitting duck for nation state takeover. From the perspective of a potential buyer, all that's changed is that we've now got a MSRP.
I'm just struggling to understand Ratcliffe's play here. He's investing serious time and resources into this project, at the very real risk of being forced off the board if another player decides to make a move. If he had the resources to commit to the full deal as of now, you have to think he'd have gone all in on a full sale.
As far as I can see, the only upside for him -- as it relates to a full acquisition of the club -- is that he's locked in the right to acquire the club at the price he's now paying for his minority stake. And that he gets to work on improving our football related operations (though, I wholeheartedly concur with Ronay that, in the end, it's all football) while he waits to see if someone else will make a move to fully acquire the club.
All that said, I've no idea what I'm talking about. I just wish I was more confident that this was the beginning of the end of the ongoing ownership saga.
I'm just struggling to understand Ratcliffe's play here. He's investing serious time and resources into this project, at the very real risk of being forced off the board if another player decides to make a move. If he had the resources to commit to the full deal as of now, you have to think he'd have gone all in on a full sale.
As far as I can see, the only upside for him -- as it relates to a full acquisition of the club -- is that he's locked in the right to acquire the club at the price he's now paying for his minority stake. And that he gets to work on improving our football related operations (though, I wholeheartedly concur with Ronay that, in the end, it's all football) while he waits to see if someone else will make a move to fully acquire the club.
All that said, I've no idea what I'm talking about. I just wish I was more confident that this was the beginning of the end of the ongoing ownership saga.
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