Club Sale | It’s done!
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What other major team? Newcastle? PSG weren't big before the money for example. We're already massive.
People with billions don’t give a monkies about a recession, often enough they end up as a lovely redistribution of wealth to the richest. Elon Musk literally just spunked tens of billions on a company he has no idea what to do with & that often makes big losses.
A debt free United whilst not the most profitable business is something of a cash cow and as sure as thing as you can get to a rock solid one at that.
I think there is a infrastucture exception/deduction in FFP calculation
I know it sounds typical ITK but a lad I know who really is ITK
assures me that the possibility of building a new stadium is a complete non-starter and it’s a Bernabeu type job that has already been costed, planned, designed, etc and is in place ready to go once someone (our new owners hopefully) gives the nod.We're gonna end up in oil tycoon hands aren't we
We’ve spent big on the squad. We spend big every sodding year. The club can fund itself.
Hopefully there's a rich conglomerate willing to buy us rather than some filthy rich oil baron or single billionaire. But the club and let it run itself completely without being complete leeches.
Chances are low though
Chances are low though
Did the Glazers have to release an official statement of intent?
The debt will be wiped by the sale by the Glazers
Newcastle, Chelsea, City and PSG were not major clubs.
Amazing how anyone thought otherwise.
Winning your division isn't the single the single thing making a team fairly good, the Jets have been in the same division than arguably the best head coach and probably QB of all time. They were a good team around 2010 and remained around .500 until the mid 2010. The Broncos decline predates the change in ownership it was under "the best owners in football" and I'm not actually sure from Walton when the Broncos were officially purchased this summer.
And Kroenke is an awful owner disliked by nearly every fanbase of the franchises he owns.
Not only is that illegal, fans wanted Ronaldo out.
Genuine question, how? New owners could just continue the/take on fresh debt right?
As the inventor of football, I'd be all for Elon Musk taking over.
How can anyone possibly be ITK about what people who do not yet own the club will doI know it sounds typical ITK but a lad I know who really is ITK
?Or was your post sarcasm?
How much is the club?
Wtf $10.6 billion, dubai have there advisors they can’t pay that much unless they want it as a prize.
One thing is for sure it won’t be going to Jim Ratcliffe, I can’t say I’d be that happy either as he’s quite old and who takes it on after him.
City’s owners have done well, if Dubai ran it the same way I’d be happy but I expect the price to be no more than £5 billion which is still ludicrous.
If they got $10 billion that would probably be 100 times their initial equity which I guess was less than £100 million
One thing is for sure it won’t be going to Jim Ratcliffe, I can’t say I’d be that happy either as he’s quite old and who takes it on after him.
City’s owners have done well, if Dubai ran it the same way I’d be happy but I expect the price to be no more than £5 billion which is still ludicrous.
If they got $10 billion that would probably be 100 times their initial equity which I guess was less than £100 million
With our luck, the club will be bought by Elon Musk.
Genuine question, how? New owners could just continue the/take on fresh debt right?
he's assuming anyone rich enough to buy United will be buying it outright and clearing the debt. which is a reasonable assumption.
Personally, I'm torn between the morality of it all. Because of that I don't think I'll comment much about who should and should not buy us, bar the two Indian guy's I've mentioned in earlier posts.
However, Dubai would be a good option. Look at what they have done to their own country. Now, imagine bringing that business acumen and infrastructure to United? We would be where we should be...amongst the elite!
I cannot believe this is happening after 17 years of these wretched owners they are finally going! Although who buys us now is the next big question. We need someone who can invest in the club and structure and not take money out.
He's a lunatic
We're gonna end up in oil tycoon hands aren't we
That or a hedge fund
yeah he didn't invent paypal. paypal was the successor of a company called confinity which was created by max levchin, peter thiel, and luke nosek.
he didn't invent tesla either by the way.
Elon is very good at riding on the back of something someone else has created.
As a poster said above, if he bought United, he'd say he's invented football!
Wild that after all these years we might actually be getting rid of the Glazers. Seems surreal. I'll find it difficult to believe until it actually happens though.
He founded Manchester United!
Can't Flamini just buy us?
Dubai is probably the least awful option of the oil states, I guess. Still awful, but not quite as bad.
haha yup.
funny thing is, when confinity merged with x.com, musk was initially made ceo, but was booted within a year. he was clearly a toolbag back then too.
It will go for more than 6b. People are not aware how big Man United is around the world. And this is once in the life oportunity to own it.
Glazers are really going to make billions after years of mismanagement and neglect to invest in infrastructure
I can't think of anyone with 5 billion (let alone 10) to spend that I would really welcome.
I can't think of anyone with 5 billion (let alone 10) to spend that I would really welcome.
Why exactly?
No chance that Musk will buy United btw
I work with public M&A and have a few thoughts on what is going on here, that I think are indisputable:
*”As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company.”
What does this means?
(a) Look, the board has a fiduciary duty to act in the way that is best for all shareholders. If there is a sale of the club, there will be litigation in the US. If they sold the shares of the club — and someone sues them saying ‘you lost us money by not selling off the assets instead’, the board will be deemed negligible if it can’t show that they acted “with the care that an ordinarily prudent person in a like position would exercise under similar circumstances”. That includes not just ruling out options without looking into them.
I.e. it is perfectly possible that they are looking to sell 100% of close to 100% of the shares.
This is what the entire first half of the PR is about:
“We will evaluate all options … Throughout this process we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders.”
(b) We are dealing with the Glazers here, they won’t waste money if they don’t have to.
If the Glazers want to explore selling their shares and hence wants to sign top financial and legal advisors — who pays the retainer? The Glazsers can’t ask the financial advisor to send the bill to the Club.
With this mission for the financial advisor, they are acting on behalf of the club and Glazers won’t be picking up the bill.
*Could the new buyer be worse than the Glazers?
I don’t know the answer to that, of course. But it’s not 2005 anymore, where football clubs weren’t seen as investments and the sale of our club to the Glazers was perhaps not handled properly.
What I do know is this — the offers to buy the club will 100% be established against the background of what a buyer think can be justified against economical data or other concerns. Since there of course will be plenty of interested buyers, as a result, the highest bid will come from the buyer who sees the brightest future for Manchester United financially, which in its turn can motivate the highest price tag. At worst. There could of course always come in a buyer looking for an alibi, expensive toy or whatever.
The Glazers brought a club that — from a financial POV — was ‘decline proof’ for what a decade and a half. We are United, one of the the biggest club in the world. But this will not continue if the club remains outside all real competitions for titles for another 17 years or whatever. Slowly but surely our position in the football world is eroding. And it can get a lot worse fast. Under the Glazers, we haven’t contended for the title [since SAF left] really, but we been in and out of the Champions league, been the runner up for the title and so forth. There is no guarantee that we will become a CL team over the coming 10 years.
Hence, our club — for a new buyer — is anything but decline proof. This buyer could 100% buy one of the biggest clubs in the world and in 15 years time he looking to sell a mediocre PL team with a great history.
As a consequence, I personally think it’s very very likely that a new buyer will be looking to invest in the club. I just cannot imagine a scenario where a buyer — who will be the one entity that sees the brightest future for the team — will be someone who won’t look to invest in the club.
*What is the time frame?
The market is very very sour right now. There are no guarantees for any deal to get made fast.
For the Glazers to sell of their holdings of shares in United — it could be done fast. Could take a month. But that does not include a proper vendor auction process. It’s someone calling them up asking for a number, being given one, and then acting on it instantly.
A more likely scenario is Q1 2023. I think that is what they are aiming for. Q2 2023 could also be an option.
*”As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company.”
What does this means?
(a) Look, the board has a fiduciary duty to act in the way that is best for all shareholders. If there is a sale of the club, there will be litigation in the US. If they sold the shares of the club — and someone sues them saying ‘you lost us money by not selling off the assets instead’, the board will be deemed negligible if it can’t show that they acted “with the care that an ordinarily prudent person in a like position would exercise under similar circumstances”. That includes not just ruling out options without looking into them.
I.e. it is perfectly possible that they are looking to sell 100% of close to 100% of the shares.
This is what the entire first half of the PR is about:
“We will evaluate all options … Throughout this process we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders.”
(b) We are dealing with the Glazers here, they won’t waste money if they don’t have to.
If the Glazers want to explore selling their shares and hence wants to sign top financial and legal advisors — who pays the retainer? The Glazsers can’t ask the financial advisor to send the bill to the Club.
With this mission for the financial advisor, they are acting on behalf of the club and Glazers won’t be picking up the bill.
*Could the new buyer be worse than the Glazers?
I don’t know the answer to that, of course. But it’s not 2005 anymore, where football clubs weren’t seen as investments and the sale of our club to the Glazers was perhaps not handled properly.
What I do know is this — the offers to buy the club will 100% be established against the background of what a buyer think can be justified against economical data or other concerns. Since there of course will be plenty of interested buyers, as a result, the highest bid will come from the buyer who sees the brightest future for Manchester United financially, which in its turn can motivate the highest price tag. At worst. There could of course always come in a buyer looking for an alibi, expensive toy or whatever.
The Glazers brought a club that — from a financial POV — was ‘decline proof’ for what a decade and a half. We are United, one of the the biggest club in the world. But this will not continue if the club remains outside all real competitions for titles for another 17 years or whatever. Slowly but surely our position in the football world is eroding. And it can get a lot worse fast. Under the Glazers, we haven’t contended for the title [since SAF left] really, but we been in and out of the Champions league, been the runner up for the title and so forth. There is no guarantee that we will become a CL team over the coming 10 years.
Hence, our club — for a new buyer — is anything but decline proof. This buyer could 100% buy one of the biggest clubs in the world and in 15 years time he looking to sell a mediocre PL team with a great history.
As a consequence, I personally think it’s very very likely that a new buyer will be looking to invest in the club. I just cannot imagine a scenario where a buyer — who will be the one entity that sees the brightest future for the team — will be someone who won’t look to invest in the club.
*What is the time frame?
The market is very very sour right now. There are no guarantees for any deal to get made fast.
For the Glazers to sell of their holdings of shares in United — it could be done fast. Could take a month. But that does not include a proper vendor auction process. It’s someone calling them up asking for a number, being given one, and then acting on it instantly.
A more likely scenario is Q1 2023. I think that is what they are aiming for. Q2 2023 could also be an option.
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