MANCHESTER UNITED could remain in the hands of the Glazer family – after US hedge fund Elliott Management made an offer to take a minority stake in the club.
In what would be a U-turn that would leave many Old Trafford fans aghast, there are increasing suspicions that the planned sale could be OFF – unless bidders match the Glazers’ £6bn valuation.
And some reports even claim the American owners are actually holding out for £6.5bn.
The contest to control the club descended into farce on Wednesday evening when the Glazers’ chosen deal-makers, US banking group Raine, gave a last-minute extension to the previous 9pm bidding deadline.
That left both the declared public bidders, Sheikh Jassim bin Hamad al-Thani and Britain’s richest man, Sir Jim Ratcliffe and his Ineos group, scrambling to work out their next move.
Sheikh Jassim withdrew the £5bn offer he had made ahead of the deadline, while Ineos, which had been on the brink of making a similar offer, was forced into a rethink.
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But genuine concerns that both the Qatari Sheikh and Ineos are being “played” by Raine and United appeared to have been consolidated by the Elliott news.
Elliott, formerly the owners of AC Milan, confirmed they have made an offer for a “small amount of common equity” in addition to being willing to provide financing for other bidders.
While the New York-based firm would not disclose the size of the shareholding they are looking to purchase, nor the sum involved, it would allow a partial withdrawal of the members of the Glazer family who are looking to cash in their stakes.
The cash injection would also enable the club’s co-chairmen, Joel and Avram Glazer, to stay on at the helm.
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As SunSport revealed, one option being considered by the two siblings was using external funding to create a new company and hive off the club’s merchandising and digital commercial operation into a separate concern.
Growing frustration at the process from some of those involved boiled over in the aftermath of Wednesday night’s chaos with a belief that the Glazers might, after all, only be interested in pushing up the price of the club to create leverage for a loan.
Speculation over the past 48 hours saw United’s market capitalisation on the New York Stock Exchange rise to £3.4bn by the close of business on Wednesday, up from a low of £2.76bn just three weeks ago.
It led to growing belief that there will be no sale unless the Glazers’ full valuation is reached with serious questions over whether the family have ever been serious about relinquishing control of the club.
The alternative view is that Raine are encouraging such a view to spiral in the hope that it will force one of the bidders – probably Sheikh Jassim – to break the bank and make an offer the Glazers cannot refuse.
What still seems evident is that despite rumours of up to eight bids and suggestions of a mystery third consortium, Ineos and Sheikh Jassim are the only contenders who want to take control of the club.
Ineos are targeting the Glazers’ 69 per cent stake while the Qatari aims a full buy-out.
The other interested parties, including Elliott, are looking at stock investments or funding options.
Meanwhile, further reports claim Finnish entrepreneur Thomas Zilliacus is set to make a bid for United.
The Mirror claims he will introduce fan ownership if successful, giving supporters a voice through an APP.
As for the chaotic scenes last night, Sky Sports broke down the events that followed after the 9pm deadline…
- 9.10pm – Sheikh Jassim’s Qatari delegation claimed to have made a new world record bid.
- 9.45pm – Raine Group said they had received no bids from either Sheikh Jassim or Sir Jim Ratcliffe before granting extensions.
- 10.25pm – Raine Group revealed they had received “many proposals.”
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- 10.45pm – Qatari bidders said they didn’t submit their offer because they were offered an extension and accepted it.
- 10.50pm – Sources close to Sheikh Jassim said his bid is ready and extra time is not needed.
Source: Soccer - thesun.co.uk
