The world of football is currently in a whopping great big tailspin as news that one of the UK’s premier football teams, Manchester United is up for sale.
For the past two decades, the American family [the Glazer’s] have owned Man-U, and much to the chagrins of fans. Today, the Glazer’s are seeking to sell the team – of course – to the highest bidder. However, as always, and sometimes, selling to the highest bidder doesn’t make sense. Does the buyer have the
know-how, the passion, the expertise, and the stamina to see the team through and get the job done and done right? Certainly, Man-U fans would like to see ownership that carries the team through to unmatched success moving forward.
With its long established history of accumulating awards and trophies, rebuilding the team after the 1958 Munich air disaster, and self-proclaimed 1.1 billion fans worldwide, Man-U is undeniably one of the UK’s most valuable sporting commodities. Some have gone as far as to call them a, “cultural asset”. Could this be true? 1.1. billion fans worldwide can certainly back up that notion.
The Glazer family purchased Man-U in 2005. Four months ago, they began exploring the possibility of selling the team, which has since sparked a multi-billion dollar bidding war stretching far and wide across these global plains.
There are currently two confirmed bidders leading the action: British billionaire Jim Ratcliffe, and Qatari Sheikh Jassim Bin Hamad Al Thani. Both entities have pledged their intent to buy the team publicly, prompted by a soft deadline on February 17, the year of our Good Lord, 2023, set up by the bank handling the transaction [The Raine Group]. Various other groups in Saudi Arabia have also reportedly entered the race to own the team, while the US-based hedge funds group Elliott Investment Management as well as Ares Management Corp have likewise thrown their checkbooks, or routing numbers into the match.
The Glazer’s have been unpopular with Man-U fans. For years, Man-U supporters have protested against the family, staging marches on Old Trafford, and plastering “Love United, Hate Glazer” on banners outside home and away games.
“The relationship between fans and the Glazer family is irreparably harmed,” Alex – a United fan and co-host of the “American Red Devils” podcast says. Ed Barker, who hosts the podcast “No Question about That,” describes the Glazer ownership as a “disaster”.
Manchester United (NASDAQ:MANU) may be one of the biggest names in football, but its stock took a huge run up thanks to new bidding action. Investors drove share prices up over 6.6% during this Wednesday’s trading as a result.
In addition, newer reports have suggested that Manchester United has fielded “world record bids,” which featured Sheikh Jassim Bin Hamad Al Thani of Qatar, who—as part of a consortium of Qataris—is set to hike its original offer of 4.5 billion pounds. Meanwhile, Jim Ratcliffe—a British billionaire—is likewise set to hike his offer from his original, which was less than 4.5 billion pounds. Reports suggest that Ratcliffe’s offer will clear five billion pounds and will include taking on debt. However, both offers may be thrown out. The Glazer family want 6 billion pounds for the sale. Ratcliffe may not be interested in going that high, as he currently owns a football club, French Ligue 1’s OGC Nice. He also owns the Ineos Grenadiers cycling team. But with fans reportedly pressuring the Glazers to ditch the team due to “underperformance,” one of the two major parties’ offers may prove to be enough.
Multiple private groups in Saudi Arabia also submitted their own bids for Manchester United, the Telegraph reported last month.
