The Glazers do not discount the sale of Man Utd
Qatar's emir, Sheik Tamim bin Hamad Al Thani and Britain's richest man, Jim Ratcliffe, submitted an offer of about $5.4 billion before 22:00 on February 17, London time. This is a deadline set by Raine Group, the New York-based investment bank tasked with overseeing the process of selling the club, or attracting new investment.
Sunsport's source does not rule out the possibility that the Glazers will cancel the sale of Man Utd, if investors do not raise the offer. The US billionaire family hopes market conditions will change in their favor after a year or so.
The Glazers currently own about two-thirds of Man Utd, valued at a total of $3.5 billion on the New York Stock Exchange. According to Sunsport, Ratcliffe's asking price is said to be for the entire amount of shares the Glazer family holds at the club, with the rest mainly owned by American investors.
Ratcliffe will receive the help of US financial giants JP Morgan and Goldman Sachs, with the ambition to take over the Old Trafford owner. He affirmed that he would bring Man Utd back to the right position of the club with the goal of winning the Champions League.
Ratcliffe, a Man Utd fan since childhood, and is currently the richest man in England with a fortune of $ 11.8 billion. He is the Chairman and CEO of the chemical company INEOS, owns the INEOS cycling team, the French football team Nice and once asked to buy Chelsea for nearly 5 billion USD.
American hedge fund Elliott, led by Paul Singer, has emerged as one of the potential investors. However, Elliott doesn't want to own all of the Glazer shares and may even partner with Ratcliffe. The fund also offers a club buying path for any investors who lack financial potential. Elliott, with a fortune of up to $ 55 billion, used to own AC Milan.
Meanwhile, Qatari investors will write off all debts, commit to spending significant sums of money to redevelop Old Trafford, even tear down this iconic stadium to build a modern facility. new, as well as upgrading the Carrington training center, if it takes over Man Utd.
The current owners of Man Utd are Joel and Avram Glazer - the two sons of Malcolm Glazer, who died in 2014. The Glazer family acquired the club in 2005. They borrowed about a billion USD of the 1.5 billion used to buy the club. . After the acquisition process, the Glazer family transferred the debt to the club, making Man Utd from debt-free to $1.01 billion in debt with an interest rate of 7 to 20%. The Glazer family announced that they want to sell the club from the end of 2022. Man Utd leaders expect the transfer to the new owner to be completed by the end of March.
