Manchester United are expected to undergo a takeover during the second part of the current season.
Having announced in November that the club was “beginning a process to explore strategic alternatives”, the Glazer family, which selected The Raine Group to carry out this process, is ready to complete a full sale before spring of this year.
David Ornstein of The Athletic reported via NBC that:
“The Raine Bank [sic] The people in charge of this process are aiming for a full sale of Manchester United in the first quarter of 2023. The Glazer family will therefore not be willing to sanction a massive cash outlay on deals at this time. of the year.”
James Rhoades of United Muppetiers lined up his inside information along with Ornstein’s, detailing that:
“The talks are continuing and it has to be sooner rather than later because right now the club is bleeding.” The latest fiscal financial report revealed that the club’s current available bank balance is £24m, down £97m from last year; therefore, the Glazers were unable to earn dividends. The report also detailed that United have been paying interest of £1.02m per week for the privilege of Glazer ownership, while the club is still in debt at $650m.
Ornstein’s verdict that the club must be sold by the first quarter of 2023 leaves the Glazers theoretically with twelve weeks as Manchester United owners if their financial advisers are to succeed in their goal.
The Raine Group also managed the sale of Chelsea to Todd Boehly’s Clearlake Capital-backed consortium. Following links to the Russian invasion of the Ukraine, Roman Abrahmovic issued a statement on March 2 confirming that Chelsea would have to be sold. The acquisition was completed on May 31, just twelve weeks after Abrahmovic’s statement.
Sports agent John Morris expressed his views via Twitter following Ornstein’s update:
“If the Raine Group expects this to be completed in the first quarter of 2023, I assume an offer has been made and accepted. A deal this size often takes more than 12 weeks to close, unless it’s already done right. [sic] the line.”
Ornstein also suggested that The Raine Group is looking for a asking price of between £6bn and £7bn, almost double Chelsea’s final cost.
The Athletic reported two weeks ago that Avram Glazer was using his time at the World Cup to conduct business meetings. The American family is known to have other interests in the Middle East, but The Athletic clarified that Glazer held talks with potential investors from Qatar and Saudi Arabia about Manchester United and its “exploration of strategic alternatives.”
These meetings with Saudi Arabian businessmen come after the sports minister, Prince Abdulaziz bin Turki al-Faisal, revealed that he would support his compatriots if a bid from the kingdom were launched:
“I think it’s a good opportunity and if the numbers add up and we can all benefit from that from a business perspective, why not? If there is an opportunity that benefits us, I would encourage the private sector to do it.”
Reports recently alleged that Richard Arnold sat down with Saudi Arabia’s tourism authority (Anas al-Sharif and Saud al-Subaie) to discuss a deal that would see the country, which has relaxed its post-Covid border rules, become United’s main shirt sponsor. Negotiations broke down after the contracts were ready to sign this week.
It is unknown if this withdrawal could be related to the fact that United have already reached an agreement with a conflicting party, or if Cristiano Ronaldo’s departure is merely speculative.
