Manchester United comes from a phenomenal week. Beating Barcelona and winning the League Cup made a statement. It feels like a new era at the club under the management of Erik ten Hag.
However, the League Cup final was also notable for anti-Glazers protests, including banners inside Wembley and chants during the game.
There is still no guarantee that the Glazers will leave Manchester United. The sales process, handled by New York merchant bank Raine Group, is designed to explore all options. It is not just for a firm purchase.
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Much attention has been drawn to Manchester United’s two outright public bidders, Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe, but there are private investors seeking minority stakes.
As exclusively reported on Monday, Sheikh Jassim sees his offer as “all or nothing,” as a source close to his group put it. He won’t go back to minority investing if it doesn’t succeed, he won’t even consider a ‘stepped’ route to full ownership. This would involve starting with a small stake with the option to increase it over time.
Ratcliffe, on the other hand, sees the purchase of Manchester United as the shape of his legacy. He wants visible and operational control. As a result, he is more open to associating with other groups or with the Glazers, even if he does not have a majority or full control. He basically doesn’t want to go away empty-handed. His starting position is full ownership (referred to as “majority” in his statement solely because the Glazers do not own 100% of the club), but he is more flexible than Sheikh Jassim in case things don’t go as planned. planned.
Both Sheikh Jassim and Ratcliffe are skeptical about whether the Glazers will agree to a full sale. Ratcliffe actually met with Joel and Avram last year, before the process began, and he ended those conversations believing that a sale was not possible.
At this point in the process, as I reported over the weekend, the Glazers are disappointed in the volume and value of the deals.
Neither group is particularly close to £5bn with their indicative bid and the Glazers may continue to push for more than £6bn. That being said, the goal of soft deadline offers is simply to move on to the next stage and do your due diligence. That is when a true valuation can be established. Also, Glazers’ valuation is just unrealistically high.
This is not a transfer. Things won’t happen quickly (think months, not weeks) and groups don’t (and won’t) blindly raise their bids. Both of the public suitors we know of to date still want a return on investment and will stick to their valuation as a result.
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Sheikh Jassim, in particular, thinks his offer is very strong, especially considering Manchester United’s debt and the money needed to rebuild Old Trafford and Manchester United’s training ground. He watched the League Cup final in Doha with friends and family and now (as of Monday lunch as I write this) he awaits more comment from Raine. If he moves on to the next stage, it is expected that his Nine Two Foundation makeup will clear up.
One thing that Sheikh Jassim, Ratcliffe and the Glazers have in common is a desire for Marcus Rashford, in top form, to spread out. Sources close to both bidders, as well as the current owners of Manchester United, speak of this as a priority. Manchester United will not be long in letting the sale process take its course either. This is because there is no set deadline for completion and they can renew Rashford without delay.
Qualifying an owner or investor late in the season provides the smoothest transition opportunity possible, but that’s only particularly significant for a new owner. If Manchester United make it to the Champions League and look for a minority investment, they really won’t need urgent funds that they don’t already have.
The Glazers’ tenure won’t be a popular option. They will have to face backlash from fans, even with Manchester United fighting on three fronts and with a trophy already in the cabinet. However, these are still the early stages of the sales process. Due diligence for those who submit will be key in establishing whether there is still a valuation gap between the Glazers and interested parties.
Liverpool manager Jurgen Klopp has already said: “We know we have to change things.” [this summer]”. Liverpool’s aggressiveness in the market will depend on whether they qualify for the Champions League and the volume of spending.
But the FSG is prepared to bet on Klopp. His commitment to the club remains as strong as ever with John Henry confirming that he is looking for an investment, but not a full sale.
Liverpool always plans ahead and looks to do their business early. As a result, a busy summer window doesn’t necessarily mean a hectic one.
First of all, Liverpool want to renew their midfield. Dortmund’s Jude Bellingham remains a priority target. Liverpool have already worked hard to sign him. Real Madrid and Manchester City remain their two main rivals.
What Liverpool does really well is give players a consistent narrative. Bellingham and his father Mark will already have a very vivid picture of what a move looks like. Small details make the difference. Bellingham won’t just choose based on finances or Champions League football. He wants a project, a manager and a wardrobe in which he believes.
As I’ve reported before, it’s not entirely impossible for Dortmund to get Bellingham to sign a new contract. This would protect his value, but as with Leipzig’s Christopher Nkunku (who signed a new contract before previously agreeing a move to Chelsea), it wouldn’t necessarily rule out a summer move.
Even if Liverpool are successful with Bellingham, he won’t be the only midfielder they are trying to sign. Wolves’ Matheus Nunes is a real possibility, although contrary to some reports nothing has been agreed between the clubs. Nunes has been a bit hit and miss playing in an unfamiliar role of left midfielder. Liverpool continues to watch him.
Mason Mount is another midfielder to watch. Liverpool’s interest is genuine. Chelsea still feels they have the situation under his control as they look to extend Mount’s contract. Chelsea’s owners want Mount to commit to a long-term deal that is quite incentivizing and comes with a reduction in salary if the club fails to reach the Champions League in a given season. Mount loves Chelsea (he’s been there since he was six), but with a massive squad and his playing time waning a bit, he might be tempted to leave. But make no mistake, the Chelsea owners have wanted him to stretch from day one. They still believe that he can find his form from last season where he scored 11 goals.
Liverpool will also look to strengthen their defense. Be careful with the central ones. In fact, they really liked Benoit Badiashile when he was in Monaco, but Chelsea pounced.
Liverpool are tracking Leipzig’s Josko Gvardiol, who Chelsea nearly agreed to a pre-deal last summer. The Croatian scored against Manchester City in the Champions League and is attracting a lot of interest, including from Pep Guardiola’s side, as well as Real Madrid and PSG. There is a £98m buyout clause, but it doesn’t kick in until summer 2024.
I’m told Gvardiol wants a Premier League move and the notion that he has ‘chosen’ Real is incorrect. It is also on record that Liverpool is his “dream club” because he watched many of his games with his father when he was younger.
Frankfurt’s Evan Ndicka is another big name and is available on a free transfer as it stands. And Liverpool have long been linked to Fiorentina’s Nikola Milenkovic (a Juventus target) and I was also told that Liverpool, like Spurs, would consider Wolves’ Max Kilman. It could be argued that Liverpool need a left- and right-sided centre-back, even if the two don’t instantly play together as a new first-choice pairing in 2023/24.
Not all of Liverpool’s entrances will be obvious before the exits are clear, especially in the final third.
Arthur Melo will not be signed permanently. Liverpool agreed to a £33m buy option with Juventus, but I was told it was just a ‘gift’. Liverpool have always seen Melo as an outright loan.
Alex Oxlade-Chamberlain, Naby Keita and James Milner (a fantastic Liverpool servant) are currently heading towards free agency. Nat Phillips, Joel Matip and Adrian are also likely to leave.
It’s a disappointing end for Keita, who signed for £52.75m from Leipzig in 2018. Many top clubs, especially in La Liga and Serie A, are considering him. However, there is nothing serious yet with Barcelona’s reported progress, but free agents will be important for them this summer.
Bobby Firmino and Mo Salah are two names that are getting a lot of media attention right now. Jurgen Klopp wants to stay with Firmino. Even at 31, he is seen as a positive influence on and off the field.
There are rumors of a surprise departure for Mo Salah, but he has a contract until 2025. Suggestions that Liverpool are willing to listen to offers are very accurate at this stage. Salah has been linked to PSG, and I think the buzz was triggered when he was photographed having dinner with Nasser Al-Khelaifi recently. But the two are just friends.
PSG ideally wants to buy a little younger. It is true that they considered Salah in 2021. Right now, he remains fully committed to Liverpool. If he can find a way to score goals, Liverpool can still make a top four charge. Personally I think he will be more effective in a 4-4-2.
