The Glazer family has never enjoyed much popularity in Manchester, and at the end of November, they officially announced that they were selling United.
The Glazers are rarely seen at Old Trafford and have come under fire from supporters for not making significant investments in the hiring process. There is also the notion that the stadium and training facility for the team requires modernisation.
After spending almost £790 million to become the club’s majority shareholders in 2005, the Glazer family is now prepared to go and make a tidy profit.
The final asking price and the deadline for Man United revealed
The owners of Manchester United want to sell the team for a ridiculous sum of between £6 billion and £7 billion.
According to Laurie Whitwell of The Athletic, the Raine Group, an investment banking company serving United’s only financial advisor, wants the highest fee possible as the Glazers are ready to part ways with United.
Rainey hopes to complete the sale in the first quarter of 2023 for a sum between £6 billion and £7 billion, according to The Athletic.
??| Raine, the mandated bank, is targeting a full sale in the first quarter of 2023 at a price of between £6bn and £7bn. [@TheAthleticFC]
— centredevils. (@centredevils) December 12, 2022
Only time will tell if that budget and schedule can be met, and some in the City of London think such a valuation is much exaggerated.
Lauri Whitwell says in the report, “They [the Rainey Group] want to inflate optimism to raise the money bidders are willing to provide. They have disclosed informally that numerous parties have expressed interest. It is meant for negotiations to begin at a high number.”
While Joe Ravitch, co-founder and partner of Raine, and the Raine Group have a deadline, Whitwell believes they won’t rush like they were during the Chelsea talks.
According to The Athletic, Amazon has been mentioned as a prospective bidder for the Red Devils. British billionaire Sir Jim Ratcliffe is another potential candidate.
According to The Athletic, rumours of interest from Apple and the Ortega family, who own Zara, were exaggerated.
???| Sources have confirmed that Apple has NO intention of making a bid for #mufc. [@TheAthleticFC]
— centredevils. (@centredevils) December 12, 2022
Glazers attempted to buy out siblings before announcing plans to sell Man United
In the middle of a prospective sale being discussed, Manchester United’s owners are locked in a battle over the club’s sale and ownership of the club’s shares.
The Athletic has uncovered surprising details highlighting the Glazer brothers’ divergent viewpoints and emotions.
Edward, Kevin, Bryan, and Darcie Glazer are on one side, and Joel and Avram Glazer are on the other.
According to Laurie Whitwell, Joel and Avram once attempted to buy out their siblings to manage the 20-time English champions as a pair without their conflicting viewpoints.
Joel and Avram approached Apollo, a private equity company, on the pretence of “stadium redevelopment” to obtain significant finance that would allow them to amass the money necessary to evict their siblings.
According to The Athletic, “The other four Glazer siblings have been itching to cash in for a while.”
“According to a source who asked to remain anonymous to protect their identity, Edward, Kevin, Bryan, and Darcie Glazer would have preferred selling United altogether ten years ago rather than going through the arduous process of publicising the company.”
? Joel and Avram Glazer tried to buy out their siblings from #mufc last summer. That is what those talks with Apollo, a private equity firm, were really about, rather than finding funding for a stadium rebuild. [@TheAthleticFC]
— UtdDistrict (@UtdDistrict) December 12, 2022
It is undeniable—and unreported until now—that Joel and Avram attempted to buy out their siblings last summer. Rather than focusing on raising money for a stadium rebuild, that was the main purpose of the discussions with Apollo, a private equity firm.
According to one explanation, Joel and Avram believed that letting their siblings depart would enable them to manage United in a more coordinated, efficient way. Progress was slowed by having four voices on the board who were more concerned with protecting their holdings than improving the club.
Whitwell says that after Apollo rejected their offer, Joel and Avram went to Ares. The deal did not materialise as it did on the first occasion. These difficulties, mounting debt, and the expense of renovating or reconstructing the stadium might have convinced the family to sell.
