The Glazer family are planning to delve deeper into offers for Manchester United as they invite the leading bid contenders for negotiations in the coming days.
Fears the controversial owners may now be planning to retain overall control have been raised by well-connected figures in European football. However, sources within United insist the Glazers remain open-minded and will continue pursuing all available options.
One major factor is likely to be to establish the absolute top price that Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe are willing to pay for an outright sale. Offers of £5 billion are believed to have been tabled already for a deal which would obliterate the record purchase of a sports team following the sale of the Denver Broncos American football franchise for £3.8 billion last year. But the Glazers have been looking for as much as £6 billion to sell, and it remains to be seen if any of the bids will be sufficient to persuade the Americans to end their 18-year reign.
Four of the Glazer siblings – Kevin, Edward, Bryan and Darcie – are believed to be eager to sell at the right price but Joel and Avram, the United co-chairmen who have been the most invested of the siblings in the club, are said to be more resistant and have remained open to the idea of a partial sale or minority investment.
There are also understood to have been a range of minority sale and share options raised by American investment groups in recent weeks. Elliott, the US hedge fund, filed new terms to New York brokers a fortnight ago offering a minority stake deal. The former AC Milan owners previously offered to provide financing to any potential bidder. Their revised offer, submitted
before the original deadline, is for “a small amount of common equity” in addition to an offer to provide financing for any bidders.
It is unclear whether the Elliott offer is a big enough cash deal to buy out Joel and Avram’s four siblings. United have a complex share structure and potential investors will want to gain some influence in return for significant investment that may include additional financing to redevelop Old Trafford.
Last week, United recorded a net profit for the first time since the Covid-19 pandemic hit three years ago, but overall debts are close to £1billion. A debt-free takeover would instantly mean United are up to £45 million better off each year by virtue of no interest, payments or dividends payments to service.
All bidders are expecting to hear from brokers Raine imminently after tabling improved offers in the second round of bidding a fortnight ago.
It emerged this week that the UK arm of Qatar Islamic Bank, chaired by Sheikh Jassim, was fined £1.4million in 2016 by the Bank of England over “serious” regulatory failures.
However, suggestions of any subsequent Government interference in his United bid have been played down. United have also dismissed another offer from Finnish entrepreneur Thomas Zilliacus.
