Potential Manchester United owners are set to meet with the club, report says -Dlight News

Potential Manchester United owners are set to meet with the club, report says

According to the BBC, Manchester United’s potential owners are set to meet with the club over a possible sale of its famous Old Trafford stadium. The two rival bidders will each receive a presentation on the potential sale process, the BBC reported on Wednesday, with representatives of Sheikh Jassim bin Hamad Al Thani due to visit the club on Thursday. Sheikh Jassim is the Chairman of Qatar Islamic Bank and the son of the past Prime Minister of Qatar. His bid for the club will be debt-free through his Nine Two Foundation, named in an apparent nod to Manchester United’s “series of 92” FA Youth Cup winning team, which included future stars David Beckham, Ryan Giggs, Paul. Sholes, Gary Neville, Phil Neville and Nicky Butt. British billionaire Jim Ratcliffe, chief executive of chemical giant Enos, has also bid for Manchester United and is expected to receive a presentation at Old Trafford on Friday. The billionaire’s sporting links are strong: Ratcliffe, who is ranked 27th on the Sunday Times Rich List, already owns French Ligue 1 soccer club OGC Nice and the Ineos Grenadiers professional cycling team. The American Glazer family took control of Manchester United in 2005. According to Forbes, the club was valued at $4.6 billion in 2022. RELATED: Manchester United owners push back on sale deadline, report says In November, the Glazers confirmed they were exploring a possible financial investment or outright sale of the storied Premier League club. The owners want at least $6.08 billion, according to the Telegraph. If the Glazer family wants to go ahead with the sale, Ratcliffe wants to buy their entire 69% shareholding, according to the BBC. Citing sources close to the process, the Telegraph reported that the Glazer family are now targeting a sale before the soccer transfer window opens in June. Earlier, the owners were looking to complete the deal in the first quarter of 2023 or by the end of April, the report said. Manchester United declined to comment when contacted by MarketWatch this week. “The process is ongoing at the moment, and Sheikh Jassim bin Hamad Al Thani still stands firmly behind his bid for 100% of Manchester United,” a spokesperson for the Nine Two Foundation told MarketWatch this week. “We cannot comment on any specific meeting at this stage.” Related: Manchester United stock rose as the owners explore a potential sale, with Ineos declining to provide an update on the situation when contacted by MarketWatch. Operator Manchester United Ltd. Shares of MANU, +2.48% closed up 2.5% on Wednesday, compared with the S&P 500’s SPX, -0.70% down 0.7%. Manchester United’s stock is down 9.6% this year, compared with the S&P 500’s gain of 1.4%. American investment group Elliott Management Corp., which previously acquired Italian giant AC Milan, is also set to step into the sale of Manchester United. While Elliott has no interest in buying the club, he is willing to provide financing to a bidder. Citing a person familiar with the matter, the Wall Street Journal reported that Elliott is not currently engaged with any specific bidder. Elliott management declined to comment when contacted by MarketWatch this week. The Glazers have come under intense pressure to sell the iconic English football club, amid ongoing fan frustration over what is seen as underperformance. The club, one of the biggest names in world soccer, last won the Premier League in 2013. In 2021, the Glazers faced a backlash from fans over their planned involvement in the controversial European Super League. Also Read: Qatar World Cup controversies raise ESG’s profile in relation to sport, portfolio manager says The club picked up its first silverware in six years last month, with a 2-0 defeat of Newcastle United in the League Cup final. Manchester United is the most successful team in the English top division, having won it 20 times. A record 13 of those titles have been won in the Premier League era that began in 1992. Founded in 1878 as Newton Heath, the club became Manchester United in 1902 and won the first of its 20 league titles six years later.

Source link