After a cautious first round of bids, bidders for the Manchester Unitedincluding British millionaire Jim Ratcliffe, must present a second proposal this Wednesday that needs to approach US$ 7.35 billion (R$ 38.6 billion, at current prices) to satisfy the current owners of the club, the Glazner family.
This amount, fixed especially after consulting the American bank Raine – responsible for the sale – will certainly not be reached when the deadline expires at 6 pm (Brasília time).
In the first round of bids, in mid-February, the top two were those from the president of the Qatar Islamic Bank (QIB), Sheikh Jassim Bin Hamad Al Thani, and Ratcliffe, owner of the petrochemical group Ineos, who valued the club at around US$ 5.5 billion (approximately R$ 29 billion).
According to the English press, the offers should exceed US$ 6 billion this time (R$ 31.5 billion), after the main candidates visited the club’s facilities and met with the board at the end of last week.
This amount would be a symbolic barrier overcome, since it would constitute the largest ever offered by a collective sports club in the world, but it would still be below what the Glazers intend, which leaves the process uncertain.
Up to eight candidates?
The two main candidates for the purchase are known, but there also seem to be other proposals on the table, although not necessarily to take control of the club.
According to the television network Sky Sports, there will be “at least five offers and maybe as many as eight”, without specifying the identity of these potential buyers or the amount they would offer.
In the first round of offers, the American investment fund Elliott, former owner of Milan, would have offered to help with the total or partial financing of a purchase. It is possible that other funds, especially American ones, will enter the picture.
The Glazners, at least Joel and Avram (co-presidents of Manchester United), never ruled out the possibility of continuing and not selling, despite their great unpopularity.
Imagine doing finishing drills with @Persie_Official! 🎯😮💨#MUFC
— Manchester United (@ManUtd) March 22, 2023
If they find a financial collaborator to acquire the shares of their four brothers and sisters, invest massively in the stadium and in the club and willing to reduce or pay off the 580 million euros (R$ 3.2 billion) in debts of the club, they can even discard offers as they are considered insufficient.
Jim Ratcliffe’s statements in Tuesday’s Wall Street Journal appear to reduce his chances in this race.
“What you cannot do is pay absurd amounts for things that you will later regret”, said the millionaire about an eventual purchase of the club, of which he is a fan.
banking turmoil
Ratcliffe has stood out in recent years for his investments in sport, whether with clubs Nice (France) and Lausanne-Sport (Switzerland), or with the Ineos Grenadiers cycling team.
His intention is to take over the part of the Glazer family, that is, 69% of the club, while Sheikh Al Thani wants to acquire 100%. If the Glazers are based solely on the amount received, the Qatari option seems to be more advantageous.
In addition, to finance their offer, they would not have to deal with a banking sector whose climate is currently very tense, after the failure of three American banks and the urgent purchase of Credit Suisse by UBS.
It cannot be ruled out that the agreement that Ratcliffe appeared to have with the American banks Goldman Sachs and JP Morgan to finance his offer has been affected by the current turmoil.
👁️ International vision.
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— Manchester United (@ManUtd) March 22, 2023
The Glazers seem determined not to sell the club before the end of the season and could even lead candidates to a third round of bids.
Manchester United is currently experiencing a good sporting moment. It is currently third in the Premier League, was champion of the League Cup and is qualified for the quarterfinals of the Europa League and the semifinals of the FA Cup.
Source: Gazetaesportiva
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