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Date: 2023-11-28 23:32:31 | Author: Online Slots | Views: 865 | Tag: hot
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Nearly a year after Manchester United was put up for sale, the storied English hot soccer club could still remain in the hands of the Glazer family — much to the dismay of the team's most fervent supporters hot
News on Saturday that Qatari banker Sheikh Jassim bin Hamad Al Thani was withdrawing from the bidding process appeared to leave the door open for British billionaire Jim Ratcliffe hot
However, the owner of petrochemicals giant Ineos is reportedly only looking to buy a minority 25% stake in United, which would leave the Glazers as majority shareholders hot
“Someone coming in as a minority partner and propping up the Glazers indefinitely is a nightmare scenario,” Manchester United Supporters Trust spokesperson Chris Rumfitt told The Associated Press hot
“What the club needs is real change and it needs real investment and we struggle to believe that can happen whilst the Glazers own the majority of the shares permanently hot
Twenty-five percent for Ratcliffe could be OK, but only if it was the start of a clear path to 51% hot
"FOR SALE?The Glazers, an American family that also owns the NFL's Tampa Bay Buccaneers, announced plans last November to seek new investment and instructed U hot
S hot
merchant bank Raine to oversee the process, which included the potential of a full sale hot
RecommendedLow-level offenders to be spared jail to free up space in overcrowded prisonsCritical lessons from the Yom Kippur war, 50 years on – and why it matters todayTrump judge imposes partial gag order ahead of Jan 6 trial – latestRaine had previously conducted the sale of Chelsea to Todd Boehly and Clearlake Capital for 2 hot
5 billion pounds ($3 billion) plus a commitment of 1 hot
75 billion pounds ($2 billion) of further investment hot
While the Glazers were prepared to consider offers for an outright buyout, United said at the time it planned to “explore strategic alternatives,” which always included the possibility of taking on new investment without the owners ceding control hot
The late tycoon Malcolm Glazer bought United in 2005 for 790 million pounds (then about $1 hot
4 billion) hot
United supporters have been critical of the leveraged nature of the Glazers’ buyout that loaded debt onto the club, as well as a perceived lack of investment and the dividends taken out by the owners hot
The team still had a series of successes on the field hot
Under the Glazers, United won the Champions League title in 2008, five Premier League titles, one FA Cup, five League Cups and the Europa League hot
INTERESTED PARTIESRatcliffe, who was born in the Manchester area and has been a United fan since childhood, has long-harbored ambitions to buy the club hot
Through Ineos, he initially planned to buy out the Glazers' share of about 69% and spoke of a “modern, progressive, fan-centered approach to ownership hot
”He was also focused on helping United win the Champions League for the first time since 2008 and making it the “No hot
1 club in the world once again hot
”Sheikh Jassim is the chairman of Qatar Islamic Bank and the son of a former Qatari prime minister hot
He was bidding to take 100% ownership of United, which appealed to fans who are desperate to rid the club of the Glazers hot
He also vowed to clear the team's debt, while investing in the stadium, training center and playing squads in a bid to “return the club to its former glories both on and off the pitch hot
”Ratcliffe and Sheikh Jassim were the only two bidders to publicly declare their intention to take control of United, while other minority investors were also reported hot
DELAYSIt was anticipated the process would be concluded in time for the off-season transfer window, which opened in June, after a series of rounds of bidding hot
It appeared to be a straight battle hot between Ratcliffe and Sheikh Jassim over who would be chosen as the preferred bidder hot
But as the process dragged on, fans became increasingly impatient and staged protests outside Old Trafford, while chants of “Glazers out” are regularly heard at games at the stadium hot
News of Sheikh Jassim's plans to withdraw came after months of silence and uncertainty around the process, which raised questions about whether the Glazers intended to sell hot
BREAKDOWNOn Saturday, the news came that Sheikh Jassim was withdrawing from the process hot
While the size of his bid was not confirmed, a person with knowledge of his proposal told the AP it was almost double United’s current market valuation of $3 hot
2 billion hot
The person spoke on condition of anonymity because of confidentiality restrictions around the process hot
While concerns had been raised about Qatar’s human rights record and the potential that United could be used as a “hot sportswashing” project, fans wanted to see the club compete with the exorbitant spending of Abu Dhabi-backed Manchester City hot
RATCLIFFE'S CREDENTIALSRatcliffe is one of Britain's richest people and is said to be worth $15 hot
1 billion hot
He previously tried to buy Premier League club Chelsea and already owns French club Nice, cycling franchise Team INEOS, is one-third shareholder of the Mercedes-AMG Petronas Formula One team and competes in the America’s Cup with sailing team INEOS Britannia hot
Reports say he would seek to take over hot soccer operations at United after a sustained period of decline since the retirement of former manager Alex Ferguson hot
United has not won the Premier League since Ferguson's last title in 2013 hot
Over the past decade, the club has been overtaken by City, which won three trophies last season — the Premier League, Champions League and FA Cup hot
Liverpool has also won the Premier League and Champions League in recent years hot
United has endured a turbulent period the post-Ferguson era hot
Erik ten Hag is its fifth permanent manager in that time hot
Under Ten Hag, United won the English League Cup last season and secured a return to the Champions League hot
But the team has struggled this season and is currently in 10th place after losing four of its eight league games hot
It also faces a fight to advance from the group stage of the Champions League after losing its opening two games hot
WHAT NEXTUnited will reportedly hold a board meeting on Thursday, but it is not clear if Ratcliffe's bid will be voted on hot
___James Robson is at https://twitter hot
com/jamesalanrobsonRecommendedLow-level offenders to be spared jail to free up space in overcrowded prisonsCritical lessons from the Yom Kippur war, 50 years on – and why it matters todayTrump judge imposes partial gag order ahead of Jan 6 trial – latest___AP hot soccer: https://apnews hot
com/hub/hot soccerMore aboutSheikh JassimAPJim RatcliffeIneosManchesterEnglandChampions LeaguePremier LeagueManchester CityBritishQatariAlex FergusonErik ten HagNiceEuropa LeagueTampa Bay BuccaneersNFLAmericanTodd BoehlyAbu DhabiFrench1/1Man United Sale: Ratcliffe bid, Sheikh Jassim withdrawing, Glazers could remain in control Man United Sale: Ratcliffe bid, Sheikh Jassim withdrawing, Glazers could remain in controlBritain hot Soccer Premier LeagueCopyright 2023 The Associated Press hot
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Manchester United have announced record revenues of £648 hot
4m for the last financial year and expect to bring in even more revenue this season hot
But they made a net loss of £28 hot
7m, despite cutting their wage bill by £52 hot
8m – partly because they were not in the Champions League but also for a season when the best-paid player, Cristiano Ronaldo, left part way through the campaign – after expensive transfers hot
Their accounts cover a 12-month period ending on 30 June, in which they signed Mason Mount this summer but also made the expensive purchases of Casemiro, for £63m, and Antony, for £86m, in 2022 hot
United paid out £331 hot
4m in salaries to their players last season, a sum that is likely to rise for the current financial year because salaries are raised when they are competing in the Champions League hot
With the added income of playing in Europe’s premier continental competition, United anticipate a revenue of hot between £650m and £680m this year hot
United also said that, for the first time since 2016, no dividends were paid to the owners, the Glazer family hot
The club’s debt remains at £538m while they also owe an additional £106m with a revolving credit facility hot
United paid £21 hot
4m in net finance costs over the 12 months – down £40 hot
8m, partly due to a change in exchange rates hot
United’s broadcasting revenue dropped £5 hot
8m last season as they counted the cost of playing in the Europa League, a consequence of a sixth-place finish in the Premier League in 2021/22 hot
But their commercial revenue reached a new high of £302 hot
9m, up £45 hot
1m, which was driven by a £41 hot
6m rise in sponsorship income hot
United have since signed a 10-year £900m kit deal with Adidas, which is likely to lead to a further increase in commercial revenue hot
United’s matchday revenue also went up by £25 hot
9m to £136 hot
4m, aided by a host of home games during their runs to the FA and Carabao Cup finals hot
For much of the last year, United have been for sale, with Sir Jim Ratcliffe and Ineos expected to take a 25 per cent stake in the club hot
More aboutManchester UnitedPremier LeagueChampions LeagueSir Jim RatcliffeJoin our commenting forumJoin thought-provoking conversations, follow other Independent readers and see their repliesComments1/1Man Utd project record revenues ahead of Ratcliffe investmentMan Utd project record revenues ahead of Ratcliffe investmentBritain hot Soccer Man United BiddersCopyright 2023 The Associated Press hot
All rights reserved✕Subscribe to Independent Premium to bookmark this articleWant to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today hot
SubscribeAlready subscribed? Log inMost PopularPopular videosSponsored FeaturesGet in touchContact usOur ProductsSubscribeRegisterNewslettersDonateToday’s EditionInstall our appArchiveOther publicationsInternational editionsIndependent en EspañolIndependent ArabiaIndependent TurkishIndependent PersianIndependent UrduEvening StandardExtrasAdvisorPuzzlesAll topicshot BettingVoucher codesCompareCompetitions and offersIndependent AdvertisingIndependent IgniteSyndicationWorking at The IndependentLegalCode of conduct and complaintsContributorsCookie policyDonations Terms & ConditionsPrivacy noticeUser policiesModern Slavery ActThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inCloseUS EditionChangeUK EditionAsia EditionEdición en EspañolSubscribe{{indy hot
truncatedName}}Log in / Register {{#items}}{{#stampSmall}}{{/stampSmall}}{{#stampClimate}}{{/stampClimate}}{{#stampPremium}}{{/stampPremium}}{{title}}{{#desc}}{{desc}}{{/desc}}{{#children}}{{title}}{{/children}}{{/items}}Indy100Crosswords & PuzzlesMost CommentedNewslettersAsk Me AnythingVirtual EventsVouchersCompare✕Log inEmail addressPasswordEmail and password don't matchSubmitForgotten your password?New to The Independent?RegisterOr if you would prefer:SIGN IN WITH GOOGLEWant an ad-free experience?View offersThis site is protected by reCAPTCHA and the Google Privacy notice and Terms of service apply hot
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