Club Sale | It’s done!

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Hopefully, after the results tomorrow, there maybe some new information.

Although we know it's a long process, it just feels like this is taking ages! Haha. But yeah, we have to accept that all news is going to be discreet until there is some real news.
 
ATXRedDevil said:
The company is an FPI so they’re technically not required to file quarterly interim financials, just a 6 month interim period for the first and second quarter.
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Yeah, if they weren’t a FPI they would have been obligated to announce them within 35 days, right? I am not an expert on US capital markets law, but in any event, it’s not prudent to wait as long as this and it’s much later than they usually announce them.
 
Messier1994 said:
Yeah, if they weren’t a FPI they would have been obligated to announce them within 35 days, right? I am not an expert on US capital markets law, but in any event, it’s not prudent to wait as long as this and it’s much later than they usually announce them.
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For non-FPIs, depending on the size of the company, annual financials are due to be filed with the SEC 60-90 days after fiscal year end and quarterly financials are due 40-45 days after the quarter end.

source: I’m a US capital markets lawyer that used to also do public and private M&A :)

nice posts, by the way. You know your way around a merger.
 
The full report:
https://ir.manutd.com/press-releases.aspx

I am not an analyst and can’t dissect it, but we obviously took a bit of a currency blow with all our debt being in USD and the pound tanking. Looks fairly good.

Don’t know what to make of the dividend being slashed. Not going to lie, first thought was the Glazers on the board wanting to pressure one or two of the Glazers not in charge, but that could be against a sale. But that could be totally off.
 
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ATXRedDevil said:
For non-FPIs, depending on the size of the company, annual financials are due to be filed with the SEC 60-90 days after fiscal year end and quarterly financials are due 40-45 days after the quarter end.

source: I’m a US capital markets lawyer that used to also do public and private M&A :)

nice posts, by the way. You know your way around a merger.
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Thanks! I am in the same field, but in Sweden.

You do no regs, QIB letters etc? Could send some business your way! :)
 
Rolaholic said:
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Does this have anything to do with the Club being for sale, or is it just cause Utd aren’t making as much money any more?

Also when it says the board didn’t approve the dividends.. does that mean Glazers refused it or they weren’t allowed it?
 
LawCharltonBest said:
Does this have anything to do with the Club being for sale, or is it just cause Utd aren’t making as much money any more?

Also when it says the board didn’t approve the dividends.. does that mean Glazers refused it or they weren’t allowed it?
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Combination of both.
 
Now I "see" 2 things :

1. Any potential buyer just needs to sit there and wait because the Glazers aren't getting 6bn especially with that stuff out

2. Don't expect any transfers in the upcoming window, I know I'm not
 
Messier1994 said:
The full report:
https://ir.manutd.com/press-releases.aspx

I am not an analyst and can’t dissect it, but we obviously took a bit of a currency blow with all our debt being in USD and the pound tanking. Looks fairly good.

Don’t know what to make of the dividend being slashed. Not going to lie, first thought was the Glazers on the board wanting to pressure one or two of the Glazers not in charge, but that could be against a sale. But that could be totally off.
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Not too much in this report really.
The 2 notables (sorta) is:

1) The ongoing cash drain from high player acq. costs hitting the cash in hand position
2) The change in outlook for 2023. Revenues expected to be 10m better while EBITDA is now expected to about 30m better. Pretty big difference resulting from "reduced player wage costs" AKA Ronaldo.
 
Mickeza said:
610 million revenue without CL football is really strong isn’t it? We spent a feckton of money on the summer - I don’t really get why people on Twitter are acting like it’s a shock we have less cash flow…
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Because they’re clueless. All be over soon anyway
 
Anyone remember the specifics of the earlier reports of how one or two of the siblings was against selling the club?
 
Messier1994 said:
Anyone remember the specifics of the earlier reports of how one or two of the siblings was against selling the club?
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Pretty sure it was the two rats most involved with the club - Avram and Joel - didn't want to sell and the other ones were pushing for them to do so.

Seems like they got outvoted.
 
https://www.mirror.co.uk/sport/football/news/man-utd-buyers-discover-clubs-28687142

"Can a club like Manchester United FC be really sold at £5-7bn, or even higher, as speculated by some of the press? The gap between the rumoured transaction price and the theoretical value of Manchester United FC appears enormous," Andrea Sartori, the Football Benchmark chief executive, said.

"If we look only at past financial indicators and future expectations for the club and the broader football industry, the answer to the above questions would probably be no.... Even after a significant jump in the share price following the announcement of a potential sale, the club's market capitalization is still well below the £3bn mark."

In other words they're only selling to someone with money to burn. Which is the Saudis.
 
@glazed I think that piece is pretty tilted. There is so much out there that haven’t been valued at it’s theoretical value the last decade. If we profit 100m per year, our p/e is 60 if the sales price is 6bn. There are many companies with as high if not much higher p/e. Those companies usually have a fast growing revenue, or hope to have in the future, like for example Tesla — but at the same time, there are other type of values in owning one of the most famous brands in the world.

Ultimately, we are worth what someone is willing to pay for us. That might be 3bn or 6bn — my guess is as good as anyone’s. But looking what we are worth from a theoretical point of view is kind of disingenuous, since a huge number of investments in football teams are not made on the basis of their theoretical value. The Saudis, the Abu Dabis, Qatar, Abramovic, Shinawatra and the likes — the investments all they made had nothing to do with any kind of theoretical value.
 
The idea Chelsea with £400m turnover are worth £4.25bn but United with projected revenues of more than £600m are only worth £3bn is utter shite.
 
Messier1994 said:
@glazed
Ultimately, we are worth what someone is willing to pay for us. That might be 3bn or 6bn — my guess is as good as anyone’s. But looking what we are worth from a theoretical point of view is kind of disingenuous, since a huge number of investments in football teams are not made on the basis of their theoretical value. The Saudis, the Abu Dabis, Qatar, Abramovic, Shinawatra and the likes — the investments all they made had nothing to do with any kind of theoretical value.
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Yeah you're right. But that's exactly why I think it will be a money no object sports washer who buys us and not a business. Everyone has seen Musk overpay for Twitter and they're not going to repeat his mistake.
 
stw2022 said:
The idea Chelsea with £400m turnover are worth £4.25bn but United with projected revenues of more than £600m are only worth £3bn is utter shite.
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Chelsea aren't worth £4.25bn. Chelsea were bought for a reported £2.5bn.
 
stw2022 said:
The idea Chelsea with £400m turnover are worth £4.25bn but United with projected revenues of more than £600m are only worth £3bn is utter shite.
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pretty sure Chelsea weren’t valued that high though?
 
United's biggest value comes from the intangibles. Something that is very difficult to put a value on.

But what the latest set of results tell us is that the end game is here for the Glazers. They aren't in the driving seat no more.
 
red thru&thru said:
United's biggest value comes from the intangibles. Something that is very difficult to put a value on.

But what the latest set of results tell us is that the end game is here for the Glazers. They aren't in the driving seat no more.
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The end is nigh for them and they will end up making a good profit after bleeding the club dry. I'm not sure it's even possible to have worse owners than the Glazers.



 
They need to be gone really soon or the January window and even the Summer one could be a no go for us.

I'm now predicting no business in Jan after this.
 
Adnan said:
The end is nigh for them and they will end up making a good profit after bleeding the club dry. I'm not sure it's even possible to have worse owners than the Glazers.



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Absolutely crazy figures. They're so lucky Fergie was there for as long as he was.
 
SAF is the GOAT said:
Now I "see" 2 things :

1. Any potential buyer just needs to sit there and wait because the Glazers aren't getting 6bn especially with that stuff out

2. Don't expect any transfers in the upcoming window, I know I'm not
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I definitely agree on point one. Especially in view of the global macro economy.

I do however think there is potential re transfers but likely very dependent on sales - I'm looking at you Elanga, Pellistri, AWB, DVB, Maguire.
 
Adnan said:
The end is nigh for them and they will end up making a good profit after bleeding the club dry. I'm not sure it's even possible to have worse owners than the Glazers.



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Wait.....we are 1.1bn in debt???
 
red thru&thru said:
Absolutely crazy figures. They're so lucky Fergie was there for as long as he was.
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You're absolutely correct, Fergie's genius somehow kept us at the top domestically. But ultimately it cost the football club and Fergie himself, because we probably could've won another one or two European Cups if the owners hadn't saddled the club with debt. We sold Ronaldo for a world record sum and didn't show any ambition to build a even better team with the proceeds received. The attitude of the owners and David Gill at boardroom level seemed as if they were just happy with the bare minimum. And the decay had even set in at youth level which only became visible years later.

If there was a manager that wasn't backed by the owners, then that manager was Fergie. But Fergie was so great at his job, that David Gill somehow was seen as being competent.
 
£24m in cash balances with a total debt/outstanding creditors list of £1.1bn. Lovely :wenger:
 
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