Also they own some A shares but yes exactly.
Club Sale | It’s done!
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In the latest episode of the United Hour Podcast, Nik @Rood and Imran @Annihilate Now! start with the good news by celebrating Manchester United Women's emphatic FA Cup win over Spurs at Wembley and the future of manager Marc Skinner.
Then it's the bad news and the ever worsening form of our Men with losses to Arsenal and Palace.
Finally the main debate - ETH Out now or keep him until the end of the season - if not longer. Are you Team Nik or Team Imran?
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They sold 25% of their shares (69%) which comes to 17% in real terms. Jimbo is also obligated to buy 25% of the 31% class A shares on NYSE, and it seems he has offered to buy it all.
The brain rot from the jilted Qatar crowd is real, this is a ruthless corporate tycoon who has no qualms about fecking with the lives of thousands of people, and somehow he’s committed nearly 10% of his net worth just to line the pocket and do the biddings of some trust fund kids.
Nothing apart from dividends. I have a small handful of Class A shares and I have no say in any decision the club makes, not that I expect to have any with that small investment.
Great post mate. This is how I have to think about it to survive. Ha.
Right so if the Glazers decide to take dividends out of the club at any point and divert funds that might have been used for footballing objectives, do you think Brailsford and Blanc can block them?
You think Joel and co wont get any say or vote on any decisions regarding the fate of Old Trafford?
interesting how they will only commit to spending $300m dollars. convenient to be spending in a currency that’s not legal tender here and won’t be accepted by anyone.
Aargh thanks BBF, alright, that sounds more plausible and even though a dilution in the Glazers’ shares, the rest of the shareholders suffer a similar fate. But a good way to raise some cash.
I’m an optimist. So I hope this is the first step for Ratcliffe to buy more shares over time and eventually become majority owner. With this 25% b shares he is the individual with most shares in United.
If the leeches have agreed to give him full control over the sport side of business, that means Jim will have the opportunity to hire the right people to take us into the right path. Getting a new CEO and a DOF will be great steps in the right direction.
Also he will invest 300 million on infrastructure and that is desperately needed. I also hope another big investment in players, the injury crisis showed us we have no bench, and Højlund is a good prospect but is not enough to lead our line (dead man Martial doesn’t count). It’s too late to get Kane now, but we still can go after Osimhen.
I preferred Qatar with a 100% ownership, but sir Jim being the individual with lost b shares and getting in control of the sport side of business is the next best thing we could get.
If the leeches have agreed to give him full control over the sport side of business, that means Jim will have the opportunity to hire the right people to take us into the right path. Getting a new CEO and a DOF will be great steps in the right direction.
Also he will invest 300 million on infrastructure and that is desperately needed. I also hope another big investment in players, the injury crisis showed us we have no bench, and Højlund is a good prospect but is not enough to lead our line (dead man Martial doesn’t count). It’s too late to get Kane now, but we still can go after Osimhen.
I preferred Qatar with a 100% ownership, but sir Jim being the individual with lost b shares and getting in control of the sport side of business is the next best thing we could get.
Are we still getting Mbappe?
This makes me very very happy. It's the little things in life.
They couldn’t continue without investment they aren’t selling for a laugh
You have to appreciate these moments though! Genuinely think this is the only good thing about this deal after reading the club statement, I mean it's nice that a person who knows a little bit about our history gets to own a decent chunk of this football club - fingers crossed that the rest of his tenure here is as good as his United trivia skills.
Embarrassing.Remember this.
I think the funniest was the Qatari media being had by the lad in Cardiff. Or how 'the boy Jassim' was due because Beckham was mouthing off.
Just embarrassing.
Will the Glazers still have a veto in transfer and playing/coaching staff appointments?
I guess we will not be expecting any new "investment" from the glazers, not that they have provided any in the past.
So the onus is now on SJR (and the club's revenues) to fund any further transfers in January?
Nothing about reducing the debt either.
I guess we will not be expecting any new "investment" from the glazers, not that they have provided any in the past.
So the onus is now on SJR (and the club's revenues) to fund any further transfers in January?
Nothing about reducing the debt either.
Is that in players? It would take 12 months to plan to spend $200m on anything non-player related wouldn’t it, unless those plans for refurbishments etc are already drawn up.
It's a moot point now but it was going to happen before Radcliffe gazumped them with the 25% bid, that's the reason they pulled out.
Between the deal we've seen today and no deal, I'd take no deal. Without this they'd be forced to sell within 18-24 months, this is just a lifeline for the Glazers to keep their parasitic hands on the club.
I’m not involved in the deal mate
Find that weird. Sorry.
I doubt that unless we got relegated. It would take a long time for things to get so bad that they'd be forced to sell ALL their shares. Why? Because we are still raking in high revenues despite our shitty football.
There are many things the Glazers can endure way before risking a big loss on the value of the club (even Covid can't stop them). As long as we are in the Premier League, the cash cow keeps paying.
Nothing you mention there are football decisions. SJR et al will obviously need to operate in accordance with a budget set by the Glazers. That is not the same thing as the Glazers making any decisions regarding how the footballing operation is run.
He's purchasing 25% of their class B shares (total 17.25%) plus up to 25% of the class A shares (total 7.75%). That leaves the Glazers with 51.75%, all or mostly class B shares. If the Glazers weren't all one family who act collectively Ratcliffes status as the largest single shareholder would mean something. Unfortunately it doesn't as they have always and still do act as a single unit.
Your appeal to common sense works both ways, do you think the Glazers have turned over total control of their company to a minority shareholder without the ability to regain control, or have an over riding veto, in the event INEOS make even more of a mess of it than they have.
How so?
No, Ratcliffe is buying 25% of the class B shares and up to 25% of the class A shares, so his 25% total will be made up of 17.25% (25% of 69%) class B purchased from the Glazers and 7.75% (25% of 31%) class A shares purchased from other share holders (I presume, I think some of the Glazers also own some class A shares so maybe he's buying those)
Im suprised but happy. Well done. Now get things moving, talk this week and sign Mbappek, Modric, Rodri, kane and De Jong. Kindly before february. Also get Davies left back from Bayern. And Donnarumma. And Barack Obama. And a guy that shouts a lot to the players.
As the new DOF?
The reason they started looking for investment a couple of years ago was because they desperately needed cash. The club owes nearly £1bn and needs investment in the stadium, the training facilities and the team. This deal is a sticking plaster on that allowing them to maintain their death grip.
Thanks for this tweet. Was curious about this.
Hopefully should help a lot in the streamlining of our transfers.
It seems that good old Nick from the United Hour Podcast, was right all along.
He always said this deal would not guarantee that the Glazers would go entirely.
He always said this deal would not guarantee that the Glazers would go entirely.
Meh. Why don't I feel excited about this.
I think those two bolded words contradict each other. They would like to have more cash but they are certainly not desperate for it. If so, they could not have strung Sir Jim or the Sheikh along for nearly two years.
The Glazers have all the cards. To remove them completely, you need patience, strong will, a smart strategy and plenty of time. Oh and of course, plenty of cash
Well looks like I was a month out but none the less good to be vindicated.
Fantastic news ahead of xmas, I'm very optimistic about this, its the first step of a few to have them removed.
Fantastic news ahead of xmas, I'm very optimistic about this, its the first step of a few to have them removed.
I’ve had a lot of experience in acquisitions and limited partnerships. There is a lot of handwringing which really isn’t necessary. The reason the Glazers did it this way is that they didn’t reach their target valuation. Now, we don’t know if the 25% of the voting shares is coming from some of Glazer kids, or if all the Glazers will be diluted. When you realize that 69% of the corporation is owned by the Glazers, obtaining 25% of the company in Class B voting shares is essentially giving SJR full control. It means he’ll have roughly 38% of the voting shares, and he’ll be the largest shareholder.
Most major board level decisions require 66.7% of the shares/board to approve a resolution. When I say “major”, I mean new injection of capital, new shareholders, issuance of new shares, purchase of assets over, say, a certain amount, like 10m. As such, Sir Jim likely has veto power over any resolution raised by the Glazers, because they won’t have the 66.7% to outvote him. That’s why he has operational control. In addition, he’s added another 300m in capital injection commitments, which dilutes the Glazers further, by another 5-6%… meaning he’ll have 30%+ of total shares and 45% (roughly) of the voting shares.
On top of that, he’s committed to buy 25% of the class A non-voting shares @$33 a share. That’s a premium of $13 per share! As this happens, the value of the A shares will go up… and we know there is a vehicle to convert Glazers voting shares to non-voting shares which they can sell on the open market, or Sir Jim also has right of first refusal.
‘Look… the beginning of the end of the Glazers is here. This is a very savvy move by Sir Jim. TheCaf is saying the Glazers are “smart” and Sir Jim is “stupid”. No! This was the only way to get the Glazers out without meeting the undeserved sky high valuations they were demanding.
It’s happening people… the Glazers are on their way out. My guess is that Sir Jim will take full control, and own 51% of the voting shares with 18 month. The Glazers will be completed out, or just a minority shareholder, which is very common in These types of transactions.
The bolded is completely made up.
What a dream for Radcliffe - as long as he doesn't perform right at the bottom, he will have done better than United have in the last 10 years. What a wonderful position to be in - just average will be considered a massive improvment
No no no no.I think those two bolded words contradict each other. They would like to have more cash but they are certainly not desperate for it. If so, they could not have strung Sir Jim or the Sheikh along for nearly two years.
The Glazers have all the cards. To remove them completely, you need patience, strong will, a smart strategy and plenty of time. Oh and of course, plenty of cash
See my above post. sir Jim is effectively the owner of the club now.
Interesting insight thanks.
So Glazers will have a part in budget discussions, then? Seeing as they are MUFC stakeholders too?
Oh, and by the way, I expect the club to be very active in the transfer market. Normally, profits for operations and sales of players fund transfers. With 300m in additional capital, it’s possible the club will shell out 300-400m in transfer fees.
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