Club Sale | It’s done!

[Spoony]

Jim's pretty serious to be fair, all that bull crap about him being a chancer eh. I suspect he'll up the ante.

 

[Josep Dowling]

The Glazers didn't get to where they are by being compromisers though

No they inherited the money.

 

[Castia]

Oil me up

 

[mu4c_20le]

They're just putting pressure on the Glaziers. It's tedious brinkmanship.

The PR, yes. It was obvious who they meant when Raine made the public warning about the NDA.

 

[DOTA]

It might value the club lower than INEOS but all that matters is what is he bidding for the Glazer’s shares. Glazer’s don’t care about the value of the club, all they care about is the best price for their shares.

If it values the club lower then the Glazers would receive less per share, surely?

 

[Berbaclass]

Jim's pretty serious to be fair, all that bull crap about him being a chancer eh. I suspect he'll up the ante.

Don't think so. Think that's his best offer

 

[monkfish]

It would work out at 5.7 to 5.8bn I believe if it was 100% of the club.

There lies the issue for Qatar. They have put the most money down, yes, but not per share. They don't value the club as high. The fact they still aren't going above Sir Jim's bid with an 11th hour bid of their own hardly is going to knock the Glazers off their feet.

Is he / are they wasting their time?

I hope so.

 

[Spoony]

Don't think so. Think that's his best offer

No one knows.

 

[Rojofiam]

I posted this two days ago


Fairly accurate to be honest despite your protestation.

Typical case of even a broken clock being right twice a day. If you're making up something new every day, eventually you will get something right...and this isn't anything extraordinary either, I could've guessed that Qatar will improve on their bid.

The only thing that makes me think about this 4th bid is that there must be something else we don't know....some sweetener that makes the Glazers seriously consider it...until we get updates, I'm chilling, since Ratcliffe's offer is still way better.

 

[Berbaclass]

No one knows.

I know that's just my opinion. I think Qatar have waited strategically.

 

[DOTA]

Jim's pretty serious to be fair, all that bull crap about him being a chancer eh. I suspect he'll up the ante.

His current bid should do the job, I reckon.

 

[Berbaclass]

Typical case of even a broken clock being right twice a day. If you're making up something new every day, eventually you will get something right...and this isn't anything extraordinary either, I could've guessed that Qatar will improve on their bid.

The only thing that makes me think about this 4th bid is that there must be something else we don't know....some sweetener that makes the Glazers seriously consider it...until we get updates, I'm chilling, since Ratcliffe's offer is still way better.

It's not

 

[saivet]

Is it correct to assume that SJR valuation of the club will remain the same, it's just whether the Glazers opt for 51% with Avram and Joel staying or they all sell up for the 69%. If the valuation is the same, I struggle to see why they would accept Jassim's bid unless then SJR 69% bid has a lower valuation.

 

[Frosty]

No they inherited the money.

Yes, but they only inherited the money because they were savvy and foresighted enough to be Malcolm's children.

 

[spwd]

Avram was pictured coming out of their owned hotel last week under the guise of watching the woman’s cup final.
I’m guessing they’ve been told they’ll get a slightly lower offer for the optics but some bumper deal down the line.
Glazers can then say they did what was best for the club by taking less money but leaves no debt and they feck off back to the states with a weak PR win.
That’s my read, right or wrong.

I think this is about right.

Tweet

— Twitter API (@user) date

He can feck off even further then!
Never mind, I thought he was offering them more influence.

I will say - it does seem weird SJR has offered the Glazers a chance to stay, offering 6 billion and yet the Glazers STILL wanted to wait for SJ

Exactly, just waiting for more cash the greedy bastards @

 

[Spoony]

Typical case of even a broken clock being right twice a day. If you're making up something new every day, eventually you will get something right...and this isn't anything extraordinary either, I could've guessed that Qatar will improve on their bid.

The only thing that makes me think about this 4th bid is that there must be something else we don't know....some sweetener that makes the Glazers seriously consider it...until we get updates, I'm chilling, since Ratcliffe's offer is still way better.

The verbal back and forth leads me to believe they're close to what the Glazers want.

 

[Berbaclass]

Is it correct to assume that SJR valuation of the club will remain the same, it's just whether the Glazers opt for 51% with Avram and Joel staying or they all sell up for the 69%. If the valuation is the same, I struggle to see why they would accept Jassim's bid unless then SJR 69% bid has a lower valuation.

The percentages are sort of irrelevant. They have offered a price per share. Whether it's 51% or 69% it's the same valuation overall.

 

[TheNewEra]

Thank god for the increased bid

 

[TsuWave]

An extra half billion is f*ck all to each of the Glazers

half a billion is a lot of money. Your post reads as if it's not

 

[Roboc7]

Hopefully this will at least push Glazers into making a decision quickly. Still sounds like INEOS bid will be more appealing to them.

 

[George The Best]

The thing is no one seems to know if the 5b is for the Glazers shares alone or if it’s including the other 31% of shareholders being factored in as well. If it’s the latter the the Glazers will be getting less than 5b.

They can’t bid for the 31%. Only the Glazer’s shares are up for sale

 

[Rojofiam]

Ok apologies if I don’t understand, to be fair I haven’t followed your reasoning before. The bids are per share, not for x%. When they compare bids they presumably mean 100% of the shares in all bids. I don’t understand why it would matter if he offers to buy 69% or 50.1% from a valuation perspective.

Suppose there are 1000 shares in Manchester United.

Suppose Ratcliffes bid is £1 per share and for either 50.1% or 69% ownership.

Now suppose Qatar has bid £1.25 per share and they want a 100% takeover. In this scenario Glazers receives £1.25 x 690 (69% of 1000 shares) from Qatar and from Ratcliffe they receive £1 x 690 or 501 shares.

Again, I am sorry if I am not following.

If there’s been a new bid from Qatar the siblings who wants to sell needs to decide if this new offer is too good to choose Ratcliffe and that Avram and Joel needs to sell as well.

I think you have it the other way around. Ratcliffe's valuation / shares is higher.

 

[saivet]

The percentages are sort of irrelevant. They have offered a price per share. Whether it's 51% or 69% it's the same valuation overall.

Which if reported accurately, surely means that SJR is still the front runner.

 

[Rooney24]

Jim's pretty serious to be fair, all that bull crap about him being a chancer eh. I suspect he'll up the ante.

feels like he’s played his hand

 

[George The Best]

I think you have it the other way around. Ratcliffe's valuation / shares is higher.

Radcliffe’s valuation of the club may be higher - but the only thing that matters here is what the bid for the Glazer’s shares is worth..

 

[Berbaclass]

Which if reported accurately, surely means that SJR is still the front runner.

Totally depends on the structure of the deal and the payment structure.

 

[Berbaclass]

Radcliffe’s valuation of the club may be higher - but the only thing that matters here is what the bid for the Glazer’s shares is worth..

That doesn't make sense.

 

[Rojofiam]

The verbal back and forth leads me to believe they're close to what the Glazers want.

Could be. However, the confidence of the Qatari camp (both their fans and the news coming out from them) has kind of faded after the news on Apr 28 saying that Ineos has outbid them. If they make a last minute push now with a more attractive offer, Ratcliffe and his company can also just make a 4th bid.

Also, the reason Ratcliffe has a 50.1% offer on the table is because they believe that a full takeover isn't gonna happen due to Joel and Avram's intention to stay...if that changes with this Qatari bid, Ratcliffe can match it pretty easily.

 

[DownRiver]

Lots of people assuming that its all about the pure share price valuation. It's not that simple. Cash now at a lower per share price can be worth more than cash in a few years at a higher per share price. Not just due to inflationary factors, but also the ability to reinvest the cash now and earn a return that could outstrip the Sir Jim future promise. Don't be so naive to assume that the bankers and financiers looking at this will be won over by something so basic as an overall valuation. It looks good on tweets, but thats about it. There is a lot more complexity and nuance than that.

It's very unlikely that anyone with an ounce of sense would come back with a late offer that was still inferior overall than the (likely) known competition. There will be angles, it will just be about how Raine / Qatar / Glazers feel about them.

I would like to add that if the Glazers wanted to stay, why not take up the current higher valuation offered by Ratcliff? The Glazers are willing to sell it seems, with a conversation with Qatar taking place.

 

[mu4c_20le]

I know that's just my opinion. I think Qatar have waited strategically.

Everyone and their grandmother knew this bid was coming

 

[Rojofiam]

It's not

With all the available information out there, it's definitely better...but I admit there might be things we don't know that haven't been reported...would be weird though if even Keegan didn't mention it.

 

[hp88]

Are Qatar bidding $5B for just the Glazer share (69%) ? If so they're getting bent over, no way are we worth $7B.

 

[TheLoveless]

I think you have it the other way around. Ratcliffe's valuation / shares is higher.

That might very well be the case. It was just an example. But I have no idea how we know the value of any bid.

 

[Random Precision]

Hopefully a load of bollocks. I would hate to see a perennial bottling club like Spurs suddenly turned into a trophy winning machine while we slug it out for a Europa League spot under Brexit Jim.

Brexit Jim doesn’t want to be in Europe!!

 

[Berbaclass]

Are Qatar bidding $5B for just the Glazer share (69%) ? If so they're getting bent over, no way are we worth $7B.

No

 

[dpansheth]

Are Qatar bidding $5B for just the Glazer share (69%) ? If so they're getting bent over, no way are we worth $7B.

You mean dollars?

 

[Rhyme Animal]

The Glazers didn't get to where they are by being compromisers though

Yeah, good point.

They got to where they are by being excellent, savvy businessmen.

*Checks Wikipedia*

Oh… …erm…

Well this is awkward.

 

[Rayman96]

I thought those promises were for PR/getting the fans on board..
Why would Raine advise the Glazers to accept a bid that potentially gives them several hundred million less but invests more in a club they no longer have any stake in?

Not being a dick.. genuinely dont understand.. The glazers will surely sell to the bidder who offers them the best deal..

Is it not a choice between
Ill buy your motor now for £1000 cash upfront or
Give me it now and Ill give you £1200 in 2 years

 

[DownRiver]

Money now is worth more than money in 3 years so depending on the difference it's potentially better to accept a smaller sum and get it not than the bigger sum down the line.

Not to mention that 3 years of investment interest etc your missing out on by waiting.

Qatar's delegation is not stupid, they know not to offer the same valuation as Ratcliff for the reasons you mentioned.

Furthermore, the share price will not necessary go up that much in the next 2 years.

 

[TheNewEra]

the 500m improvement is a 10% increased valuation its hardly peanuts, I think its the closest one to their 6bn valuatio