Club Sale | It’s done!

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DOTA

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Superunknown said:
I'm getting Frenkie-transfer-thread-from-last-summer vibes from that comment. :lol: :nervous: :houllier:

We could've just had a whip-round and all put in a tenner each and bought the club ourselves at this rate. That would've been quicker.
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A nice Finnish man suggested this and we all laughed at him. He even offered to go halves.
 

UDontMessWith24

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glazed said:
If the Qataris drop out then he's good to go.



There's an obvious logic but it might not be true. You'd have to be an expert in corporate law and have access to the document to begin to know. I agree that you are likely right though.

I doubt SJR is in on it completely. I think he knows he's a stalking horse and he's ready to take advantage of any Qatari cold feet. They're not business people and if they feel they're being made fools of then they might well walk. It's a waiting game where nobody needs to call the others' bluff. We could be here for a while. The only ticking clock is the state of the club transfers and we all know the Glazers do not give a fek about that.
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Then how do they continue to make money? Do you think they have a giant hall full of gold like Scrooge McDuck :lol: Factually speaking, they’re astute business people.
 

glazed

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UDontMessWith24 said:
Then how do they continue to make money?
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They pump oil and gas out the ground and sell it to oil and gas companies. It's really rather easy. Surely this is not news. They make Scrooge McDuck look like Steve Jobbs.
 

George The Best

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glazed said:
If the Qataris drop out then he's good to go.



There's an obvious logic but it might not be true. You'd have to be an expert in corporate law and have access to the document to begin to know. I agree that you are likely right though.

I doubt SJR is in on it completely. I think he knows he's a stalking horse and he's ready to take advantage of any Qatari cold feet. They're not business people and if they feel they're being made fools of then they might well walk. It's a waiting game where nobody needs to call the others' bluff. We could be here for a while. The only ticking clock is the state of the club transfers and we all know the Glazers do not give a fek about that.
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Sorry, they are quite good at business actually. Their business model is more about asset growth, rather than making annual profits. They won’t be looking to take £20m a year in dividends out of the club, if successful. They will invest in the club and surrounding area to turn it into a mega wealthy asset. The Glazer’s or Ineos cannot do that. They might even try to buy GN’s Hotel Football and make it part of their estate. I’m not entirely happy with it, for all the reasons discussed a million times, but the only bid that’s offering to clear the debt and invest in the infrastructure is Jassim’s. So I hope he/they get it.
 

glazed

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George The Best said:
Sorry, they are quite good at business actually. Their business model is more about asset growth, rather than making annual profits.
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Their business model is about buying respectability so they can diversify out of the fossil fuels that are killing the planet and are being phased out. Let's not pretend otherwise.
 

klayton88

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Big week this week. The biggest in the club's recent history. 3 signings and new owners announced as a bare minimum this week.
 

Kostov

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glazed said:
Well he's trying you. Perhaps you didn't mean it...?
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Nice try to get me banned to cover up your lack of common sense.

glazed said:
I have no idea what that means or why you feel that an obvious fact you disagree with is "stupid," but if you can't see the difference between the priorities of an oil rich nation state and those of a large business then I suggest you visit Specsavers.
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Lots of countries around the globe have oil as natural resource. Not all are as rich as prosperous as the Qataris, Saudis and Emirates. To describe them as anything but good businessmen is laughable to me.
 

Wibble

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Kostov said:
One of the most stupid takes of the Arabs is that of naive people like you who think rich oil Arab states have no clue what they are doing and the “washing venture” is for what? Publicity? Give your head a wobble next time you go on vacation to Dubai or Doha.
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Huh? I've lived and worked in the region. Sports washing, with profit being far from the first consideration, is exactly what many states do. That doesn't make them bad businessmen, when they are engaging purely in profit based business. Who said otherwise?
 

Marcus

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Frankly. If the Glazers want to stay, then terminate this sale fiasco. They used it as an excuse to not give EtH any money in the Jan window. Will probably rely on this uncertainty to cripple United's spending this window. Get on with whichever.
 

AneRu

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glazed said:
Think about J&A options:
Sell to SJR. This only works if it is the other siblings who sell as J&A want to keep their shares. In this scenario they fight off legal action from the Class A gang, INEOS invest in the club and J&A sell for twice as much in five years time having benefitted from INEOS investment inflating value of their shares. But the other four siblings currently prefer the Qatar bid as it gives them the same money and is legally and reputationally risk free.

Block any sale. The club needs massive reinvestment and their debt model no longer works. Club sinks into mid table obscurity and their share value tanks and all six Glazers lose a load of money and still get sued by the shareholders. Not going to happen.

Block Qatar. They can do this up to a point but if the four other siblings want it then they can go nuclear and find a way to sell their Class B shares and cut out J&A.

Fek about. J&A can fek about in a legally watertight way till Qatar loses patience and walks away but that seems like it won't happen. If they do walk away then J&A position is much better because the INEOS bid is the only one on the table and the legal case by the Class A shareholders disappears. This is where we currently are but it's not sustainable for ever.

So it all hinges on Qatar staying in the game and the four siblings preferring them. If J&A were to do something blue sky like guarantee any legal liabilities over a SJR sale then they could potentially get the four on board. So let's get out the calculator.

There are currently 54,537,360 Class A shares, and 110,207,613 of the more powerful Class B shares. So at the leaked $38 per share that's $2 billion of Class A shares that the INEOS deal would be effectively rendering worth much less - and potentially worth nothing in certain circumstances. Are J&A going to underwrite that risk? I would say not given that they are only there for the payday and are ultimately just greedy twat rentier capitalists and not real businessmen who like calculated risk. There is also the possibility that this risk does not really exist and lawyers can be produced to say to the satisfaction of the four siblings that the Class A shareholders have no case. But that seems unlikely.

The most likely option left after this Glazer shitshow where the share price does not tank is a full sale to Qatar. And this goes back to the basic truth that Qatar is spending way more on buying the club than INEOS is offering to. The INEOS bid is underwritten and only possible by forcing losses on the Class A shareholders. And this is because Qatar's wealth is practically infinite while SJR is just a common or garden billionaire businessman who has to balance the books.
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It's all one big mess, SJR seems to have gone to ground in the hope that the Qataris lose patience and walk away - that's his best hope. I think, if possible, the Qatari bid now hinges on the other four rebelling against J and A, doing some deal with Qatar whereby the latter buys up all the shares on the stock market, gets the other four to vote along with any proposal they bring up whilst freezing out J and A until they see the futility of their hold out and come to the table.

If Qatar and the four leavers are hell bent on doing a deal then they have to sieze control of the club from J and A, fire them from the board, fill it with Jassim's appointees and leave them to stew out in the cold. Without control, dividends and management fees I can't see them lasting two years holding out. Jassim has to explore avenues of exploiting the supposed rift in the family.
 
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LawCharltonBest

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Welcome to another week of absolutely no updates, exciting rumours or encouragement that the Glazers will go.

I’ll still be checking the news every day in hope though, because I’m a moron
 

Boy Wonder

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AneRu said:
It's all one big mess, SJF seems to have gone to ground in the hope that the Qataris lose patience and walk away - that's his best hope. I think, if possible, the Qatari bid now hinges on the other four rebelling against J and A, doing some deal with Qatar whereby the latter buys up all the shares on the stock market, gets the other four to vote along with any proposal they bring up whilst freezing out J and A until they see the futility of their hold out and come to the table.

If Qatar and the four leavers are hell bent on doing a deal then they have to sieze control of the club from J and A, fire them from the board, fill it with Jassim's appointees and leave them to stew out in the cold. Without control, dividends and management fees I can't see them lasting two years holding out. Jassim has to explore avenues of exploiting the supposed rift in the family.
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This is never going to be an option for the SJ. From J&A perspective they would love to stay on with the Qataris, even more so than with SJR, as it means the price of their shares will rocket in the future with planned investment from SJ.

For SJ it’s all or nothing. I believe they walk away before the above is an option in my opinion.
 
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Jeppers7

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At some point there must come a week where it is actually impossible to hear nothing.
 

strandty

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Jeppers7 said:
At some point there must come a week where it is actually impossible to hear nothing.
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I think we will hear SOMETHING this week. Start of the new financial year, Transfer Window in full flow, team returning for pre-season. Ten Hag will be pestered about it too in any media.
 

Eyepopper

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Remember they initially said there was a chance the sale would be completed by the end of Q1?

Did they mention a year?
 

ShinjiNinja26

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This has went extremely quiet now. You’re not even getting the made up bullshit on Twitter anymore or the same old rehashed bollocks from the media. It seems everyone is tired of this shit.
 

jderbyshire

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Whenever I Google the takeover, seeing all these BS Daily Express headlines makes me want to smash my phone.
 

Revan

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Tarrou said:
a partial sale doesn’t work because that leaves the remaining Glazers with control and all the leverage
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Honestly, it is all speculation, but if the other 4 Glazers want to sell, I find hard how this sale can get blocked.

The board of directors have 12 seats. In 6 of them are the Glazer siblings, then there is Arnold, the CFO, the general counsel and 3 independent seats. If this goes to a vote, the four Glazers who want to sell would need 3 other votes to vote for them. And I find it hard how the independent directors would vote against selling at 38$, which is a massive premium on the stock’s current value and three times as much as what it was worth before the Glazers wanted to sell.

After that vote, there would be a vote of the entire shareholders. With Glazer votes being 10 times more valuable than other votes, the 4 Glazers’s votes would have over 60% of the power. Assuming that everyone else votes to sell except Joel and Avram, the final voting would be around 70% to sell which would be enough if there is something in the club status that a full sale requires a supermajority.
 

Tarrou

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Revan said:
Honestly, it is all speculation, but if the other 4 Glazers want to sell, I find hard how this sale can get blocked.

The board of directors have 12 seats. In 6 of them are the Glazer siblings, then there is Arnold, the CFO, the general counsel and 3 independent seats. If this goes to a vote, the four Glazers who want to sell would need 3 other votes to vote for them. And I find it hard how the independent directors would vote against selling at 38$, which is a massive premium on the stock’s current value and three times as much as what it was worth before the Glazers wanted to sell.

After that vote, there would be a vote of the entire shareholders. With Glazer votes being 10 times more valuable than other votes, the 4 Glazers’s votes would have over 60% of the power. Assuming that everyone else votes to sell except Joel and Avram, the final voting would be around 70% to sell which would be enough if there is something in the club status that a full sale requires a supermajority.
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yeah, it’s definitely happening

full sale though is my bet, we want 100% of the Glazers gone and I fully expect that to happen
 
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