Thank you for correcting me. Too much wine with Christmas lunch.
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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But why is the bar so low? This ‘it’s better than nothing’ attitude when the club needs a complete overhaul is why we’re on the path to more mediocrity
Clubs like Everton and Spurs can build a new stadium yet here we are getting shafted with a new coat of paint at OT and fans like you are lapping it up
So why was the debt the first concern about the glazer takeover and the concern that remained even when United were winning league tittles and CL? Let’s not revise history. The level of debt is a major handicap.
All the interest spent over the past 20 years on servicing the debt could have paid for a new stadium, or modernised the current stadium and severely updated Carrington. Also don’t forget £1b has been paid on the servicing the debt and the debt is about the same amount that it was when the glazers put it on the club, sometimes it becomes higher!
You think it stops at 300m?
Yea I’m not reading all that. As I said, Have a Merry Christmas.
He won’t be investing more until they sell more significant shares and there’s absolutely no signs of that being the case as it stands so I wouldn’t be surprised
Because I couldn't be arsed reading pages paragraphs upon paragraphs of rules when I know there's posters on here have already done it?
Thanks for your helpful reply.
The bar is so low because that is the reality of the current situation. Of course we would all like more. Much more. But at the moment, this is the only deal in town as no other investor is willing to put more in.
At least this money is ring fenced and isn't going straight into the Glazer pockets.
Only too happy to help.
I'm sure he will put more in over time. The money will certainly help.
I met him in Manchester when I was doing an interview with sue cook on the dangers of smoking. Lovely man.
I met him in Manchester when I was doing an interview with sue cook on the dangers of smoking. Lovely man.
Yep, we had a very clear chance to compete at the top again and rebuild United from the ground up, but now we have to settle for this pile of crap and hope and pray for a miracle.
What is even the point?!
It appears the Glazers were never looking for a full sale bar a ludicrous amount of money. So the Quatar thing isn't worth clinging onto
Wrong. That’s not how it will work. That’s not how it works anywhere other than in the world of the Glazers.
Don’t think you follow.
To be fair, a full sale was amongst the options. They never said or stated it was a full sale only in any capacity. Just looking at various ways of investment.
It’s not guessing, it was common sense. You just chose to ignore it.
Or maybe they just wanted to shut the moaners up at the time
Miguel Delany says: "Ratcliffe has actually been discussing minority since May, when it became apparent Glazers wouldn’t sell Football side will revert to Ferguson/Gill structure - no longer have to run major buys past Glazers. Budget allocated"
And Chris Winterburn replies to that tweet with: "A budget being allocated is massive. No more idiocy, changing plans on a whim. Doing nothing then panic splurging after a heavy defeat to start the season. No more having to wait for Joel to okay everything. No more taking weeks just to end up paying more for a player than originally asked."
It is really sickening how after one year of this saga, worst case scenario happened.
Not really. Worst case scenario would have been the status quo, with absolutely no changes to the way the club is run.
fecking hell, @Wumminator is a lot of things but that’s a hell of a leap and tbh is bang out of order to suggest.
Yeah that's a truly fecked thing to write and suggest.
Glad you won't be sick then!
It's a good first step and personally I'll be very surprised if Jim isn't majority owner within the next few years.
He is already the largest single shareholder. The Glazers just own more than him combined and while they'll probably all just follow Joel and Avram we have seen apparent disagreements between siblings in the sale process.
Jim and Ineos are much more successful business people than the Glazers so that gives me a lot of hope that they wouldn't be doing this unless they knew they'd be majority owners sooner than later.
300mil investment + another 5 or so percent owned for Jim is already announced. And reporters am have consistently said this is just the start.
It's all positive so far and with Ineos appointing the CEO and confirmed as having total control on footballing matters it seems they'll have a large amount of control from the get go.
He is already the largest single shareholder. The Glazers just own more than him combined and while they'll probably all just follow Joel and Avram we have seen apparent disagreements between siblings in the sale process.
Jim and Ineos are much more successful business people than the Glazers so that gives me a lot of hope that they wouldn't be doing this unless they knew they'd be majority owners sooner than later.
300mil investment + another 5 or so percent owned for Jim is already announced. And reporters am have consistently said this is just the start.
It's all positive so far and with Ineos appointing the CEO and confirmed as having total control on footballing matters it seems they'll have a large amount of control from the get go.
No signs at all.
Other than selling 25% of the club along with relinquishing control of all football operations and stepping away. For the first time in 18 years.
No sign whatsoever. None.
At this stage do you even know what you’re writing?
These 300m have nothing to do with the selling of shares, they're issuing new ones.
The Qatari's inability to close this deal is the proof you need they weren't up to much.
They thought they'd swan in with the full sportswash package but had no idea who they dealing with. Sheer arrogance. Whenever they promised a billion to do up the local area, the Glazers immediately realised that money was in play and could be spent on them.
They attempted to exert pressure buying off David Beckham and Rio Ferdinand in 'ambassador' roles, only for the Glazers to laugh at their stupidity. Like they give the first feck what club legends think. Incompetent morons. Imagine the United Tax on every transfer and negotiation. Yikes.
We'll see what Ineos et al can do, it's hardly awe inspiring, but Qatar would have been an utter disaster.
Actually, he's getting equity for that $300mn. Glazers are agreeing to put that money towards the stadium instead of pocketing that amount.
What I’m saying is that the writing is on the wall. The Glazers want to cash in IMHO. Think of it this way… there are these siblings, some of whom have no interest in owning a football club. And when they realize they will need to improve the stadium, meaning capital from their pockets, or loans, they are reluctant to commit. So, obviously, sell the club. But not all siblings agree with the valuation… some want to hold on. Those that don’t can sell to SJR. Or, they can issue new shares which dilutes all shareholders equally.
The point is that they are selling and you can see with the additional capital committed of 300m plus another 1.3 to 1.5b to purchase 25% of the class A non voting shares. That puts his outlay at 2.9b - 3.1b for 55%-60% of the club. The Glazers wanted 6b…. So, pretty close.
The club is issuing new shares for that amount - the 300m isn't a transaction between him and the Glazers.
This is how I interpreted it too.
The four other siblings wanted out entirely and preferred Qatar for that reason, whole Joel and Avram wanted to stay on. Hence the months-long impasse.
So to get the other four on board, SJR had to offer them an eventual exit path.
Well i hope whoever handling the 'footballing side' ask ETH what the feck is he doing.
It will be a slow crawl out the hole we're in, getting the training facilities improved, better people making the right decisions which should reflect well on the pitch in time thus leading to improved prize money and sponsors/merch.
Glazers started off wanting investment and sale was mentioned second.
The details and approach of the Jassim bid in a professional capacity were said to be vague.
Glazers started off wanting investment and sale was mentioned second.
The details and approach of the Jassim bid in a professional capacity were said to be vague.
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Glazers were on their knees. In one year they would be selling whole club. Now, show goes on.
Why are people crying its 'only' €300m? €300m will likely go towards redevelopment of the South stand, increasing its capacity and will finally fix the leaky ass roof.
This is step one, granted there will be many steps until he has full control, but it's a start.
This is step one, granted there will be many steps until he has full control, but it's a start.
Status quo / random private equity funding in the Barca vein were the worst case.
After reading the official statement from the club, he is obtaining 25% of the B shares — this indicates that he’ll be purchasing directly from the Glazers. They will either be equally diluted or he’ll purchase individually. In addition 25% of the A shares. We don’t know if they will convert to voting shares — I would imagine so. We don’t know the board bylaws. The 300m will be treated as a capital injection most likely, meaning all shareholders will be diluted equally. Also, my guess is that those will also be voting shares… That would give him 31% of the voting shares. I see this as effectively controlling the company.
Skeptics seem to be under the impression that the 6 Glazers are a unified bloc and will maintain control through their combined voting power. Personally I don't think that's the case; like you, I also believe this will give him effective control.
I re-read the official statement. He’ll have 31% of the company and be the biggest individual shareholder by far. It’s an incredibly powerful position. The total outlay initially committed is more like 2b.
‘I think people are looking at the Glazers as a monolith, but I sincerely doubt that. When you have a billion worth of a large asset, there are all different kinds of voices in the room.
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