Macro economic factors like SVB, Credit Suisse collapse werep out of their control.
The club's on-field performance last season was so poor so they wouldn't have been in a great position -- would have been like some distressed asset sale!
Then the temp manager; no visibility on fixing on-field performance and how much it would cost to fix it. This lack of visibility is a huge no-no for any new investor.
And I suspect that they will hit some cashflow issues in the near future.
But since then ETH has added a few hundred million at least to the pockets of the Glazers.
This is a topic I have touched upon a lot, and that I feel it is hard to explain.
What I think is missed often is that just because you are big/rich -- it doesn't at all mean that you are stable. You see comments like 'dude they got 500bn, they can pay anything cash and won't be hurt by X'. 'Qatar doesn't need to lend money'. But that isn't true. Any investment entity will leverage its investments or at least invest in leveraged assets. Qatar's debt/GDP ratio is usually around 50% to 80%. This does not mean that they are taking big "risks" -- but it shows that its not like they from one time to another won't have more or less cash at hand. Of course there are exceptions in relation to some family/old wealth -- but I regularly work with billionairs and I have never met one that was free from concerns. You often must decide on whether you must throw good money after bad money or if you should cut losses. Adjust things in relation to covenants to avoid renegotiations. Etc etc etc. And the same of course applies to SJR/Ineos.
When a banker calls a rich investor, the first question is more or less always 'would this be a good time for you to look at an investment in the range of X to Y'.
This is another thing that just shows just how amateurish the Glazers are. Their advisors are 100% advising them against dragging out. Who knows what tomorrow will bring. If they launched their intention to sell MUFC next month, other parties could be interested than SJR and Qatar. You never know.