Manchester United is experiencing a rough start to the new season, both on and off the pitch. They struggled to grab 3 points in their first game against Wolves, lost their second game to Tottenham Hotspur, and lost 3-nil to Burnley in a friendly game held behind closed doors at Carrington.
Compounding their challenges, the Glazers appear inclined to withhold the transfer of control to Sheikh Jassim, who is widely regarded as the favored choice among the people. The Club’s CEO, Richard Arnold, has also handled the Greenwood situation, leaving some fans dissatisfied. Additionally, the club seems hesitant to secure a crucial signing for a new midfielder, further adding to their troubles.
Latest on Manchester United takeover saga
The Manchester United takeover saga has gone on for quite a while now. While there are speculations that the Glazers family is not sure they want to sell the club, the Sheikh Jassim party persists in their attempt to buy Manchester United.
The Glazers bought United in a controversial £790m leveraged buyout in 2005. The buyout involved borrowing more than £500m and loading their debt on the club. The obligation of repaying that debt has resulted in Manchester United incurring a sum exceeding £1 billion. The most recent financial statements of the club indicate that their debt currently amounts to £725 million. These financial indications did not go down well with most Manchester United fans.
Following a series of demonstrations and protests against the management of the club, the Glazers confirmed they were open to selling the club in November 2022. They added that other options, “including new investment,” will also be considered.
Later in 2023, February, Sir Jim Ratcliffe and Sheikh Jassim Bin Hamad Al Thani made rival bids for a Manchester United takeover. Both parties sent in their bids in the respective stages of the takeover. Their respective bids continued in their stages till the fourth.
Sheikh Jassim has put forth a fourth bid, reaching a value close to £5 billion. INEOS has also presented a proposal that assesses the valuation of Manchester United at a higher figure, although this offer doesn’t encompass the entirety of the club. Furthermore, the INEOS proposal allows the Glazers to retain a 20 percent stake in the club.
Kaveh Solhekol, Sky Sports News Chief Reporter giving the recent update on the takeover, gives an insight into whether or not the Glazers actually want to sell;
“A significant number of people involved in the process believe the Glazer family are not all committed to selling the club. Different members of the Glazer family own United and are not all on the same page.”
He added further, “There have been reports that the Qataris are close to buying Manchester United; they would be delighted if that were the case. But I think, as far as they are concerned, nothing has changed. They are willing buyers, but they are not convinced that the Glazers are willing sellers – and to do a deal, you have to have a buyer and a seller.”
He concluded by saying, “The price has to be right for the Glazers to sell, and it is generally accepted that they want at least £6 billion. The bidders are willing to overpay to buy a trophy asset like United but will not be taken for fools when it comes to valuation.”
United under fire on and off the pitch
Manchester United has been facing a lot of turbulence on and off the pitch lately. The cloud of doubts and uncertainties over the club may be the reason for their dismal start to the season and their slow-paced transfer market transactions.
The Red Devils managed a narrow victory in their initial match against Wolves, but their luck ran out when they faced Tottenham Hotspur, suffering a 2-0 defeat. They were also defeated in a friendly game behind closed doors against Burnely. The situation has taken a turn for the worse, with the possibility of Mason Mount being sidelined due to an injury, further complicating matters.
Manchester United lost 3-0 to Burnley in a behind closed doors match today at Carrington. 🔴
— UtdPlug (@UtdPlug) August 23, 2023
Off the pitch, Richard Arnold, Manchester United’s Chief Executive, is also facing severe backlash for the role he played in Mason Greenwood’s club exit. The club sent Mason on his way, asking him to continue his career away from United, despite that he was found ‘innocent’ of the charges levelled against him by Police and the Crown’s Prosecution Service. Many Manchester United fans believe that Richard Arnold made a wrong decision to let Mason go, so they demanded his resignation.
The latest challenge confronting the club is the ongoing takeover situation. The fans’ sentiments are resolute in their desire to remove the Glazers. However, recent developments suggest that the Glazers might hesitate to sell the club to Sheikh Jassim, despite the prevailing circumstances.
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