Man United takeover talks are trying to close the valuation gap
Manchester United have been focused on explaining the Glazer family’s assessment of the club as they meet potential buyers and investors after being overwhelmed by opening statements, sources told ESPN.
United are making presentations to representatives of Qatari banker Sheikh Jassim bin Hamad Al Thani and British billionaire Sir Jim Ratcliffe, both of whom have indicated they are interested in a full takeover of Old Trafford.
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Indicative bids made ahead of the Raine Group’s soft deadline fell below Glazer’s valuation of around £6billion, but meetings with potential buyers have tried to explain how they arrived at that price point – with the global fanbase in particular Clubs highlighted compared to Premier League rivals Manchester City, Liverpool and Chelsea.
Sources close to Sheikh Jassim have indicated he will not overpay for the club as he believes it will take significant investment to improve Old Trafford and the Carrington training base and build a team that can is able to consistently challenge in the Premier League and Champions League.
The consortium, led by Ratcliffe, chairman and CEO of chemical company INEOS, also values United at under £6bn.
After the second phase of the process, which could be completed by the end of the week, interested parties will be invited to submit revised bids.
Sources close to the process have told ESPN that Raine has prioritized consortia interested in outright acquisitions, but meetings have also been held with groups only interested in smaller investments.
Elliott Investment Management is among the US-based hedge funds to make it into the second phase of the process, with representatives attending last week’s Europa League game against Real Betis.
Elliott doesn’t want to buy the club but they are offering investment, either outside bidders or the Glazer family if they decide to stay on as owners.
Sources have told ESPN that the Glazer family, who have owned United since 2005, are keeping their options open.
They released a statement in November announcing they were looking at “strategic alternatives,” which could include an outright sale or accepting outside investment.
Sources have told ESPN that club staff have been told there should be “clarity” on ownership before the end of the season.
United, meanwhile, expect to be without Alejandro Garnacho for several weeks after suffering an ankle injury in Sunday’s 0-0 draw with Southampton.
Garnacho left Old Trafford on crutches and wearing a protective boot. Sources have told ESPN that the forward has sustained ankle ligament damage. He is still being examined by the club’s medical staff but has already withdrawn from the Argentina squad ahead of the forthcoming internationals.
https://www.espn.com/soccer/manchester-united-engman_utd/story/4900468/man-united-takeover-meetings-seek-to-bridge-gap-in-valuations-sources Man United takeover talks are trying to close the valuation gap