Man United was placed up for sale by the Glazers in November, but the acquisition process is still ongoing.
Since the Glazer family announced that they were putting Manchester United up for sale, 293 days have passed.
Last year, the Glazers made the much-desired announcement that they were “exploring strategic opportunities” for the club, which might include selling it. This provided supporters a glimmer of optimism that their ownership might actually end, which they had been longing for.
Manchester United announced in a statement: “Manchester United does not intend to make further announcements regarding the review until and unless and until the board has approved a specific transaction or other course of action requiring a formal announcement.”
Old Trafford’s keys were supposed to be handed over before the new season began, but the process is still in progress following several rounds of bidding that involved Sheikh Jassim bin Hamad al Thani and Sir Jim Ratcliffe.
The Premier League season is already underway, and the summer transfer market is now closed. Supporters have persisted in their protests in the absence of a light at the end of the tunnel in the expectation that the Glazers will be asked to leave the team.
After the team’s loss against Arsenal at the Emirates, Gary Neville criticized the American family for their carelessness.
They view it as a toy, therefore it’s just a game for them, according to Neville. “They will sell, of course. They are in dire need of money. They are no longer even able to compete on FFP. When it comes to the transfer market, United is acting like a club from the middle of the table.
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“United generate one of the highest income-producing teams in the world, £500 million in revenue. Chelsea and Arsenal are able to add top players, while United is fumbling around with FFP. I am aware that they suffered losses on Covid, and that may be used as a justification.
Neville is confident that the Glazers will sell soon, but it’s likely that they won’t given that they’ve ultimately received multi-billion proposals for the club from Sheikh Jassim and Ratcliffe without indicating a deal is close.
The bids have fallen short of the Glazers’ estimated valuation of £6 billion, but it’s impressive that the pricetag has even come close.
been determined taking into account the debt and situation that United are currently in.
According to a Daily Mail investigative article published last week, the club’s debt has reportedly reached £1 billion for the first time, with the third-quarter financial records allegedly showing an increase in debt from £969 million to £1.005 billion this year.
Gross debt, bank borrowings, and unpaid transfer fees are reportedly the causes of that increase. Although it only represents a £41 million increase, crossing the £1 billion threshold is undoubtedly not a feat to be proud of.
The value of Manchester United PLC shares fell by the most since it was listed on the New York Stock Exchange in 2012 as a result of additional rumors that the Glazers were considering removing the team off the market.
The value of the shares has changed throughout the year, and increases have a tendency to coincide with the public announcement of Sheikh Jassim’s bid and traders’ “bets” that the Qatari would be successful in buying the team.
A Qatari buyout would pay out on shares listed on the New York Stock Exchange at a takeover price, and Sheikh Jassim has pledged in his proposal to wipe off all of United’s debt, so there is potential profit for traders.
After losing optimism that the Glazers would sell the club, some traders tried to invest their money elsewhere, which is likely a smart decision given the facts. This is how the share price drop was justified.
The United strategic review has been ongoing for more than nine months, which is surprising because a financial source claimed that a sale of this size should typically take between 60 and 90 days.
Instead, the club's anniversary of being placed up for sale is quickly approaching, and some Wall Street insiders think the New York Stock Exchange should put pressure on the Glazers to make a choice.
The lack of explanation or communication since the process started has surprised people, and NYSE figures have expressed concern over share price movements based on media reports and rumors.
The Glazers ‘don’t give a f***,’ one finance insider told the MEN in July. Supporters have been calling for their expulsion ever since their leveraged acquisition at Old Trafford in 2005 because they believe that.
Only the Glazers know when the takeover story will truly come to an end, although it is expected to continue.
