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Glazer ownership of Manchester United

April 11, 2024

Manchester United Football Club is an English football club based in Old Trafford, Greater Manchester. The club was formed as Newton Heath LYR Football Club, the works team of the Lancashire and Yorkshire Railway depot in Newton Heath, in 1878. The club split from the railway company in 1892 and remained under private ownership for almost 100 years, changing its name to Manchester United after being saved from bankruptcy in 1902. The club was the subject of takeover bids from media tycoon Robert Maxwell in 1984 and property trader Michael Knighton in 1989, before going public in 1991; they received another takeover bid from Rupert Murdoch's BSkyB corporation in 1998 before Malcolm Glazer's stake was announced in September 2003.

By the end of 2003, Glazer had increased his shareholding from 3.17% to around 15%, which he almost doubled in the year up to October 2004. His acquisition of John Magnier and J. P. McManus's 28.7% stake in May 2005 pushed his own up to around 57%, well over the 30% threshold that would force him to launch a takeover bid. A few days later, he took control of 75% of the club's shares, allowing him to delist the company from the London Stock Exchange, and within a month, the Glazers took 98% ownership of the club via their Red Football parent company, forcing a squeeze-out of the remaining 2%. The final purchase price of the club totalled almost £800 million.

Most of the capital used by Glazer to purchase Manchester United came in the form of loans, the majority of which were secured against the club's assets, incurring interest payments of over £60 million per annum. The remainder came in the form of PIK loans (payment in kind loans), which were later sold to hedge funds. Manchester United was not liable for the PIKs, which were held by Red Football Joint Venture and were secured on that company's shares in Red Football (and thus the club). The interest on the PIKs rolled up at 14.25% per annum. Despite this, the Glazers did not pay down any of the PIK loans in the first five years they owned the club. In January 2010, the club carried out a successful £500 million bond issue, and by March 2010, the PIKs stood at around £207 million.[1] The PIKs were eventually paid off in November 2010 by unspecified means.[2] In August 2012, as part of further refinancing, the Glazers sold a number of shares in Manchester United in an initial public offering (IPO) on the New York Stock Exchange (NYSE).[3]

Some Manchester United fans opposed Glazer's takeover of the club, particularly once they realised the level of debt that the club would have to take on after having been debt-free for so many years. Due to this fans took to the streets to protest against the Glazers. Disgruntled fans launched the football club F.C. United of Manchester in 2005, which entered the North West Counties Football League and played in the sixth tier National League North from 2015 to 2019. Since 2005, the Manchester United Supporters' Trust has been working on a way of returning ownership of the club to supporters; in 2010, they met with a group of wealthy Manchester United fans – dubbed the "Red Knights" – to discuss a billion-pound takeover bid. However, the bid fell through when the Red Knights refused to meet the Glazers' valuation of the club.[4]

Background edit

 
Manchester United was the subject of a takeover bid from Rupert Murdoch's BSkyB in 1998.

Manchester United was formed as Newton Heath LYR F.C. in 1878 by the workers in the Carriage and Wagon Works of the Lancashire and Yorkshire Railway's Newton Heath depot.[5] In 1901, the club was in over £2,500 of debt and facing a winding-up order;[6] however, they were saved by local brewer John Henry Davies, who changed their name to Manchester United in 1902.[7] After Davies' death in 1927, the club fell into financial difficulties once again, but James W. Gibson stepped in as a new financial benefactor in 1931.[8] Gibson himself died in 1951, but while his widow, Violet, inherited the ownership of the club, its control passed to director and former player Harold Hardman.[9]

Meanwhile, a local businessman named Louis Edwards began accruing shares in Manchester United[10] and was eventually made chairman on Hardman's death in 1965.[11] His son, Martin Edwards, purchased a percentage of shares from Alan Gibson[12] – son of former owner James Gibson – and became the majority shareholder and chairman when Louis Edwards died in 1980.[13] During Martin Edwards' time as chairman, Manchester United was the subject of several takeover bids; the first came from media tycoon Robert Maxwell, who bid £10 million in February 1984, but the sale fell through before any serious talks could take place.[14] In 1989, property magnate Michael Knighton was on the verge of completing a £20 million takeover,[15] but his financial backers pulled out at the last minute[16] and he had to be content with merely a seat on the board.[17]

Manchester United was floated on the stock market in 1991,[18] and they received yet another takeover bid in 1998, this time from Rupert Murdoch's BSkyB.[19] The Manchester United board accepted a £623 million offer,[20] but the takeover was blocked by the Monopolies and Mergers Commission at the final hurdle in April 1999.[21] A few years later, a power struggle emerged between the club's manager, Sir Alex Ferguson, and his horse-racing partners, John Magnier and J. P. McManus, who had gradually become the largest shareholders via their company, Cubic Expression.[22] In a dispute that stemmed from contested ownership of the horse Rock of Gibraltar, Magnier and McManus attempted to have Ferguson removed from his position as manager, and the board responded by approaching investors to attempt to reduce the Irishmen's influence.[23]

Meanwhile, Avram Glazer – the son of Malcolm Glazer – was looking into investment in European football. The Glazer family already owned several businesses in the United States and had purchased the Tampa Bay Buccaneers National Football League franchise in 1995. They convinced the local government to fund a new stadium for the Buccaneers in 1998 and the franchise won its first Super Bowl in January 2003.[24]

Acquisition of shares and gaining control edit

 
The construction of Raymond James Stadium in Tampa, Florida was one of the first major changes made by the Glazers after their acquisition of the Tampa Bay Buccaneers.

Following the Manchester United board's search for new investors,[25] the Glazers purchased their first tranche of Manchester United shares on 2 March 2003, spending around £9 million on a 2.9% stake,[26] which they purchased through a holding company called Red Football. On 26 September 2003, it was reported that they had increased their share to 3.17%,[27] taking their shareholding above the 3% threshold that required them to inform the club's management. There had already been considerable speculation about the possibility of a takeover of the club, either by the Glazers or by one of several other interested parties.[27] By 20 October, they had increased their shareholding to 8.93%,[28] and on 29 November, it was reported that they owned around 15% of the club and had met David Gill, its chief executive, to discuss their intentions.[29]

On 12 February 2004, the Glazers increased their stake in the club to 16.31% and the following day's Financial Times reported that they had instructed Commerzbank to explore a takeover bid. The club's share price increased by 5% that day, valuing the club at a total of £741 million.[30] The Glazers increased their shareholding to over 19% the following June, although they were still not the largest shareholders.[31] Their shareholding continued to increase, nearing 30% by October 2004. Upon reaching 30%, they would have to launch a formal takeover bid.[32] In February 2005, over 400 Manchester United fans held a protest at Old Trafford against a potential Glazer takeover.[33]

On 12 May 2005, Red Football announced that it had reached an agreement with shareholders J. P. McManus and John Magnier to purchase Cubic Expression's 28.7% stake in the club, which gave the Glazers a controlling stake with just under 57% of the club's shares.[34] They then managed to secure the stake of the third-largest stakeholder, Scottish mining entrepreneur Harry Dobson, taking their share total to 62% of the club.[35] By 13 May, the Glazers had bought a further 12.8% stake, taking their total ownership to 74.81%, just shy of the 75% threshold that would allow them to end the club's public limited company (PLC) status and delist it from the London Stock Exchange.[36] On 16 May, the Glazers took their shareholding in Manchester United to 75.7%,[37] and a month later, on 22 June, they removed the club's shares from the stock exchange for the first time in 14 years.[38]

The Glazers' shareholding increased gradually to 76.2% by 23 May, when they made their final offer of 300 pence per share, with a deadline of 3 p.m. on 13 June.[39] On 26 May, the Manchester United board wrote to the remaining shareholders indicating their intention to sell their own shares and advising the others to follow suit; in the same letter, chairman Sir Roy Gardner and non-executive directors Ian Much and Jim O'Neill offered their resignations.[40] On 7 June, Avram Glazer and his brothers Joel and Bryan were appointed to the Manchester United board as non-executive directors.[41] Despite the board's encouragement, the Glazers' share in the club had only reached 97.3% by 14 June, short of the 97.6% threshold required for a compulsory buyout of all remaining shareholders, prompting them to extend the deadline on their offer to purchase the remaining shares until 27 June.[42] A statement released on 28 June said that Red Football's shareholding had reached 98% (259,950,194 shares), prompting a squeeze-out of the remaining shareholders.[43] The final valuation of the club was almost £790 million (approximately $1.5 billion at the exchange rate at the time).[42]

Aftermath edit

 
The Glazers retained David Gill as chief executive of Manchester United after taking control in 2005.

On 29 June 2005, on their first visit to Old Trafford after the takeover was completed, Joel, Bryan and Avram Glazer were met with protests by around 300 Manchester United fans who opposed the club's new ownership. Around 100 members of Greater Manchester Police were called to the stadium in an attempt to quell any violence, but there were reports of missiles being thrown at the police vans and chants of "die, Glazer, die"; two people were arrested. The vice-chairman of Shareholders United, Sean Bones, declared that "the Glazer family are the enemies of Manchester United".[44] Club director and former player Bobby Charlton issued a public apology to the Glazers for the reception they received.[45] In further response to the takeover, a group of Manchester United supporters created a new club called F.C. United of Manchester. This so-called "phoenix club" was accepted into the North West Counties Football League second division, six promotions away from The Football League, and secured promotion in each of its first three seasons, twice as league champions.[46]

After the takeover, Manchester United continued to thrive, with the 2005–06 season seeing Old Trafford's capacity being expanded and a lucrative new shirt sponsorship deal signed in April 2006 with American company AIG (which had a large stake in a hedge fund company that helped to fund Glazer's takeover of the club).[47] Increased revenue from TV rights to each competition the club participates in, as well as its various sponsorship deals, also boosted the club's profitability. This came despite fears among many supporters that the debt incurred in buying the club could lead to insolvency.[48]

Contrary to the fears of many fans, the Glazers took action to ensure that Gill and veteran manager Sir Alex Ferguson remained at Manchester United, citing the duo's success with the club.[49][50] In 2006, Malcolm Glazer's other two sons, Kevin and Edward, and his daughter, Darcie, were appointed to the Manchester United board as non-executive directors.[51][52]

Refinancing edit

The debt taken on by the Glazers to finance the takeover was split between the club and the family; between £265 million and £275 million was secured against Manchester United's assets,[53] putting the club into debt for the first time since James Gibson saved them in 1931. This loan was provided by three New York hedge funds: Citadel, Och-Ziff Capital Management and Perry Capital.[54] The total amount was £660 million, on which interest payments came to £62 million a year. The club stated, "The value of Manchester United has increased in the last year, which is why lenders want to invest in the club ... This move represents good housekeeping and it ensures that Sir Alex Ferguson will be provided with sufficient funds to compete in the transfer market." The Manchester United Supporters Trust responded, "'The amount of money needed to be repaid overall is huge ... The interest payment is one thing but what about the actual £660 million? It is difficult to see how these sums can be reached without significant increases in ticket prices, which, as we always suspected, means the fans will effectively be paying for someone to borrow money to own their club."[55][56] Under the terms of the Glazers' refinancing, as they were unable to repay bondholders by 16 August 2010, the overall interest rate on the loans rose from 14.25% to 16.25%, resulting in annual payments of around £38 million.[54]

On 11 January 2010, shortly before an announcement that Red Football's debt had increased to £716.5 million ($1.17 billion),[57] Manchester United announced their intention to refinance the debt through a bond issue worth approximately £500 million.[58] They managed to raise £504 million in just under two weeks, meaning that they were able to pay off almost all of the £509 million owed to international banks. The bonds were issued in two tranches, one with a coupon rate of 8.75% worth £250 million, and the other with a coupon rate of 8.375% worth $425 million. The annual interest payable on the bond came to approximately £45 million per annum, with the bond due to mature on 1 February 2017.[59] Contained within the bond prospectus were covenants that would allow the Glazers to filter large sums of money out of the club to repay the PIKs by 2015. These include the carving out of £95 million in cash, the sale and lease-back of the Trafford Training Centre at Carrington, and the ability of the Glazers to pay themselves 50% of the Consolidated Net Income of the club every year.[1]

In May 2010, before the final game of the season, hundreds of Manchester United fans held a protest outside Old Trafford against the Glazer ownership.[60]

On 16 November 2010, it was revealed that the Glazers were to pay off the remaining £220 million contained within the PIK loans by 22 November 2010.[61] The loans were by then accruing interest at a rate of 16.25%, as the club's overall debt had exceeded its earnings before interest, taxes, depreciation and amortization (EBITDA) by more than five times.[62] However, the club claimed that none of its own money had been put towards the repayment, raising questions as to how the Glazer family had raised the funds; suggested methods include the sale of a minority stake in the club to a third party, the sale of some or all of the family's other businesses, and – the most likely option – the refinancing of the PIKs with another loan at a lower interest rate.[63]

Red Knights takeover plans edit

 
An anti-Glazer sticker on a lamppost in Manchester city centre

A fan campaign known as "Love United Hate Glazer" was formed following the family's bid to take over the club. The campaign involved the spreading of the slogan and the acronym "LUHG" around various locations via stickers and graffiti. A number of banners have also been displayed in the stands at Old Trafford.[64]

Despite its restructuring, the announcement about the club's debt prompted vociferous protests from Manchester United fans on the weekend of 23 January 2010, both at Old Trafford and at the club's Carrington training facility.[65][66] A protest was organised by the club's supporters groups, following up on the "Love United Hate Glazer" campaign that had existed since 2005, and encouraging match-going fans to wear green and gold, the colours of Manchester United's precursor club, Newton Heath.[67] A few days later, on 30 January, reports emerged that the Manchester United Supporters' Trust had held meetings with a group of wealthy fans with a view to buying out the Glazers' controlling interest in the club. The group then met with Keith Harris, a Manchester United fan and the chairman of investment bank Seymour Pierce, to broker a takeover.[68]

On 2 March 2010, further reports emerged that the group – dubbed the "Red Knights" – had met again to discuss the possibility of a billion-pound takeover of the club. Those present at the meeting included investment bank Goldman Sachs' chief economist and former Manchester United director Jim O'Neill and lawyer Mark Rawlinson, a partner at law firm Freshfields Bruckhaus Deringer, as well as Duncan Drasdo, the chief executive of the Manchester United Supporters' Trust, and Keith Harris, Executive Chairman of Seymour Pierce. The initial goal of the group was to increase the Supporters' Trust's membership to at least 100,000, to demonstrate the fans' support for a change in ownership. To better promote themselves, the Trust enlisted the services of Blue State Digital, the Internet strategy firm that worked on Barack Obama's 2008 presidential election campaign.[69]

Later that day, Manchester United announced that their gross debt for the final three months of 2009 totalled £507.5 million, a reduction of £30.6 million compared to the same period in 2008. They also reported pre-tax profits of £6.9 million, an increase of £9.6 million after making a loss of £2.7 million the previous year.[70] This announcement was accompanied by a statement from the Glazers' spokesperson that the club was not for sale,[69] as well as public support from David Gill, who claimed that the Glazers were "running the club the right way".[71]

Meanwhile, membership of the Manchester United Supporters' Trust passed the 100,000 mark on 3 March, before exceeding 125,000 a week later.[72] The green-and-gold scarf campaign also grew, with large portions of the Old Trafford crowd showing the colours. Following Manchester United's 4–0 victory over Milan in their Champions League first knockout round tie, former Manchester United player David Beckham was seen wearing a scarf that had been thrown onto the pitch; however, he later said that he was merely showing his support for Manchester United, and that the running of the club is "not [his] business".[73] It was also claimed that United manager Alex Ferguson would be prepared to invest his own money in the Red Knights' bid, but he dismissed these reports as "absolute rubbish".[74]

Given the amount of debt on Manchester United's books at the time, some analysts estimated in 2010 that any takeover bid would have had to total more than £2 billion, of which around £1.6 billion would be needed to match the Glazers' valuation of the club – double what they paid for the club in 2005.[75] However, the Red Knights publicly stated that they would only pay "a fair price" when their takeover bid finally came.[76] On 11 March 2010, the Red Knights appointed Nomura Securities as their advisers for their takeover bid. Nomura previously advised the Manchester United board before the Glazers' bid to buy the club.[77] The Red Knights later admitted that they would not make a bid for the club before the end of the 2009–10 season,[78] but it was believed that their preferred bid option would have involved retaining the £500 million bond issued by the Glazers. Two-thirds of a further £700 million would be provided by 30–40 wealthy Manchester United fans, with the remainder provided by fund-raising from ordinary fans. Once the club was secured, shares would then be offered to fans, allowing them to take ownership of the club.[79] Despite these plans, the Red Knights put their takeover bid "on hold" in June 2010, citing "inflated valuation aspirations" in the media as the reason.[80] Having already stated that they would only pay a "sensible" amount for the club, the group was thought to have baulked at the suggestion that the Glazers' valuation of the club was significantly higher than the amount they were willing to pay.[81]

NYSE listing and shareholders edit

In 2011, rumours surfaced that the Glazers intended to list a number of shares in Manchester United on an Asian market such as Hong Kong[82] or Singapore,[83] in an attempt to raise a potential £400–600 million. The Singapore flotation looked to be gaining traction in August 2011, when it emerged that the club had applied to list its shares on the Singapore Exchange;[84] approval for the listing was given in September 2011.[85]

In June 2012, after several months with no further developments on the Singapore front, several sources reported that the club was considering moving its share issue to the United States,[86] and in July 2012, an application was made for the club to sell shares on the New York Stock Exchange (NYSE), with a target of raising $100 million (£64 million).[87] More details of the sale were released at the end of July, with the club announcing that they intended to sell 16.7 million shares (approximately 10% of the club) at between $16 and $20 each, raising up to $330 million (£210 million).[88] Shares in the club would be divided into two groups, with Class A shares sold to the public and Class B shares retained by the Glazer family.[89]

Ahead of the opening of the IPO, concerns were raised among both investors and Manchester United supporters regarding the details of the share offering. Although the share prospectus specified that the proceeds from the sale would go towards paying down the club's debts, it was revealed that much of the money would go directly to the Glazers.[90] Furthermore, holders of class A shares would not be entitled to a regular dividend, and the structure of the share issue meant that the Glazers' class B shares had 10 times the voting power of class A shares, essentially denying a controlling interest in the club to anyone but the Glazers.[91] These issues drove down interest and forced a drop in the share price from the planned $16–20 each to $14 each, representing a potential total sale value of $233 million (£150 million).[92]

The shares debuted on the NYSE on 10 August 2012, and initially showed a slight rise to $14.05 per share, but closed the day back at the offer price of $14 each, valuing the club as a whole at $2.3 billion, and making it one of the most valuable sports teams in the world.[93] One of the biggest investors in the IPO was American billionaire George Soros, whose investment company purchased about 3.1 million class A shares (1.9% of the club), valued at $40.7 million (£25.8 million) at the time.[94] Club records announced in November 2012 revealed that gross debt had fallen to £359.7 million after the share sale paid off £62.6 million of bonds.[95] The club's debts were further remedied in May 2013, after a new loan deal was agreed that would save the club £10 million a year in interest payments on debts now totalling around £307 million.[96]

In March 2014, American investment group Baron Capital purchased 24% of all of the shares available on the NYSE (equivalent to 5.8% of the entire club, but widely misreported as 2.4%[97]). At the closing price on the day of purchase of $15.84 per share, Baron Capital's total investment was valued at $151 million (£90 million).[98] In September 2014, Baron Capital raised its stake in the club to 9.2% of the entire club (equivalent to 37.8% of all shares available on the NYSE.)[99]

Malcolm Glazer died on 28 May 2014 at the age of 85. His death was seen as unlikely to result in any significant changes to the operation of the club.[100]

From 2016, the Glazers paid themselves annual dividends from the club, at over £20 million every year from 2016 to 2020. In that same period, the club's debt repayments "all but ceased", described The Daily Telegraph, while interest payments continued. While paying dividends was common in business, Manchester United were the sole Premier League club to "pay regular dividends of any kind", reported The Daily Telegraph in May 2021.[101]

European Super League edit

Further information: European Super League
See also: 2021 Old Trafford protests

In April 2021, Joel Glazer played a major role in controversial plans to have Manchester United compete in a European Super League. Plans were announced on 18 April and were unpopular with fans. Following the withdrawal of Manchester United from the competition three days later due to heavy backlash from fans, government, and many football players, managers and pundits,[102] protests from fans continued. On 22 April, a group of around 20 protesters invaded the club's training ground to stage a protest against the Glazers' ownership.[103] Two days later, more than 2,000 attended a second protest outside Old Trafford to advocate for the 50+1 rule seen in German football.[104][105][106] Joel Glazer later apologised to the team's fans, saying "[he] got it wrong",[107] but fans told a team executive they were "disgusted, embarrassed and angry" with his actions.[108]

Ahead of a league game against Liverpool on 2 May, a second protest outside Old Trafford took place, as well as a smaller protest outside the Lowry Hotel. The Old Trafford protest this time saw over 10,000 people in attendance; around a hundred protesters gained access to the pitch. As a result of the protests, a delayed kickoff was required for the game as players and match officials were unable to get to the stadium by the original 16:30 kickoff time. After a review, the game was postponed.[109][110] It was the first time a Premier League match had been postponed because of supporter protests in the competition's history.[110] The protest gained significant news coverage.[111][112] Former Liverpool defender Jamie Carragher, and former Manchester United captains Gary Neville and Roy Keane, who were all providing punditry for Sky Sports ahead of the game, expressed support for the cause of the protesters.[113]

2023-24 partial sale edit

On 22 November 2022, the Glazer family announced they were open to a potential sale of the club, either in full or in part. At the time of this announcement, the club's valuation was £3.75 billion. The announcement caused a 17% rise in the club's stock market valuation.[114] By the deadline for the second round of bidding on 23 March 2023, offers had come from British billionaire Jim Ratcliffe and Qatari Sheikh Jassim bin Hamad bin Khalifa Al Thani for a complete take over, and American firm Elliott Investment Management for a minority stake. It was reported that the maximum bids were £4.5 billion, and did not match the Glazers' £6 billion valuation of the club.[115] The Financial Times reported Sheikh Jassim had made an improved £5 billion offer in the third round of bidding, as well as an unknown bid by Ratcliffe. At this time, the club was valued at £2.5 billion with £640 million of debt.[116]

On 24 August, it was reported that Jassim's fifth bid of £5 billion was still on the table, but there were growing concerns that no sale would occur.[117] On 6 September, following reports of the sale being off following neither bidder meeting the Glazers' £10 billion valuation, the club suffered a one-day reduction of 18% of its share price, the biggest drop in its history, putting the club's value at £2.5 billion.[118] On 14 October, Sheikh Jassim withdrew from the bidding process with it being reported that he was growing frustrated with the lack of progress on The Glazers end. It was also reported that Ratcliffe's bid for 25% of the club was nearing completion and this would be the first step in a gradual full take over.[119][120]

On 24 December 2023, Ratcliffe's partial acquisition of 25% of Manchester United, including full sporting control, was announced.[121][122][123][124][125]

On 20 February 2024, Ratcliffe's partial acquisition of the club was confirmed. The sale was completed through Trawlers Ltd., a wholly owned entity of Ratcliffe. The deal saw Ratcliffe pay approximately £1.3 billion[125] for an initial 26.2% stake in the club. Further shares were then issued in return for a £158.5 million capital investment made by Ratcliffe upon completion of the deal, which increased his ownership to 27.7%. Ratcliffe will invest a further £79.2 million by 31 December, 2024, and his ownership will then increase to 28.9 per cent.[126][127][128]

See also edit

References edit

Bibliography
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Notes
  1. ^ a b "Analysis of the Glazer bond documents shows Manchester United will haemorrhage over half a billion £ in cash in the next seven years". the andersred blog. 18 January 2010. Retrieved 7 May 2010.
  2. ^ Bond, David (16 November 2010). "Manchester United's Glazer family to pay off PIK loans". BBC News. British Broadcasting Corporation. Retrieved 28 February 2014.
  3. ^ "Manchester United shares debut in New York". BBC News. British Broadcasting Corporation. 10 August 2012.
  4. ^ "Man Utd: Red Knights takeover attempt shelved". BBC News. British Broadcasting Corporation. 2 June 2010. Retrieved 19 August 2012.
  5. ^ Murphy, p. 11.
  6. ^ Murphy, p. 14.
  7. ^ Murphy, pp. 15–6.
  8. ^ Murphy, pp. 36, 39.
  9. ^ White, p. 92.
  10. ^ Crick and Smith, p. 58.
  11. ^ White, p. 153.
  12. ^ Crick and Smith, p. 134.
  13. ^ Crick and Smith, pp. 168–9.
  14. ^ Crick and Smith, pp. 184–6.
  15. ^ Crick and Smith, pp. 277–8.
  16. ^ Crick and Smith, p. 284.
  17. ^ Crick and Smith, p. 293.
  18. ^ Bose, p. 78.
  19. ^ Bose, p. 114.
  20. ^ Bose, p. 157.
  21. ^ Bose, p. 175.
  22. ^ Bose, p. 234.
  23. ^ Bose, pp. 234–5.
  24. ^ Bose, pp. 219–20.
  25. ^ Bose, p. 235.
  26. ^ "Super Bowl hero takes a slice of Man Utd". BBC News. British Broadcasting Corporation. 2 March 2003. Retrieved 1 April 2011.
  27. ^ a b "US investor ups Man Utd stake". BBC News. British Broadcasting Corporation. 26 September 2003. Retrieved 6 August 2008.
  28. ^ "US tycoon ups Man Utd stake". BBC News. British Broadcasting Corporation. 20 October 2003. Retrieved 5 September 2005.
  29. ^ "Share deal sparks Man U bid talk". BBC News. British Broadcasting Corporation. 29 November 2003. Retrieved 5 September 2005.
  30. ^ "US bid talk lifts Man Utd shares". BBC News. British Broadcasting Corporation. 13 February 2004. Retrieved 5 September 2005.
  31. ^ "Glazer raises stake in Man United". BBC News. British Broadcasting Corporation. 24 June 2004. Retrieved 5 September 2005.
  32. ^ "Glazer stake in Man Utd nears 30%". BBC News. British Broadcasting Corporation. 19 October 2004. Retrieved 5 September 2005.
  33. ^ Lutz, Tom (10 February 2005). "United protesters rage at Glazer". The Guardian. Retrieved 7 May 2021.
  34. ^ "Glazer wins control of Man United". BBC News. British Broadcasting Corporation. 12 May 2005. Retrieved 28 February 2014.
  35. ^ "Q&A: Malcolm Glazer and Man Utd". BBC News (British Broadcasting Corporation). 16 May 2005. Retrieved 5 June 2014.
  36. ^ "Glazer statement infuriates fans". BBC Sport. British Broadcasting Corporation. 13 May 2005. Retrieved 28 February 2014.
  37. ^ "Glazer Man Utd stake exceeds 75%". BBC News. British Broadcasting Corporation. 16 May 2005. Retrieved 6 August 2008.
  38. ^ "Man Utd shares leave stock market". BBC News. British Broadcasting Corporation. 22 June 2005. Retrieved 28 February 2014.
  39. ^ "Glazer makes final Man Utd offer". BBC News. British Broadcasting Corporation. 23 May 2005. Retrieved 28 February 2014.
  40. ^ "United board accepts Glazer bid". BBC News. British Broadcasting Corporation. 26 May 2005. Retrieved 28 February 2014.
  41. ^ Garrahan, Matthew (7 June 2005). "Triple Glazers for Manchester United board". Financial Times. Retrieved 3 August 2020.
  42. ^ a b "Glazer extends Man Utd deadline". BBC News. British Broadcasting Corporation. 14 June 2005. Retrieved 28 February 2014.
  43. ^ "Glazer gets 98% of Man Utd shares". BBC News. British Broadcasting Corporation. 23 June 2005. Retrieved 6 August 2008.
  44. ^ "Glazers escape after fans protest". BBC Sport. 30 June 2005. Retrieved 3 August 2020.
  45. ^ "Charlton gives apology to Glazers". BBC Sport. 30 June 2005. Retrieved 3 August 2020.
  46. ^ Bose, pp. 341–3.
  47. ^ Downes, Steven (6 April 2006). "United score record sponsor deal". Times Online. London: Times Newspapers. Retrieved 17 July 2011. (subscription required)
  48. ^ "Manchester United's profits flat". BBC News (British Broadcasting Corporation). 26 January 2007. Retrieved 5 June 2014.
  49. ^ Taylor, Daniel (14 May 2005). "Ferguson seeks head to head with Glazer". The Guardian. London: Guardian News and Media. Retrieved 17 July 2011.
  50. ^ Taylor, Daniel (8 April 2006). "Ferguson heaps pressure on rivals after Gill confirms he will stay on". The Guardian. London: Guardian News and Media. Retrieved 17 July 2011.
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April 11, 2024
glazer, ownership, manchester, united, manchester, united, football, club, english, football, club, based, trafford, greater, manchester, club, formed, newton, heath, football, club, works, team, lancashire, yorkshire, railway, depot, newton, heath, 1878, club. Manchester United Football Club is an English football club based in Old Trafford Greater Manchester The club was formed as Newton Heath LYR Football Club the works team of the Lancashire and Yorkshire Railway depot in Newton Heath in 1878 The club split from the railway company in 1892 and remained under private ownership for almost 100 years changing its name to Manchester United after being saved from bankruptcy in 1902 The club was the subject of takeover bids from media tycoon Robert Maxwell in 1984 and property trader Michael Knighton in 1989 before going public in 1991 they received another takeover bid from Rupert Murdoch s BSkyB corporation in 1998 before Malcolm Glazer s stake was announced in September 2003 By the end of 2003 Glazer had increased his shareholding from 3 17 to around 15 which he almost doubled in the year up to October 2004 His acquisition of John Magnier and J P McManus s 28 7 stake in May 2005 pushed his own up to around 57 well over the 30 threshold that would force him to launch a takeover bid A few days later he took control of 75 of the club s shares allowing him to delist the company from the London Stock Exchange and within a month the Glazers took 98 ownership of the club via their Red Football parent company forcing a squeeze out of the remaining 2 The final purchase price of the club totalled almost 800 million Most of the capital used by Glazer to purchase Manchester United came in the form of loans the majority of which were secured against the club s assets incurring interest payments of over 60 million per annum The remainder came in the form of PIK loans payment in kind loans which were later sold to hedge funds Manchester United was not liable for the PIKs which were held by Red Football Joint Venture and were secured on that company s shares in Red Football and thus the club The interest on the PIKs rolled up at 14 25 per annum Despite this the Glazers did not pay down any of the PIK loans in the first five years they owned the club In January 2010 the club carried out a successful 500 million bond issue and by March 2010 the PIKs stood at around 207 million 1 The PIKs were eventually paid off in November 2010 by unspecified means 2 In August 2012 as part of further refinancing the Glazers sold a number of shares in Manchester United in an initial public offering IPO on the New York Stock Exchange NYSE 3 Some Manchester United fans opposed Glazer s takeover of the club particularly once they realised the level of debt that the club would have to take on after having been debt free for so many years Due to this fans took to the streets to protest against the Glazers Disgruntled fans launched the football club F C United of Manchester in 2005 which entered the North West Counties Football League and played in the sixth tier National League North from 2015 to 2019 Since 2005 the Manchester United Supporters Trust has been working on a way of returning ownership of the club to supporters in 2010 they met with a group of wealthy Manchester United fans dubbed the Red Knights to discuss a billion pound takeover bid However the bid fell through when the Red Knights refused to meet the Glazers valuation of the club 4 Contents 1 Background 2 Acquisition of shares and gaining control 3 Aftermath 4 Refinancing 5 Red Knights takeover plans 6 NYSE listing and shareholders 7 European Super League 8 2023 24 partial sale 9 See also 10 ReferencesBackground edit nbsp Manchester United was the subject of a takeover bid from Rupert Murdoch s BSkyB in 1998 Manchester United was formed as Newton Heath LYR F C in 1878 by the workers in the Carriage and Wagon Works of the Lancashire and Yorkshire Railway s Newton Heath depot 5 In 1901 the club was in over 2 500 of debt and facing a winding up order 6 however they were saved by local brewer John Henry Davies who changed their name to Manchester United in 1902 7 After Davies death in 1927 the club fell into financial difficulties once again but James W Gibson stepped in as a new financial benefactor in 1931 8 Gibson himself died in 1951 but while his widow Violet inherited the ownership of the club its control passed to director and former player Harold Hardman 9 Meanwhile a local businessman named Louis Edwards began accruing shares in Manchester United 10 and was eventually made chairman on Hardman s death in 1965 11 His son Martin Edwards purchased a percentage of shares from Alan Gibson 12 son of former owner James Gibson and became the majority shareholder and chairman when Louis Edwards died in 1980 13 During Martin Edwards time as chairman Manchester United was the subject of several takeover bids the first came from media tycoon Robert Maxwell who bid 10 million in February 1984 but the sale fell through before any serious talks could take place 14 In 1989 property magnate Michael Knighton was on the verge of completing a 20 million takeover 15 but his financial backers pulled out at the last minute 16 and he had to be content with merely a seat on the board 17 Manchester United was floated on the stock market in 1991 18 and they received yet another takeover bid in 1998 this time from Rupert Murdoch s BSkyB 19 The Manchester United board accepted a 623 million offer 20 but the takeover was blocked by the Monopolies and Mergers Commission at the final hurdle in April 1999 21 A few years later a power struggle emerged between the club s manager Sir Alex Ferguson and his horse racing partners John Magnier and J P McManus who had gradually become the largest shareholders via their company Cubic Expression 22 In a dispute that stemmed from contested ownership of the horse Rock of Gibraltar Magnier and McManus attempted to have Ferguson removed from his position as manager and the board responded by approaching investors to attempt to reduce the Irishmen s influence 23 Meanwhile Avram Glazer the son of Malcolm Glazer was looking into investment in European football The Glazer family already owned several businesses in the United States and had purchased the Tampa Bay Buccaneers National Football League franchise in 1995 They convinced the local government to fund a new stadium for the Buccaneers in 1998 and the franchise won its first Super Bowl in January 2003 24 Acquisition of shares and gaining control edit nbsp The construction of Raymond James Stadium in Tampa Florida was one of the first major changes made by the Glazers after their acquisition of the Tampa Bay Buccaneers Following the Manchester United board s search for new investors 25 the Glazers purchased their first tranche of Manchester United shares on 2 March 2003 spending around 9 million on a 2 9 stake 26 which they purchased through a holding company called Red Football On 26 September 2003 it was reported that they had increased their share to 3 17 27 taking their shareholding above the 3 threshold that required them to inform the club s management There had already been considerable speculation about the possibility of a takeover of the club either by the Glazers or by one of several other interested parties 27 By 20 October they had increased their shareholding to 8 93 28 and on 29 November it was reported that they owned around 15 of the club and had met David Gill its chief executive to discuss their intentions 29 On 12 February 2004 the Glazers increased their stake in the club to 16 31 and the following day s Financial Times reported that they had instructed Commerzbank to explore a takeover bid The club s share price increased by 5 that day valuing the club at a total of 741 million 30 The Glazers increased their shareholding to over 19 the following June although they were still not the largest shareholders 31 Their shareholding continued to increase nearing 30 by October 2004 Upon reaching 30 they would have to launch a formal takeover bid 32 In February 2005 over 400 Manchester United fans held a protest at Old Trafford against a potential Glazer takeover 33 On 12 May 2005 Red Football announced that it had reached an agreement with shareholders J P McManus and John Magnier to purchase Cubic Expression s 28 7 stake in the club which gave the Glazers a controlling stake with just under 57 of the club s shares 34 They then managed to secure the stake of the third largest stakeholder Scottish mining entrepreneur Harry Dobson taking their share total to 62 of the club 35 By 13 May the Glazers had bought a further 12 8 stake taking their total ownership to 74 81 just shy of the 75 threshold that would allow them to end the club s public limited company PLC status and delist it from the London Stock Exchange 36 On 16 May the Glazers took their shareholding in Manchester United to 75 7 37 and a month later on 22 June they removed the club s shares from the stock exchange for the first time in 14 years 38 The Glazers shareholding increased gradually to 76 2 by 23 May when they made their final offer of 300 pence per share with a deadline of 3 p m on 13 June 39 On 26 May the Manchester United board wrote to the remaining shareholders indicating their intention to sell their own shares and advising the others to follow suit in the same letter chairman Sir Roy Gardner and non executive directors Ian Much and Jim O Neill offered their resignations 40 On 7 June Avram Glazer and his brothers Joel and Bryan were appointed to the Manchester United board as non executive directors 41 Despite the board s encouragement the Glazers share in the club had only reached 97 3 by 14 June short of the 97 6 threshold required for a compulsory buyout of all remaining shareholders prompting them to extend the deadline on their offer to purchase the remaining shares until 27 June 42 A statement released on 28 June said that Red Football s shareholding had reached 98 259 950 194 shares prompting a squeeze out of the remaining shareholders 43 The final valuation of the club was almost 790 million approximately 1 5 billion at the exchange rate at the time 42 Aftermath edit nbsp The Glazers retained David Gill as chief executive of Manchester United after taking control in 2005 On 29 June 2005 on their first visit to Old Trafford after the takeover was completed Joel Bryan and Avram Glazer were met with protests by around 300 Manchester United fans who opposed the club s new ownership Around 100 members of Greater Manchester Police were called to the stadium in an attempt to quell any violence but there were reports of missiles being thrown at the police vans and chants of die Glazer die two people were arrested The vice chairman of Shareholders United Sean Bones declared that the Glazer family are the enemies of Manchester United 44 Club director and former player Bobby Charlton issued a public apology to the Glazers for the reception they received 45 In further response to the takeover a group of Manchester United supporters created a new club called F C United of Manchester This so called phoenix club was accepted into the North West Counties Football League second division six promotions away from The Football League and secured promotion in each of its first three seasons twice as league champions 46 After the takeover Manchester United continued to thrive with the 2005 06 season seeing Old Trafford s capacity being expanded and a lucrative new shirt sponsorship deal signed in April 2006 with American company AIG which had a large stake in a hedge fund company that helped to fund Glazer s takeover of the club 47 Increased revenue from TV rights to each competition the club participates in as well as its various sponsorship deals also boosted the club s profitability This came despite fears among many supporters that the debt incurred in buying the club could lead to insolvency 48 Contrary to the fears of many fans the Glazers took action to ensure that Gill and veteran manager Sir Alex Ferguson remained at Manchester United citing the duo s success with the club 49 50 In 2006 Malcolm Glazer s other two sons Kevin and Edward and his daughter Darcie were appointed to the Manchester United board as non executive directors 51 52 Refinancing editThe debt taken on by the Glazers to finance the takeover was split between the club and the family between 265 million and 275 million was secured against Manchester United s assets 53 putting the club into debt for the first time since James Gibson saved them in 1931 This loan was provided by three New York hedge funds Citadel Och Ziff Capital Management and Perry Capital 54 The total amount was 660 million on which interest payments came to 62 million a year The club stated The value of Manchester United has increased in the last year which is why lenders want to invest in the club This move represents good housekeeping and it ensures that Sir Alex Ferguson will be provided with sufficient funds to compete in the transfer market The Manchester United Supporters Trust responded The amount of money needed to be repaid overall is huge The interest payment is one thing but what about the actual 660 million It is difficult to see how these sums can be reached without significant increases in ticket prices which as we always suspected means the fans will effectively be paying for someone to borrow money to own their club 55 56 Under the terms of the Glazers refinancing as they were unable to repay bondholders by 16 August 2010 the overall interest rate on the loans rose from 14 25 to 16 25 resulting in annual payments of around 38 million 54 On 11 January 2010 shortly before an announcement that Red Football s debt had increased to 716 5 million 1 17 billion 57 Manchester United announced their intention to refinance the debt through a bond issue worth approximately 500 million 58 They managed to raise 504 million in just under two weeks meaning that they were able to pay off almost all of the 509 million owed to international banks The bonds were issued in two tranches one with a coupon rate of 8 75 worth 250 million and the other with a coupon rate of 8 375 worth 425 million The annual interest payable on the bond came to approximately 45 million per annum with the bond due to mature on 1 February 2017 59 Contained within the bond prospectus were covenants that would allow the Glazers to filter large sums of money out of the club to repay the PIKs by 2015 These include the carving out of 95 million in cash the sale and lease back of the Trafford Training Centre at Carrington and the ability of the Glazers to pay themselves 50 of the Consolidated Net Income of the club every year 1 In May 2010 before the final game of the season hundreds of Manchester United fans held a protest outside Old Trafford against the Glazer ownership 60 On 16 November 2010 it was revealed that the Glazers were to pay off the remaining 220 million contained within the PIK loans by 22 November 2010 61 The loans were by then accruing interest at a rate of 16 25 as the club s overall debt had exceeded its earnings before interest taxes depreciation and amortization EBITDA by more than five times 62 However the club claimed that none of its own money had been put towards the repayment raising questions as to how the Glazer family had raised the funds suggested methods include the sale of a minority stake in the club to a third party the sale of some or all of the family s other businesses and the most likely option the refinancing of the PIKs with another loan at a lower interest rate 63 Red Knights takeover plans edit nbsp An anti Glazer sticker on a lamppost in Manchester city centreA fan campaign known as Love United Hate Glazer was formed following the family s bid to take over the club The campaign involved the spreading of the slogan and the acronym LUHG around various locations via stickers and graffiti A number of banners have also been displayed in the stands at Old Trafford 64 Despite its restructuring the announcement about the club s debt prompted vociferous protests from Manchester United fans on the weekend of 23 January 2010 both at Old Trafford and at the club s Carrington training facility 65 66 A protest was organised by the club s supporters groups following up on the Love United Hate Glazer campaign that had existed since 2005 and encouraging match going fans to wear green and gold the colours of Manchester United s precursor club Newton Heath 67 A few days later on 30 January reports emerged that the Manchester United Supporters Trust had held meetings with a group of wealthy fans with a view to buying out the Glazers controlling interest in the club The group then met with Keith Harris a Manchester United fan and the chairman of investment bank Seymour Pierce to broker a takeover 68 On 2 March 2010 further reports emerged that the group dubbed the Red Knights had met again to discuss the possibility of a billion pound takeover of the club Those present at the meeting included investment bank Goldman Sachs chief economist and former Manchester United director Jim O Neill and lawyer Mark Rawlinson a partner at law firm Freshfields Bruckhaus Deringer as well as Duncan Drasdo the chief executive of the Manchester United Supporters Trust and Keith Harris Executive Chairman of Seymour Pierce The initial goal of the group was to increase the Supporters Trust s membership to at least 100 000 to demonstrate the fans support for a change in ownership To better promote themselves the Trust enlisted the services of Blue State Digital the Internet strategy firm that worked on Barack Obama s 2008 presidential election campaign 69 Later that day Manchester United announced that their gross debt for the final three months of 2009 totalled 507 5 million a reduction of 30 6 million compared to the same period in 2008 They also reported pre tax profits of 6 9 million an increase of 9 6 million after making a loss of 2 7 million the previous year 70 This announcement was accompanied by a statement from the Glazers spokesperson that the club was not for sale 69 as well as public support from David Gill who claimed that the Glazers were running the club the right way 71 Meanwhile membership of the Manchester United Supporters Trust passed the 100 000 mark on 3 March before exceeding 125 000 a week later 72 The green and gold scarf campaign also grew with large portions of the Old Trafford crowd showing the colours Following Manchester United s 4 0 victory over Milan in their Champions League first knockout round tie former Manchester United player David Beckham was seen wearing a scarf that had been thrown onto the pitch however he later said that he was merely showing his support for Manchester United and that the running of the club is not his business 73 It was also claimed that United manager Alex Ferguson would be prepared to invest his own money in the Red Knights bid but he dismissed these reports as absolute rubbish 74 Given the amount of debt on Manchester United s books at the time some analysts estimated in 2010 that any takeover bid would have had to total more than 2 billion of which around 1 6 billion would be needed to match the Glazers valuation of the club double what they paid for the club in 2005 75 However the Red Knights publicly stated that they would only pay a fair price when their takeover bid finally came 76 On 11 March 2010 the Red Knights appointed Nomura Securities as their advisers for their takeover bid Nomura previously advised the Manchester United board before the Glazers bid to buy the club 77 The Red Knights later admitted that they would not make a bid for the club before the end of the 2009 10 season 78 but it was believed that their preferred bid option would have involved retaining the 500 million bond issued by the Glazers Two thirds of a further 700 million would be provided by 30 40 wealthy Manchester United fans with the remainder provided by fund raising from ordinary fans Once the club was secured shares would then be offered to fans allowing them to take ownership of the club 79 Despite these plans the Red Knights put their takeover bid on hold in June 2010 citing inflated valuation aspirations in the media as the reason 80 Having already stated that they would only pay a sensible amount for the club the group was thought to have baulked at the suggestion that the Glazers valuation of the club was significantly higher than the amount they were willing to pay 81 NYSE listing and shareholders editIn 2011 rumours surfaced that the Glazers intended to list a number of shares in Manchester United on an Asian market such as Hong Kong 82 or Singapore 83 in an attempt to raise a potential 400 600 million The Singapore flotation looked to be gaining traction in August 2011 when it emerged that the club had applied to list its shares on the Singapore Exchange 84 approval for the listing was given in September 2011 85 In June 2012 after several months with no further developments on the Singapore front several sources reported that the club was considering moving its share issue to the United States 86 and in July 2012 an application was made for the club to sell shares on the New York Stock Exchange NYSE with a target of raising 100 million 64 million 87 More details of the sale were released at the end of July with the club announcing that they intended to sell 16 7 million shares approximately 10 of the club at between 16 and 20 each raising up to 330 million 210 million 88 Shares in the club would be divided into two groups with Class A shares sold to the public and Class B shares retained by the Glazer family 89 Ahead of the opening of the IPO concerns were raised among both investors and Manchester United supporters regarding the details of the share offering Although the share prospectus specified that the proceeds from the sale would go towards paying down the club s debts it was revealed that much of the money would go directly to the Glazers 90 Furthermore holders of class A shares would not be entitled to a regular dividend and the structure of the share issue meant that the Glazers class B shares had 10 times the voting power of class A shares essentially denying a controlling interest in the club to anyone but the Glazers 91 These issues drove down interest and forced a drop in the share price from the planned 16 20 each to 14 each representing a potential total sale value of 233 million 150 million 92 The shares debuted on the NYSE on 10 August 2012 and initially showed a slight rise to 14 05 per share but closed the day back at the offer price of 14 each valuing the club as a whole at 2 3 billion and making it one of the most valuable sports teams in the world 93 One of the biggest investors in the IPO was American billionaire George Soros whose investment company purchased about 3 1 million class A shares 1 9 of the club valued at 40 7 million 25 8 million at the time 94 Club records announced in November 2012 revealed that gross debt had fallen to 359 7 million after the share sale paid off 62 6 million of bonds 95 The club s debts were further remedied in May 2013 after a new loan deal was agreed that would save the club 10 million a year in interest payments on debts now totalling around 307 million 96 In March 2014 American investment group Baron Capital purchased 24 of all of the shares available on the NYSE equivalent to 5 8 of the entire club but widely misreported as 2 4 97 At the closing price on the day of purchase of 15 84 per share Baron Capital s total investment was valued at 151 million 90 million 98 In September 2014 Baron Capital raised its stake in the club to 9 2 of the entire club equivalent to 37 8 of all shares available on the NYSE 99 Malcolm Glazer died on 28 May 2014 at the age of 85 His death was seen as unlikely to result in any significant changes to the operation of the club 100 From 2016 the Glazers paid themselves annual dividends from the club at over 20 million every year from 2016 to 2020 In that same period the club s debt repayments all but ceased described The Daily Telegraph while interest payments continued While paying dividends was common in business Manchester United were the sole Premier League club to pay regular dividends of any kind reported The Daily Telegraph in May 2021 101 European Super League editFurther information European Super League See also 2021 Old Trafford protests In April 2021 Joel Glazer played a major role in controversial plans to have Manchester United compete in a European Super League Plans were announced on 18 April and were unpopular with fans Following the withdrawal of Manchester United from the competition three days later due to heavy backlash from fans government and many football players managers and pundits 102 protests from fans continued On 22 April a group of around 20 protesters invaded the club s training ground to stage a protest against the Glazers ownership 103 Two days later more than 2 000 attended a second protest outside Old Trafford to advocate for the 50 1 rule seen in German football 104 105 106 Joel Glazer later apologised to the team s fans saying he got it wrong 107 but fans told a team executive they were disgusted embarrassed and angry with his actions 108 Ahead of a league game against Liverpool on 2 May a second protest outside Old Trafford took place as well as a smaller protest outside the Lowry Hotel The Old Trafford protest this time saw over 10 000 people in attendance around a hundred protesters gained access to the pitch As a result of the protests a delayed kickoff was required for the game as players and match officials were unable to get to the stadium by the original 16 30 kickoff time After a review the game was postponed 109 110 It was the first time a Premier League match had been postponed because of supporter protests in the competition s history 110 The protest gained significant news coverage 111 112 Former Liverpool defender Jamie Carragher and former Manchester United captains Gary Neville and Roy Keane who were all providing punditry for Sky Sports ahead of the game expressed support for the cause of the protesters 113 2023 24 partial sale editOn 22 November 2022 the Glazer family announced they were open to a potential sale of the club either in full or in part At the time of this announcement the club s valuation was 3 75 billion The announcement caused a 17 rise in the club s stock market valuation 114 By the deadline for the second round of bidding on 23 March 2023 offers had come from British billionaire Jim Ratcliffe and Qatari Sheikh Jassim bin Hamad bin Khalifa Al Thani for a complete take over and American firm Elliott Investment Management for a minority stake It was reported that the maximum bids were 4 5 billion and did not match the Glazers 6 billion valuation of the club 115 The Financial Times reported Sheikh Jassim had made an improved 5 billion offer in the third round of bidding as well as an unknown bid by Ratcliffe At this time the club was valued at 2 5 billion with 640 million of debt 116 On 24 August it was reported that Jassim s fifth bid of 5 billion was still on the table but there were growing concerns that no sale would occur 117 On 6 September following reports of the sale being off following neither bidder meeting the Glazers 10 billion valuation the club suffered a one day reduction of 18 of its share price the biggest drop in its history putting the club s value at 2 5 billion 118 On 14 October Sheikh Jassim withdrew from the bidding process with it being reported that he was growing frustrated with the lack of progress on The Glazers end It was also reported that Ratcliffe s bid for 25 of the club was nearing completion and this would be the first step in a gradual full take over 119 120 On 24 December 2023 Ratcliffe s partial acquisition of 25 of Manchester United including full sporting control was announced 121 122 123 124 125 On 20 February 2024 Ratcliffe s partial acquisition of the club was confirmed The sale was completed through Trawlers Ltd a wholly owned entity of Ratcliffe The deal saw Ratcliffe pay approximately 1 3 billion 125 for an initial 26 2 stake in the club Further shares were then issued in return for a 158 5 million capital investment made by Ratcliffe upon completion of the deal which increased his ownership to 27 7 Ratcliffe will invest a further 79 2 million by 31 December 2024 and his ownership will then increase to 28 9 per cent 126 127 128 See also editHistory of Manchester United F C References editBibliographyBose Mihir 2007 Manchester Disunited Trouble and Takeover at the World s Richest Football Club London Aurum Press ISBN 978 1 84513 121 0 Conn David 1997 The Football Business The Modern Football Classic Edinburgh Mainstream Publishing ISBN 1 84018 101 X Crick Michael Smith David 1990 Manchester United The Betrayal of a Legend London Pan Books ISBN 0 330 31440 8 Murphy Alex 2012 2006 The Official Illustrated History of Manchester United 5th ed London Orion Books ISBN 978 1 4711 0262 2 White Jim 2008 Manchester United The Biography London Sphere ISBN 978 1 84744 088 4 Notes a b Analysis of the Glazer bond documents shows Manchester United will haemorrhage over half a billion in cash in the next seven years the andersred blog 18 January 2010 Retrieved 7 May 2010 Bond David 16 November 2010 Manchester United s Glazer family to pay off PIK loans BBC News British Broadcasting Corporation Retrieved 28 February 2014 Manchester United shares debut in New York BBC News British Broadcasting Corporation 10 August 2012 Man Utd Red Knights takeover attempt shelved BBC News British Broadcasting Corporation 2 June 2010 Retrieved 19 August 2012 Murphy p 11 Murphy p 14 Murphy pp 15 6 Murphy pp 36 39 White p 92 Crick and Smith p 58 White p 153 Crick and Smith p 134 Crick and Smith pp 168 9 Crick and Smith pp 184 6 Crick and Smith pp 277 8 Crick and Smith p 284 Crick and Smith p 293 Bose p 78 Bose p 114 Bose p 157 Bose p 175 Bose p 234 Bose pp 234 5 Bose pp 219 20 Bose p 235 Super Bowl hero takes a slice of Man Utd BBC News British Broadcasting Corporation 2 March 2003 Retrieved 1 April 2011 a b US investor ups Man Utd stake BBC News British Broadcasting Corporation 26 September 2003 Retrieved 6 August 2008 US tycoon ups Man Utd stake BBC News British Broadcasting Corporation 20 October 2003 Retrieved 5 September 2005 Share deal sparks Man U bid talk BBC News British Broadcasting Corporation 29 November 2003 Retrieved 5 September 2005 US bid talk lifts Man Utd shares BBC News British Broadcasting Corporation 13 February 2004 Retrieved 5 September 2005 Glazer raises stake in Man United BBC News British Broadcasting Corporation 24 June 2004 Retrieved 5 September 2005 Glazer stake in Man Utd nears 30 BBC News British Broadcasting Corporation 19 October 2004 Retrieved 5 September 2005 Lutz Tom 10 February 2005 United protesters rage at Glazer The Guardian Retrieved 7 May 2021 Glazer wins control of Man United BBC News British Broadcasting Corporation 12 May 2005 Retrieved 28 February 2014 Q amp A Malcolm Glazer and Man Utd BBC News British Broadcasting Corporation 16 May 2005 Retrieved 5 June 2014 Glazer statement infuriates fans BBC Sport British Broadcasting Corporation 13 May 2005 Retrieved 28 February 2014 Glazer Man Utd stake exceeds 75 BBC News British Broadcasting Corporation 16 May 2005 Retrieved 6 August 2008 Man Utd shares leave stock market BBC News British Broadcasting Corporation 22 June 2005 Retrieved 28 February 2014 Glazer makes final Man Utd offer BBC News British Broadcasting Corporation 23 May 2005 Retrieved 28 February 2014 United board accepts Glazer bid BBC News British Broadcasting Corporation 26 May 2005 Retrieved 28 February 2014 Garrahan Matthew 7 June 2005 Triple Glazers for Manchester United board Financial Times Retrieved 3 August 2020 a b Glazer extends Man Utd deadline BBC News British Broadcasting Corporation 14 June 2005 Retrieved 28 February 2014 Glazer gets 98 of Man Utd shares BBC News British Broadcasting Corporation 23 June 2005 Retrieved 6 August 2008 Glazers escape after fans protest BBC Sport 30 June 2005 Retrieved 3 August 2020 Charlton gives apology to Glazers BBC Sport 30 June 2005 Retrieved 3 August 2020 Bose pp 341 3 Downes Steven 6 April 2006 United score record sponsor deal Times Online London Times Newspapers Retrieved 17 July 2011 subscription required Manchester United s profits flat BBC News British Broadcasting Corporation 26 January 2007 Retrieved 5 June 2014 Taylor Daniel 14 May 2005 Ferguson seeks head to head with Glazer The Guardian London Guardian News and Media Retrieved 17 July 2011 Taylor Daniel 8 April 2006 Ferguson heaps pressure on rivals after Gill confirms he will stay on The Guardian London Guardian News and Media Retrieved 17 July 2011 Murray Watson Andrew 18 June 2006 Glazer puts three more of his children on Manchester United s board Telegraph co uk London Telegraph Media Group Retrieved 17 July 2011 Stone Simon 19 June 2006 Three more Glazer siblings to join United board The Guardian London Guardian News and Media Retrieved 17 July 2011 Stone Simon 24 January 2006 Manchester United profits fall by 12 3m The Scotsman Johnston Press Digital Publishing Retrieved 6 August 2008 a b Bond David 20 August 2010 Manchester United owners hit by debt payment rise BBC Sport British Broadcasting Corporation Retrieved 1 July 2011 Man Utd play down fears after 660m refinancing ESPN Soccernet ESPN 18 July 2006 Retrieved 6 August 2008 Power Helen 6 August 2008 Credit crisis one year on Risky debt notes could be a losing game Telegraph co uk London Telegraph Media Group Retrieved 5 June 2014 Manchester United debt hits 716m BBC News British Broadcasting Corporation 20 January 2010 Retrieved 26 January 2010 Manchester United to raise 500m BBC News British Broadcasting Corporation 11 January 2010 Retrieved 26 January 2010 Wilson Bill 22 January 2010 Manchester United raise 504m in bond issue BBC News British Broadcasting Corporation Retrieved 26 January 2010 Smoke bomb at Manchester United in anti Glazer protest BBC News 9 May 2010 Retrieved 7 May 2021 Gibson Owen Taylor Daniel 16 November 2010 Manchester United fans want answers as Glazers prepare to pay off debt guardian co uk Guardian News and Media Retrieved 8 September 2012 The full details on the terms of the PIKs the andersred blog 16 November 2010 Retrieved 8 September 2012 Gibson Owen 17 November 2010 So how did the Glazers raise the money to pay off a 220m loan The Guardian Guardian News and Media Retrieved 8 September 2012 Manchester United fans discontent with Glazer family in pictures Telegraph co uk London Telegraph Media Group 16 November 2010 Retrieved 2 August 2011 Hughes Ian 23 January 2010 Man Utd 4 0 Hull BBC Sport British Broadcasting Corporation Retrieved 26 January 2010 Prime Minister Gordon Brown warns football over debts BBC Sport British Broadcasting Corporation 25 January 2010 Retrieved 26 January 2010 Conn David 27 February 2010 Manchester United fans prepare to show their true colours at Wembley The Guardian Guardian News and Media Retrieved 5 June 2014 Hassan Nabil Roan Dan 30 January 2010 Wealthy Man Utd fans approach broker about takeover BBC Sport British Broadcasting Corporation Retrieved 4 March 2010 a b Sinnott John 2 March 2010 Financiers hold Manchester United takeover talks BBC Sport British Broadcasting Corporation Retrieved 4 March 2010 Manchester United says debts have fallen BBC News British Broadcasting Corporation 2 March 2010 Retrieved 5 March 2010 Wilson Bill 3 March 2010 Manchester United owners Glazers get backing from Gill BBC News British Broadcasting Corporation Retrieved 5 March 2010 Pearce James 10 March 2010 Old Trafford under the spotlight BBC Sport British Broadcasting Corporation Retrieved 5 June 2014 McNulty Phil 11 March 2010 Beckham shows true colours BBC Sport British Broadcasting Corporation Retrieved 13 March 2010 Sir Alex Ferguson dismisses Red Knights link BBC Sport British Broadcasting Corporation 7 March 2010 Retrieved 14 March 2010 Wilson Bill 2 March 2010 Would be Man Utd buyers will need deep pockets BBC News British Broadcasting Corporation Retrieved 5 March 2010 Manchester United Red Knights will not overpay BBC News British Broadcasting Corporation 5 March 2010 Retrieved 5 March 2010 Manchester United suitors Red Knights appoint advisers BBC News British Broadcasting Corporation 11 March 2010 Retrieved 14 March 2010 Fans group Red Knights delays bid for Manchester United BBC Sport British Broadcasting Corporation 26 March 2010 Retrieved 3 April 2010 Bond David 2 April 2010 Red Knights continue to plot BBC Sport British Broadcasting Corporation Retrieved 3 April 2010 Moya Elena 2 June 2010 Manchester United s inflated valuation dents Red Knights ambitions The Guardian Guardian News and Media Retrieved 5 June 2014 Man Utd Red Knights takeover attempt shelved BBC News British Broadcasting Corporation 2 June 2010 Retrieved 11 July 2011 Wachman Richard 12 June 2011 Glazers eye Hong Kong listing for Manchester United The Guardian Guardian News and Media Retrieved 28 February 2014 Man Utd considers partial Asian flotation BBC News British Broadcasting Corporation 17 August 2011 Retrieved 28 February 2014 Man Utd to float stake in club on Singapore market BBC News British Broadcasting Corporation 18 August 2011 Retrieved 28 February 2014 Manchester United get approval for Singapore share sale BBC News British Broadcasting Corporation 16 September 2011 Retrieved 28 February 2014 Manchester United may move share sale to US reports say BBC News British Broadcasting Corporation 14 June 2012 Retrieved 28 February 2014 Manchester United seeks 100m New York stock sale BBC News British Broadcasting Corporation 3 July 2012 Retrieved 28 February 2014 Man Utd to sell shares at 16 each in New York sale BBC News British Broadcasting Corporation 30 July 2012 Retrieved 28 February 2014 Conn David 4 July 2012 Manchester United tackle debt by floating on New York Stock Exchange The Guardian Guardian News and Media Retrieved 28 February 2014 Anderson Richard 1 August 2012 Manchester United share sale causes controversy among fans and investors BBC News British Broadcasting Corporation Retrieved 28 February 2014 James Stuart 26 July 2012 Manchester United s New York setback exposes failings of Glazers plan The Guardian Guardian News and Media Retrieved 28 February 2014 Manchester United lowers stock float value BBC News British Broadcasting Corporation 10 August 2012 Retrieved 28 February 2014 Manchester United shares debut in New York BBC News British Broadcasting Corporation 10 August 2012 Retrieved 28 February 2014 Manchester United George Soros invests in football club BBC News British Broadcasting Corporation 21 August 2012 Retrieved 28 February 2014 Manchester United reduces debt to 359 7m BBC News British Broadcasting Corporation 14 November 2012 Retrieved 28 February 2014 Manchester United cuts debt costs BBC News British Broadcasting Corporation 24 May 2013 Retrieved 28 February 2014 Green Andy 13 March 2014 Baron Capital s stake in Manchester United getting the numbers right Andy Green Retrieved 7 October 2014 Manchester United shares bought by US investment firm BBC News British Broadcasting Corporation 11 March 2014 Retrieved 14 March 2014 Dzombak Dan 7 October 2014 Here s Why This Billionaire Fund Manager is Betting Big on Manchester United Stock The Motley Fool Retrieved 8 October 2014 Malcolm Glazer dies Man Utd s former owner dies aged 85 BBC Sport British Broadcasting Corporation 28 May 2014 Retrieved 29 May 2014 Rumsby Ben 5 May 2021 Manchester United s finances explained How has the Glazer ownership affected the club The Daily Telegraph Archived from the original on 5 May 2021 Retrieved 6 May 2021 Christenson Marcus 20 April 2021 England s big six pull out of European Super League what they said TheGuardian com Archived from the original on 23 April 2021 Grace Liam 23 April 2021 Man Utd fans stage protest against Glazer family at Carrington training ground amid European Super League debacle Sky Sports Archived from the original on 12 July 2023 Manchester United fans anti Glazer protest at OId Trafford Pictures and Videos 24 April 2021 Morgan Tom 24 April 2021 Thousands of fans gather outside Old Trafford in protest against Man Utd owners The Telegraph via www telegraph co uk United fans gather outside Old Trafford for protest latest updates 24 April 2021 Whitwell Laurie Joel Glazer issues apology to Manchester United fans after Super League unrest The Atlantic Manchester United fans reject Joel Glazer s Super League apology The Atlantic Manchester United vs Liverpool postponed after anti Glazer fan protests at Old Trafford Sky Sports a b Man Utd v Liverpool off after protest BBC Sport Officer has face slashed as Manchester United anti Glazer protests force Liverpool game to be postponed Manchester United v Liverpool postponed after fans invade Old Trafford in protest TheGuardian com 2 May 2021 Roy Keane makes Jamie Carragher remark as fans break into Old Trafford 2 May 2021 Jackson Jamie 22 November 2022 Manchester United up for sale as Glazers announce plans to leave Old Trafford The Guardian ISSN 0261 3077 Retrieved 18 October 2023 Manchester United sale Extensions granted for Qatar s Sheikh Jassim and Sir Jim Ratcliffe s Ineos Sky Sports Retrieved 18 October 2023 Agini Samuel 6 May 2023 Manchester United sale runs into extra time after three rounds of bidding Financial Times Retrieved 18 October 2023 Manchester United takeover Sheikh Jassim s 5bn offer remains on table but concerns Glazer family will not sell Sky Sports Retrieved 18 October 2023 Manchester United shares dive on report sale is off BBC News 6 September 2023 Retrieved 18 October 2023 Manchester United Qatari businessman Sheikh Jassim withdraws from process to buy club Sky Sports Retrieved 18 October 2023 Qatar s Sheikh Jassim withdraws from bid to buy Man Utd BBC Sport 14 October 2023 Retrieved 18 October 2023 Manchester United takeover Sir Jim Ratcliffe completes deal to purchase 25 per cent of club Mixed feelings from fans as Manchester United confirm sale of 25 stake to British billionaire Sir Jim Ratcliffe Jackson Jamie 24 December 2023 Sir Jim Ratcliffe completes deal to buy Manchester United 25 minority stake The Guardian Sir Jim Ratcliffe finally completes Manchester United minority takeover Independent co uk 24 December 2023 a b Dawson Rob 24 December 2023 Sir Jim Ratcliffe completes 25 investment in Man United ESPN Archived from the original on 18 January 2024 Sir Jim Ratcliffe completes purchase of Manchester United stake Bracknell News 20 February 2024 Archived from the original on 21 February 2024 Manchester United PLC and Trawlers Ltd Announce the Successful Completion of Sir Jim Ratcliffe s Minority Investment Business Wire Press release 20 February 2024 Archived from the original on 21 February 2024 Jackson Jamie 20 February 2024 Sir Jim Ratcliffe s Manchester United buy in gets official sign off The Guardian Retrieved from https en wikipedia org w index php title Glazer ownership of Manchester United amp oldid 1216623419, wikipedia, wiki, book, books, library,

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