Avram Glazer Against Full Sale of Manchester United
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Manchester United co-owner Avram Glazer is against the full sale of the club, according to a report in the Daily Mail.
Manchester United announced in November last year that its Board of Directors have commenced a process to explore strategic alternatives, including a potential sale of the club. The Premier League club then appointed Raine Group – who oversaw the sale of Chelsea to a consortium led by Todd Boehly – as their exclusive financial advisors.
Manchester United have received at least three full takeover bids. Sheikh Jassim bin Hamad al-Thani, the chairman of Qatar Islamic Bank, via Nine Two Foundation recently submitted a second bid for Manchester United. So did INEOS chairman Sir Jim Ratcliffe, one of Britain’s richest people.
Finnish entrepreneur Thomas Zilliacus also submitted a ‘full takeover’ bid to buy Manchester United. Thomas Zilliacus said his bid is built on an equality with the fans. He said his group would finance half the sum required for the takeover and would ask the fans to participate in the other half.
Since the offers have not met what the Glazer family want, there are concerns an outright sale of Manchester United will not happen.
According to Daily Mail, Avram Glazer is against a full sale of the club. His brother Joel Glazer, meanwhile, is “thought to be reticent but ‘persuade-able’ about a full sale”, according to the English outlet.
The other four siblings of Avram Glazer and Joel Glazer are rumoured to be in favour of selling Man Utd at a big profit, but not necessarily at the £6bn valuation the family are reportedly holding out for.
Raine Group have also received a bid from Elliott Investment Management for a minority stake in Manchester United which would allow the Glazer family to retain control of the Premier League club.
It remains to be seen what the Glazer family will decide. Will they accept any of the full takeover bids they have received or opt to retain control of Manchester United and only sell a minority stake? Only time will tell.
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