Glazer family plot ‘final cruel twist’ to leave Man Utd with ‘£500m in debts’ as ‘four parties’ show interest
The Glazer family are reportedly planning to leave Man Utd with ‘£500m in debts’ but ‘four parties’ are said to be interested in taking the club over.
The club’s owners put Man Utd up for sale towards the end of November. This followed years of mass protests against the family by United supporters.
There has been a feeling that not enough investment has gone into modernising Old Trafford and the club’s training ground. The Glazer family were also criticised after they were involved in the European Super League.
The Glazer family are reportedly planning to conclude a deal during the first quarter of this year.
The Mirror are reporting that the Glazer family ‘are planning to leave behind the £500 million debts they have accrued at Old Trafford’. This is described as ‘one final cruel twist of pain’.
They hope to sell for around £6bn and this ‘will also include an understanding that they will walk away from the financial mess that is prompting them to finally get out of Manchester’.
The report states that United’s current debts stand at ‘just under £515m’. With Old Trafford in need of a ‘revamp’, it is indicated that ‘the final bill to bring United back up to standard could come in at more than £8 billion’.
This is not deterring bidders though as there is ‘no shortage of interest’. Sir Jim Ratcliffe ‘wants to buy the club’ but interest has also been ‘lodged’ from ‘the Far East, Middle East and United States with Raines Group, the merchant bank tasked with the sale’.
Sky Sports’ Kaveh Solhekol recently reported that Man Utd are indeed likely to “change hands” before next season.
“Sir Jim Ratcliffe has always made it clear he wants to buy a Premier League club. A few years ago he said Premier League clubs were overvalued, which is why he went and bought Nice for €100m. He said he wasn’t going to spend billions of pounds on a Premier League club, but his attitude has changed over the past few years,” Solhekol told Sky Sports.
“His company has a lot of interest in different sports, he’s somebody who grew up as a Manchester United supporter even though he regularly goes to watch Chelsea. Last year, he tried to buy Chelsea when they were put up for sale. He made a very, very late bid of about £4.25bn which matched the winning bid.
“This time, as far as Manchester United are concerned, he’s the first person to show his hand. I think what we’ll see now is more people showing their hands and more people getting to look at the books. Then next month, we’ll start hearing about different bids that are being made.
“I think we can anticipate Manchester United changing hands before the end of the season if the club is sold 100 per cent.”
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The article Glazer family plot ‘final cruel twist’ to leave Man Utd with ‘£500m in debts’ as ‘four parties’ show interest appeared first on Football365.com.