The Glazer family now appear to be united on their intentions to sell Manchester United outright this summer, which should raise hopes of a Sheikh Jassim takeover
Sheikh Jassim has received a huge boost in his hopes of buying Manchester United as the Glazer family finally agree on the sale of the club.
The family were feared to be at odds over the sale of the Premier League giants, with Avram and Joel believed to be at odds with their brothers due to their closer ties to the club, although there is now believed to be unity sale.
Qatari businessman Sheikh Jassim is bidding for the club alongside Britain’s richest man Sir Jim Ratcliffe who was previously regarded as a firm favorite with his strategy to buy the United.
The offer from the INEOS boss would see him take a majority stake in the club and current owners Joel and Avram Glazer temporarily retain a 20% stake in United.
Both favorites have recently submitted multiple bids, with Sheikh Jassim proposing a full takeover of United. Earlier this month, he submitted an improved fifth bid for United. If the Qatari businessman is successful, the Glazers would leave Old Trafford immediately.
At least two of the six Glazer siblings – Joel and Avram – appear to have preferred an option whereby an outside investor would take a stake in the club to help fund major investment projects such as the redevelopment of Old Trafford stadium and the help from the Carrington training ground. Now, however, a change of ownership is likely.
Logistically, this appears to favor the Qatari offer as they have always intended to sell the club this summer, with no transition period or interim shared control.
It’s not a major development, but it should speed up a process that has now taken over seven months and spanned over 200 days.
Several US investment firms – Elliott Management, Carlyle Group and Ares Management – are proposing a minority investment in the club, leaving the Glazers in charge of United, but with further buying power available.
Yet this is now considered unlikely.
The Glazers are deeply unpopular with fans after their leveraged buyout in 2005 left the club with huge debts, while on the pitch the Red Devils have failed to win the Premier League title for a decade. United fans want the Glazers to give up the club in its entirety.
