The Glazer family have been handed a stark warning that selling a minority stake in Manchester United would be a “disaster” and result in the return of open mutiny from supporters.
The elongated sale process will see Raine invite a third round of bids for the club next week amid suspicions that the prospects of a full takeover are dimming.
US private equity firm Carlyle, which has assets of more than £300bn, is one of a number of firms pitching for a minority stake in the club, along with former AC Milan owners Elliott Management and a clutch of other US investors.
The implications of that are obvious. With the Glazer family understood to be split on their future intentions – brothers Joel and Avram want to retain control of the club while four of their siblings (Darcie, Bryan, Kevin and Edward) are more open to a sale – selling a minority stake would be a vehicle to bring in fresh investment for infrastructure and squad spending without relinquishing control.
But a tepid exit from the Europa League reinforced just how far the Red Devils are from competing at the top level and the Manchester United Supporters’ Trust (Must) says a minority sale would be unacceptable.
“We’re very clear on that – it’s a worst case scenario,” Must director of communications and Fan Forum member, Chris Rumfitt, tells i.
“If the outcome of this process was the propping up of the Glazer ownership with potentially more debt, not less, then I think that would be a disaster and I think you would see open revolt from fans once again.
“Potentially the only beneficiaries from that are the four siblings who are most motivated to sell. That looks like a way for the four silent siblings to sell their stake and Joel and Avi to continue. We are very, very clear that would be a disaster and the reaction of fans to that would be mutinous.”
i understands that all buyers will seek clarity when the deadline for third bids expires on April 28. Sunday will mark six months since the original announcement that a sales process was under way and Rumfitt speaks for many close to the process when he says that “not much has happened” since then.
The Glazers’ optimistic hope of raising £6bn in a straight sale looks highly unlikely given a second round of bids resulted only in marginal increases in the original offers from main bidders Sheikh Jassim bin Hamad al-Thani and Sir Jim Ratcliffe’s Ineos group.
“Everyone has the same spreadsheet, any bid of more than £4bn looks very reasonable to us,” Rumfitt says.
One source close to the process admitted there was a degree of “impatience” from the buying side with how long things had taken. But US sources say the Qatari-backed bid remains absolutely committed to the process.
The Must have not committed to backing one bid but have instead published a list of requirements and principles any new owner must adhere to, and want dialogue with any custodian as soon as they take over.
They are looking to revive a fan share scheme agreed with the Glazers but shelved amid the takeover process as they seek a “minority but meaningful voice” in the running of the club.
Like everything, that has been mothballed while the sale process rumbles on.
“We said this process needed to move quickly because we’ve seen with other clubs with uncertainty over their ownership lasting years,” Rumfitt said.
“So one of the first things we said was this process needs to be expedited.
“We appreciate these are complex business transactions but we’re now nearly six months from when the announcement was made and how much further forward are we?”
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