The Glazer family will face a fresh wave of protests at Old Trafford on Saturday over the club’s stalled takeover – as sources close to the protracted process fear it is now “increasingly unlikely” the clan will surrender control of Manchester United.
New claims that United could finally be sold by October were played down by sources involved with both of the rival bids who are united by their weariness at a lack of progress in a process that continues to drain time, resources and intellectual investment to no avail.
While the two main bidders – Sir Jim Ratcliffe’s Ineos group and Sheikh Jassim bin Hamad Al Thani’s Nine Two Foundation – have both told i that they remain “in play” in the takeover process and ready to complete in weeks if a firm decision is taken, neither has heard anything from the Raine Group recently.
Sheikh Jassim’s “final offer” was made on 7 June and some of those close to the Qatari banker’s bid now doubt that the family will agree to relinquish control because they feel bids valuing the club at under £6bn are not enough.
“It is a premium offer and remains on the table but there has been no change. It seems increasingly unlikely the Glazers want to sell,” one source told i.
Fan group The 1958 have warned that protests will continue through the autumn and winter if the Glazers don’t sell up and a 60-minute sit-in is planned on Saturday after the Nottingham Forest game to protest against their inertia. And the Manchester United Supporters Trust (Must) told i the Glazers are “holding the club hostage” by refusing to make a decision on the club’s future.
“It is nine months and the hope of change has receded and fans are just exasperated, fed up and hoping desperately for some news,” spokesman Chris Rumsfitt said.
“We feel the Glazers are holding the club and supporters hostage and it is holding back the club from making progress. History will tell you that at clubs that are up for sale investment is stripped back and the club falls behind.
“Slow decision-making has always been a hallmark of the Glazer family ownership but this is taking the biscuit.”
Insiders have suggested that the club has been paralysed by the uncertainty around the so-called strategic review that was launched in November.
Among the projects mothballed while the review plays out are stadium and training ground improvements and a fan share scheme launched in conjunction with the supporters trust which was envisaged as the first step along the path of partial supporter ownership. The Must has told i that has been “paused” indefinitely.
While the club has signed players this summer, that should be viewed as no more than normal player trading and not investment by the Glazers. i understands Sheikh Jassim had wanted to take control in time for the summer transfer window to oversee “transformative” investment in the squad.
But that did not happen and some in the game believe that this summer’s developments in the game – such as the explosion in transfer fees and the increasing influx of global investment – will have encouraged the Glazers to stick to their guns, wait it out and look for a figure in excess of £6bn somewhere down the line.
“The Glazers are convinced that there’s money to be made in the utilisation of new technology, such as artificial intelligence and augmented reality, which are coming very soon,” football finance expert Kieran Maguire told i.
“From their perspective, the Glazers can’t lose. They make a fortune in either dividends or management fees and while it creates a vacuum on the ground they’ve shown they don’t care.”
from Football - inews.co.uk https://ift.tt/rFLChvE
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