Top city financiers have held a secret meeting over a possible bid for Manchester United Football Club, according to Sky News sources.
epresentatives from law firm Freshfields and investment bank Goldman Sachs, among others, are involved.
Sky sources said the group, informally known as the Red Knights, met to discuss the possibility of taking control of the football club from the Glazer family.
Sky's city editor Mark Kleinman, who broke the story, told Sky's Jeff Randall: "I should caveat all this by saying that the Red Knights campaign is at a very early stage, and while it has the support of influential fan bodies such as the Manchester United Supporters’ Trust (MUST), it’s possible that those involved may conclude it’s not ultimately viable."
Many Utd fans are bitterly opposed to the Glazer family, staging weekly protests at home games while dressed in green and gold shirts and scalves. They are angry that the club has been allowed to accrue debts of around £700m.
The Manchester United Supporters' Trust distrubuted thousands of ant-Glazer attire at Sunday's Carling Cup final against Aston Villa at Wembley. The colours refer to Newton Heath, the club founded in 1878 that then became Manchester United in 1902.
Yep - of course they will sell - will just hold out for best price - however they don't have much to deal with as all the Red Knights need to do is goto wherever the debts are held and bingo.
Im torn here. Whilst I clearly want the Glazers out because its just horrid being laden with all this debt, I'm not convinced its going to change much. They've said 25.1% of the shares to the fans, which is a great gesture, but what concerns me more is having this "group" of entrepreneurs working together - the nature of an entrepreneur is that they take risks, and I also wonder how these men would sit down together and agree.
Still, anything is better than the Glazers. Except maybe Hicks and Gillette. Who in turn almost prove my worry about having more than one person in charge.
Im torn here. Whilst I clearly want the Glazers out because its just horrid being laden with all this debt, I'm not convinced its going to change much. They've said 25.1% of the shares to the fans, which is a great gesture, but what concerns me more is having this "group" of entrepreneurs working together - the nature of an entrepreneur is that they take risks, and I also wonder how these men would sit down together and agree.
Still, anything is better than the Glazers. Except maybe Hicks and Gillette. Who in turn almost prove my worry about having more than one person in charge.
i understand your point, but maybe if there is a possibility of the glazers selling surely they will go looking for more parties to start a bidding war and will possibly end up in another party taking over which means that they will be gone pretty soon and we will more than likely have some decent owners in. i suppose its just sit tight and see what occurs, only good things can happen i hope.
As above, i think once people know glazer family are willing to sell for the right price, then it will start a bidding war. wouldnt be surprised if it was some big gun overseas, mega rich.
i understand your point, but maybe if there is a possibility of the glazers selling surely they will go looking for more parties to start a bidding war and will possibly end up in another party taking over which means that they will be gone pretty soon and we will more than likely have some decent owners in. i suppose its just sit tight and see what occurs, only good things can happen i hope.
Agree, and if you give me the choice between a bunch of bankers who are United fans and someone who genuinely doesn't understand footballing culture (such as another American, or indeed an Arab), I'd pick the British bankers every day. Although, if Bill Gates came in waving a couple of billion I'd probably welcome another American I'm not hypocritical me, oh no!
Agree, and if you give me the choice between a bunch of bankers who are United fans and someone who genuinely doesn't understand footballing culture (such as another American, or indeed an Arab), I'd pick the British bankers every day. Although, if Bill Gates came in waving a couple of billion I'd probably welcome another American I'm not hypocritical me, oh no!
Yeah but you need someone to take over who has been similar to randy lerner if they have no footballing knowledge, because he has not fucked around with the club or anything and he has let the manager get on with the job. I would hate for someone to come in like abramovich or what they have at man city or QPR because it will be constant chop and change without giving the manager and the players a chance to gel. that i think is the biggest worry
well you've seen what a state they've made of the banks, now lets see how much they can fuck up a football club
They may have made a state of the banks, but they made themselves a personal fortune, so it proves they have something, and if they truly are United fans then that bodes well.
@pratman - agree that Lerner has done well at Villa, not interfering at all, but he hasn't exactly splashed out either has he?
If this lot get the club you will be no better off, if for instance the Glazers sell for 1.2 Billion, your new owners would still be left with the debts of 700 million or whatever they currently stand at. Now as stated these people are entrepreneurs as such they will be in it to make money not because they love the club, and I'm pretty sure the only reason the will offer to sell 25% of their asset is to raise cash to cover the debts they will inherit if they succeed in purchasing the club. There main intensions will be to take money out of the club and into there pockets ala the Glazers there are only a few of them taking loans from the club and dividends, multiply that by 50. Ok there will still only be a finite amount of cash to go around but they be like dogs with a bone trying to get their slice and that cannot be good.
Also just spotted the Glazers have stated they have no intention of selling up until 2017 or until they can milk UTD for as much as possible before moving on. Has anyone looked at the state of the American Teams which they have been involved with?
Eh? Surely the 1.2 billion paid to Glazers would include the debt, as the Glazer's personal liability is (I believe) only around £250 million, and non-one in their right mind would pay £1.2 billion for £250 million worth. No, surely the 1.2 billion in your scenario would pay off the entire £715 million debt and give the Glazers a clear half billion profit? Seriously, they'd be absolutely stupid to turn that down.
Didn't they pay 1 billion for the club there or there abouts,putting up 300 or so million themselves and then basically borrowing against the value of the club for the rest?
They paid £750 million of which £500 million was the secured loans, which have increased to £716 million or something, so only £250 (or £300, not sure) million of their own money was ever put in, so they personally wouldnt be expecting to get £1.2 billion back and the club to STILL be in £700 million of debt, because that would then make the total cost of the club £1.9 billion which is utter nonsense IMO.
Finance Chiefs Plot Man U Takeover
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Re: Finance Chiefs Plot Man U Takeover
Originally Posted by BBK
I'm not hypocritical me, oh no!
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