PREMIER LEAGUE
Why has the sale of Manchester United turned into “a farce”?
Finnish businessman Thomas Zilliacus has pulled out of the running to buy the Red Devils amidst takeover uncertainty.
The sale of Manchester United is dragging on and on and on. Billion-dollar offers have come in from interested parties which have seemingly not satisfied the current owners, the Glazer family, who have instructed Raine Group, the American bank overseeing the process, to set one last deadline - 28 April - for any final bids.
The bidding war has seen several parties drop out, with the last two men standing likely to be Jim Ratcliffe, the Greater Manchester-born owner of chemicals company INEOS, and Sheikh Jassim bin Hamad al-Thani, the man fronting the Qatari bid to buy the club. Ratcliffe is thought to be looking for partial ownership of the club, with the Qataris preferring a full takeover. Two different offers, each of which has their benefits.
Uncertainty making United sale a “farce”
At this point, the big unknown is what exactly it is that the Glazers want. Some reports state that they would be willing to sell a percentage of the club but not all of it, while others believe that the proposed ‘sale’ is simply a strategy being deployed to revalue United and that ultimately no offers will be accepted.
That is the view held by Finnish businessman Thomas Zilliacus, who has opted to withdraw his bid and the founder and chairman of XXI Century Capital, an investment company, vented his anger at the way the process was being managed on social media:
“I have declined participation in a third bidding round for United. The bidding is turning into a farce, with Glazers giving no respect to the club. The delays will make it very difficult for any new owner to build a winning team for next season.”
Other groups of investors are also thought to have been put off for the same reason; the longer the sale drags on, the more difficult it will be to put together a winning team.
If the club is ultimately not sold, the Glazer family will undoubtedly face a huge backlash from the United support...not for the first time. The American owners have been fiercely criticised for only thinking about making money off the field and neglecting everything happening on it.
Old Trafford not chosen for 2028 European Championship bid
On top of everything, it was revealed on Wednesday that Old Trafford, United’s home ground, hadn’t been selected as one of the 10 venues which are part of a UK and Ireland bid to host the 2028 European Championships. Club legend and outspoken Glazer critic Gary Neville has no doubt where the blame lies.
“The Glazer family have, for years, been warned about a lack of investment in Old Trafford. They have overseen a decline for 20 years in which it has gone from being one of the best stadiums in the world to one that can’t even get into the top 10 in the UK and Ireland. This is an all-time low. That it is not in the best 10 to host a tournament is a joke.”
United legend Gary Neville: “The Glazers have to get out as soon as possible”
In recent times, clips of issues inside the stadium, such as leaking roofs, have done the rounds, with Neville putting it down to a lack of investment: “There has been no investment. It’s a rusty stadium. This is a dereliction of duty. It’s shameful. There are still reports that they won’t sell and instead accept partial investment... They have to get out as soon as possible to allow new owners to come in and put United back where they should be, on and off the field,” he concluded.