Sir Jim Ratcliffe and INEOS expected to run Manchester United’s football operations as part of deal to buy 25 per cent of the club.
They want to buy United in a phased takeover and their 25 per cent stake is seen as first step in that process.
Outstanding questions for Ratcliffe and INEOS:
Where is the £1.3 billion coming from?
Is it being borrowed? If so, who will be responsible for paying it back?
How long will it take them to own the whole club? When will the Glazers be leaving? Are they definitely going?
What role are Ratcliffe’s advisers JP Morgan and Goldman Sachs playing in the deal? How much are they making? Who’s paying them? (JP Morgan worked with Malcolm Glazer when he bought United in controversial £790 million LBO 18 years ago? They also backed the doomed European Super League project in 2021.)
What will the money be spent on? Is it all going to the Glazers, apart from what will be going to owners of A shares which are traded on NYSE?
What is going to happen to United’s debt which was £969 million in March? (United were debt free before Glazers arrived and their ownership has cost United more than £1 billion in interest, dividends and bank charges.)
What are their plans for redeveloping Old Trafford and the training ground?
Are INEOS using their sports investments to greenwash their image as an operator of polluting industries?
What will happen to Nice and Lausanne - the other clubs owned by INEOS?
Ratcliffe has met Erik ten Hag. How much faith does he have in the manager? Will money be made available to strengthen the squad?
What will Dave Brailsford’s role be at United?
Will there be a new sporting director?
Which executives will be staying and who will be going?
The news last night of the Qatari withdrawal leaves Manchester United on the brink of a minority investment.
Can this really work and what impact will it have on a struggling organisation?
It’s worth setting out my non-negotiables on a takeover of Manchester United that I made over a year ago.
1. A new sporting project
2. A new or redeveloped Old Trafford
3. A New training ground
4. Full redevelopment of the surrounding land to create a Manchester United World and amazing fan experience
5. Pay off the debt and stop taking dividends until the above is done
I’m adding a 6th due to events in the last 2-3 years.
6. The club requires leadership that is statesmanlike on major issues that enables a fairer, more inclusive and diverse game. Leadership that builds a positive environment and culture whilst adhering to the clubs values and principles and one that is willing to make tough decisions to prevent an erosion in the clubs public image.
How does a minority stakeholder positively impact the club to achieve the above? Can a minority shareholder have any impact on the above. It leaves more questions than answers.
My preference is and always will be now for a Glazer family full exit. They have overstayed their welcome in Manchester yet seem oblivious to this fact.
There is much up in the air but I threw down the following questions I’m sure fans would like answering?
There will be lots more but here’s a starter for 16..
1. What does the distribution of funds look like? Is all the cash being taken out of the club?
2. Which Glazers are going or is it a family dilution?
3. How does it impact the NYSE shareholders?
4. Does the executive stay the same?
5. Does the sporting side stay the same above the manager?
6. Who within the board has sporting control?
7. Are there future dilution clauses with the Glazer family in any deal you do as a minority shareholder? When are they?
8. We’re maxed out on the credit card and debt. How is this deal going to change the capital structure and financial issues the club has?
9. Is any further debt being placed on the club?
10. Is any debt being paid off?
11. How does this deal impact the board composition?
12. How does a minority shareholder impact the negative culture within the entire organisation?
13. Old Trafford is tired and is in need of significant redevelopment. How does this deal resolve this issue?
14. Will this deal allow the development of the training ground to its required standard?
15. Old Trafford requires significant investment on its surrounding land. Does this deal impact this requirement positively or does it leave it as a concrete wasteland?
16. How does a minority shareholder stop cultural decline across a whole organisation if the people who have overseen this decline still have a majority shareholding?
Anyway here’s your Sunday post!
🚨🚨| Bruno Fernandes in Euro 2024 qualifying:
◉ Most chances created (29)
◉ Most goals + assists (11)
◉ Most big chances created (9)
◉ Most assists (7)
The best midfielder in the world. ❤️💫
🎙️ Patrice Evra on Sir Alex Ferguson's team talk before the Champions League final in 2008:
"Ferguson said: 'I've already won. We don't even need to play this game.' We were like: What is he talking about? The game hasn't even started.
Then Ferguson turned to me, 'Look at Patrice,' he said. 'He's got 24 brothers and sisters. Imagine what his mother had to do to put food on the table!'
Then he turned to Wayne Rooney: 'Look at Wayne. He grew up in one of the toughest part of Liverpool.' Then he turned to Park Ji-sung; 'Look at Ji, he's come all the way from South Korea.'
As the boss talks about our stories, we began to realise that he was referring to a fellowship. We were not just a football team - we were people from every corner of the world, from all kinds of cultures and races and religions. And now we were there, together in a dressing room in Moscow, fighting for a common cause. Through football, we had become brothers.
'THIS is my victory' Ferguson said. We all got goosebumps. Then we went out and won the Champions League. That's Manchester United. That's why I love this game."
✍️ @PlayersTribune
Harry Maguire’s game by numbers vs. Brentford:
90% pass accuracy
68 touches
56/62 passes completed
10/12 long balls completed
2/2 aerial duels won
2 interceptions
1 assist
Colossal. 😤
Out of all the times we could have scored Fergie time winners, it’s this week and it’s a Scotsman with 2 goals in Fergie time.
Football is genuinely scripted, you know.
Wtf is this?!
Allowing the away fans to enter the home parts of the stadium is one thing, but tearing down and vandalising signage that has been there years is another.
Disgusting. I hope Galatasaray is fined.
It’s only fair if the Premier League replay this match please.
United would have won five titles in a row if the officials could do their jobs properly.
🚨🔴No team in the Premier League has been damaged more by the referees over the years than Manchester United.
This is a fact that should be discussed by the Premier League. And this year, no club has been damaged more by VAR than #mufc
This offside goal from Chelsea in the photo cost us winning the PL 5 years in a row, but nobody talks. 🤷♂️
Sofyan Amrabat's first start for Manchester United.
• 92 touches
• 96% passes completed
• possession lost (4)
• 2/2 successful tackles
• 5/6 ground duels won
• 0 dribbled past
Our Moroccan Terminator. 🇲🇦🔥
Just thinking about how Evans will be absolutely buzzing about the last two games. Great assist at the weekend then the Old Trafford crowd singing his name on repeat from the first half today. I’m a sentimental bastard and I live for this shit.