Sources that have worked with the owners indicate Avram Glazer and his brother Joel are reluctant to cede Manchester United, in contrast to their siblings; Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe are only public bidders, and their offers fall short of £6bn asking price
Wednesday 1 March 2023 08:41, UK
Avram Glazer's presence at Wembley as Manchester United lifted the first trophy of the Erik ten Hag era has "fed growing fears the club will not be sold outright," Sky Sports News has been told.
Sources that have worked with the owners indicate the executive co-chairman and his brother Joel are reluctant to cede United, in contrast to their siblings Kevin, Edward, Bryan and Darcie - a position hardened by "underwhelming indicative offers".
The Glazers expected more interest to be registered to The Raine Group by their soft deadline for proposals on February 17. Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe are the only public bidders, and their tenders fall short of the £6bn being targeted.
Formal offers would need to be significantly increased to tempt the Glazers into an outright sale. Their feeling is that United's stature, pull around the globe especially in emerging markets and potential for future growth revenue has been underestimated. This is even factoring in the club's net debt of £656m, transfer fees owed and the enormous cost of enhancing the infrastructure.
Avram Glazer, who was in the company of Sir Alex Ferguson as a six-year wait for a trophy was ended in Carabao Cup final victory over Newcastle, has previously said the process to explore strategic alternatives is "not necessarily a sale."
The club's statement on the matter ended with the kicker that "there can be no assurance that the review being undertaken will result in any transaction involving the company".
As recently as October, Ratcliffe revealed the Glazers "do not want to sell".
Sources say that the market has been slightly misread after the scale of interest when Chelsea was available to buy in contrasting circumstances.
This is also evident in John W Henry announcing Fenway Sports Group would retain control of Liverpool and only investment is currently being considered.
United fans made their stance clear even amid the joy of Sunday's win. "We want Glazers out" was the most consistent chant at Wembley.
When asked about Avram's attendance of the final, Ten Hag said: "He was really happy for the club, as our owner. He wanted to be part of it. He was in the dressing room, it was good he was here. It showed his intentions."
On what those intentions are, he added: "I don't know, I'm not involved in that process but the way he is here, you feel he is committed. What he wants, that is not for me [to say]. I have to lead this team. Others in the club are involved in decisions about ownership."
Sheikh Jassim is still determined to buy United off the Glazers, reports Sky Sports News reporter Kaveh Solhekol.
The Qatari businessman would have liked to attend the Carabao Cup final at Wembley on Sunday but he felt it was not appropriate under the circumstances. Instead, the Sheikh watched the game at home with his friends and family.
He believes he has made a very good offer for the club, with the prospective buyer from Qatar keen to invest in the club, the infrastructure and the community.
The Sheikh is waiting to hear back from the Raine Group for a response to his opening indicative offer. The bidders are expecting an update on the opening part of the bidding process from the New York group this week.
Sir Jim Ratcliffe also remains determined to buy Manchester United and is totally committed to his bid.
He wants to buy the club for the right reasons and to run it in the right way. The INEOS owner also believes he has made a very good offer which will turn the club into a model of progressive, fan-centred ownership.
Sky Sports News senior reporter Melissa Reddy:
"They were expecting a greater uptake [for the sale of Man Utd] - we know there are only two public bidders, neither of them have got close to the £6bn valuation the Glazers want.
"They feel that the club when you look at the potential for commercial growth, how they factor in emerging markets and just what a massive sporting asset this is.
"It doesn't matter how much debt the club has, it doesn't matter how much the infrastructure is going to cost, it doesn't matter how much they owe in transfer fees. The Glazers believe you should be puffing your chest out to own Man Utd and if you take it from them you've got to put the money down.
"At the moment, it seems like they're very, very reluctant to part with the club especially if they don't get anywhere close to their valuation.
"I think they misread the market. Liverpool's owners, FSG, had the same thing. They looked at Chelsea, whose sale was completely different, there were sanctions imposed and it needed to be a quick-fire sale.
"The scale of interest told Man Utd and Liverpool owners that there would be greater interest because they are two bigger clubs, but that hasn't really been the case. There are few things bubbling underneath that show we might be getting too excited about a Man Utd takeover."
Sports commercial advisor Ben Peppi on Sky Sports News:
"I think there's a few reasons. Chelsea was a quicker sale and it had to be a quicker sale because of what was happening at the time with regard to Russia and Ukraine and the sanctions placed on Mr Abramovich.
"Just because there is a significant amount of interest declared, that doesn't mean that those are all prospective bidders that could then go and acquire the club.
"I think there were 100 parties that registered their interest in buying Chelsea and actually when it came down to signing non disclosure agreements and I suppose putting a serious foot forward there was close to 10.
"At Man Utd, there are a number of factors at play. As I alluded to, the notion that this is going to be the most expensive sporting franchise sale of all time to date means this is only going to be possible for a certain amount of ownership groups.
"It's not just the valuation of the club, it is the required spend. United are in a very different position to Liverpool and more akin to the Chelsea sale, where there will be a price for the club and a significant infrastructure commitment that's required.
"We're talking to the tune of £2bn. That's the stadium redevelopment, the training ground, writing off the debt and the infrastructure commitment to the playing squad.
"We are talking about a significant amount of money here and based on ownership groups already having a presence in sporting institutions across the world - that limits them out of the equation because we know the rules about the same ownership having stakes in different clubs competing in European competition.
"The reality is that there is not all that much left and when you get into banks and institutions, while sporting elements are important what's important is the finances. And do the finances stack up for a football club acquisition to the tune of what the Glazers believe Man Utd to be worth? Debatable."
Sky Sports News chief reporter Kaveh Solhekol:
"The Glazers have never come out and said they definitely want to sell the club, they've been very clever about what they've said.
"In November they said they were exploring alternative strategies that could potentially lead to a sale. But you could make the argument that Man Utd are playing so well at the moment, winning trophies again, is this a good time to sell?
"Maybe the clever thing to do is hold onto the club, but just sell a small stake, and use the money from that to invest into redeveloping the stadium and the training ground."
Ten Hag said after the Carabao Cup final that Avram Glazer's attendance at Wembley demonstrated his commitment to the club.
Ten Hag said: "He [Avram Glazer] was really happy for the club, as our owner. He wanted to be part of it.
"He was in the dressing room, good he was here, showed his intentions.
"I don't know [anything about a potential sale of the club], I'm not involved in that process, but the way he is here you feel he is committed. But the process, what he wants, that is not for me.
"I lead this team, others are involved in decisions about ownership."
