Man Utd takeover misery and timeline of chaos one year after Glazers' statement
As Manchester United continue to deal with question marks on the pitch, it has not escaped people's attention that a full year has passed since owners the Glazer family put the club up for sale.
It also hasn't escaped people's attention that no sale has been completed. Not only that, but we're still awaiting a resolution on the sale of a minority stake to Sir Jim Ratcliffe, though this appears close.
Over the course of the last year, there have been many moments when people felt we were close to drawing a line under the whole thing, with takeover bids coming in and ideas put forward. As we hit the 12-month anniversary, Mirror Football takes a deep dive into the timeline of events since that eye-catching statement from the owners.
The initial statement
"Manchester United plc, one of the most successful and historic sports clubs in the world, announces today that the Company’s Board of Directors is commencing a process to explore strategic alternatives for the club," the November 2022 statement read. "The process is designed to enhance the club's future growth, with the ultimate goal of positioning the club to capitalise on opportunities both on the pitch and commercially.
"As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company. This will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club’s commercial operations on a global scale, each in the context of enhancing the long-term success of the club’s men’s, women’s and academy teams, and bringing benefits to fans and other stakeholders.
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"Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer said “The strength of Manchester United rests on the passion and loyalty of our global community of 1.1 billion fans and followers. As we seek to continue building on the Club’s history of success, the Board has authorised a thorough evaluation of strategic alternatives.
"We will evaluate all options to ensure that we best serve our fans and that Manchester United maximises the significant growth opportunities available to the Club today and in the future. Throughout this process we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders.”
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The Glazers announced their intention to secure further investment into Man Utd on November, 22, 2022 (Getty Images)"The Raine Group is acting as the Company’s exclusive financial advisor and Latham & Watkins LLP is legal counsel to the Company. Rothschild and Co. is acting as exclusive financial advisor to the Glazer family shareholders.
"There can be no assurance that the review being undertaken will result in any transaction involving the Company. Manchester United does not intend to make further announcements regarding the review unless and until the Board has approved a specific transaction or other course of action requiring a formal announcement."
Bids roll in
After a few weeks of speculation, there was firm movement on the bidding front in early 2023. The two most prominent approaches came from Sir Jim Ratcliffe and Sheikh Jassim bin Hamad Al Thani.
British billionaire Ratcliffe's initial approach was for the Glazers' 69 per cent stake, while Qatari banker Sheikh Jassim pursued a full takeover. In the early stages, there was hope that closure could be achieved before the conclusion of the 2022-23 season to allow the club to focus on strengthening on the field, but this has not materialised.
Sheikh Jassim entered the bidding during phase one (PA)“Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 per cent of Manchester United Football Club," the Sheikh said in a statement. "The bid plans to return the Club to its former glories both on and off the pitch, and – above all – will seek to place the fans at the heart of Manchester United Football Club once more.
"The bid will be completely debt free via Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the Club supports. "The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the greatest football club in the world."
INEOS chief Ratcliffe, meanwhile, played up his existing ties to United. He was already a fan of the club, having been born in Greater Manchester.
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"Sir Jim Ratcliffe and INEOS have submitted a bid for majority ownership of Manchester United Football Club. We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community," his statement read.
Sir Jim Ratcliffe entered the process early on (AFP via Getty Images)"We are ambitious and highly competitive and would want to invest in Manchester United to make them the number one club in the world once again. We also recognise that football governance in this country is at a crossroads. We would want to help lead this next chapter, deepening the culture of English football by making the club a beacon for a modern, progressive, fan-centred approach to ownership.
"We want a Manchester United anchored in its proud history and roots in the North-West of England, putting the Manchester back into Manchester United and clearly focusing on winning the Champions League."
Other bids come in
Before the Glazers were able to reach a decision on the first bids, others entered the fray. Hedge fund Elliott Capital Management entered the fray, pursuing an approach which would provide financing for a bid rather than a full takeover.
Elliott made it through the first round of the process, along with Ratcliffe and Sheikh Jassim. However, it was starting to become clear that this would not be speedy.
Thomas Zilliacus entered and then withdrew from the process (Bloomberg via Getty Images)With bids failing to meet the Glazers' hopeful early valuation, those in the frame were invited to return with fresh approaches. These would eventually arrive, along with an approach from Finnish businessman Thomas Zilliacus in March.
"I'm not as wealthy as Sheikh Jassim or Sir Jim Ratcliffe but I'm wealthy enough to place a serious and credible bid,” Zilliacus said in an exclusive interview with Mirror Football. “It’s not with my own money only but together with other parties, other investors, who would like to join me.
"If we don't reach the total number then maybe with money from third parties. I believe we can do it by bringing fans together and not bringing in any external financing.”
Third round commences
In April, the bidding process entered a third round. This didn't go down well with the Manchester United Supporters' Trust, who urged the owners to speed things up.
"When it was announced in November that the Glazers were undertaking a “strategic review” and inviting offers to buy the Club, MUST welcomed the news and went on to urge the majority owners to move ahead with the process with speed, so that any period of uncertainty was as short as possible," the group said in a statement in mid-April.
"Nearly five months on, we read speculation that offers from prospective buyers remain below the Glazers valuation, and that a third round of offers will now be invited. With Erik Ten Hag having made such great progress in his first season, and with the vital summer transfer window a matter of weeks away, the news of these delays and further prolonged uncertainty are of great concern.
"Erik needs to know what resources he has to spend so he can make the signings the Club needs, and the whole management resources of the Club need to be focussed on supporting him in that. That cannot be the case with the future ownership so unclear.
"We are also unable to move forward on major investment projects - not least the stadium redevelopment as we remain in limbo. We are in dire need of new investment, which undoubtedly requires new ownership. MUST, along with United fans all around the world, are calling for this process to be concluded without further delay."
Despite the off-field uncertainty, Ten Hag was able to oversee a strong enough end to the season to ensure Champions League qualification. After seeing their Europa League hopes ended at the hands of Sevilla, United earned 16 points from their last eight league games to seal a third-place finish.
Fourth and fifth bids
Going into the process, the most expensive sale of a sports team was that of Chelsea earlier in 2022. Todd Boehly's takeover, confirmed in May of that year, was worth a huge £4.25billion.
Todd Boehly's takeover of Chelsea eclipsed the £4bn mark (PA)In 2023, that record was broken once more. NFL team the Washington Commanders was sold for around £4.86bn, and yet the Glazers were still holding out for more - at least if they were going to sign off on a full sale.
In June, Ziliacus pulled out of the process. "XXI Century Football Capital believes the price of Manchester United has reached levels where investments no longer make sense," he posted on social media. "We therefore have turned our attention to other clubs."
There were further approaches from the main two bidders, though the Glazers' £6bn valuation was still not met. Around the same time, the popularity or otherwise of the Glazer family was laid bare when Avram Glazer made a rare matchday appearance for United's FA Cup final defeat.
After hopes things might be resolved by the end of the season, it was becoming clear such a thing wouldn't be possible. This angered many, including former United captain and frequent Glazers critic Gary Neville.
"Plainly obvious the Glazer family aren’t going to announce anything on the ownership until the season is closed!" Neville said in May. "They’ve been spinning it out unprofessionally for weeks and months now.
"They know fan protests would have been more significant than they already have if matches were still being played and the end result of the sale process is unpopular. Basically any family members staying in would be deemed unacceptable by all fans. Is this why they’re holding off?"
New season begins
It has been a challenging start to the season for Erik ten Hag (Getty Images)With no decision made by the time the season started in August, United and Ten Hag were forced to begin the new campaign with the future of the club still hanging over them. This also meant a transfer budget was limited, though the funds were still there to bring in the likes of Andre Onana and Rasmus Hojlund.
An injury crisis hit Ten Hag's team on the pitch, with four defeats from the first seven games representing their worst ever Premier League start. League results have since picked up, but United are out of the EFL Cup and have lost three of their first four Champions League group games.
Protests against the owners have continued. Sections of United's support have long voiced their frustration with the Glazers, and nothing has changed in that regard.
"We believe the last 12 months has proved beyond any doubt that the Glazers only care about one thing – cold hard cash," Steve Crompton, a spokesman for fan group the 1958 said ahead of the recent victory over Luton Town. "They are not fit to be custodians of one of the world’s most iconic football institutions. But they cannot buy the love we hold for OUR club."
Sheikh Jassim pulls out
After initially looking for a 69 per cent stake, Ratcliffe returned with a new proposal for just 25 percent of the club. The offer would value United at a little over £5bn, and Sheikh Jassim's withdrawal in October left the British billionaire with a clear run.
"We hope this news accelerates that process rather than delays it," the Manchester United Supporters Trust said in a statement following the news. "Based on the last 11 months, no-one can be quite sure."
Ratcliffe's new approach isn't universally popular with supporters, predominantly because it allows the Glazers to remain in place. However, despite only holding a minority stake, the new investor is set to retain sporting control.
Ratcliffe's impact felt
CEO Richard Arnold is set to leave Man Utd (AFP via Getty Images)Changes have already begun to take hold as United await final confirmation of Ratcliffe's investment. The first of these is the announcement that CEO Richard Arnold will leave the club, with Patrick Stewart replacing him on an interim basis, with uncertainty over the future of football director John Murtough.
"It has been an incredible privilege to serve this great football club for the past 16 years," Arnold said when his exit was announced. "Through highs and lows, the constant has been the dedication of our employees and fans. I would like to thank all of them for their loyalty and commitment, and wish everyone associated with the club the very best for the future."
Former Juventus and PSG man Jean-Claude Blanc has been mentioned as a potential successor to Arnold, while various names have come up when it comes to a sporting director role. These include former Spurs man Paul Mitchell and Crystal Palace sporting director Dougie Freedman, but no decision has been reached.
After a year of maybes, possibles and might-dos, Manchester United will hope they're reaching the final stages of the process which began a year ago. For many, though, frustrations remain that things have taken this long.
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