23 January 2023 , 12:33
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Crystal Palace part-owners David Blitzer and Joshua Harris are exploring the potential of investing in Manchester United, according to a report that suggests such a deal would allow the Glazer family to maintain control of the club.
But such an agreement would be complicated by Blitzer and Harris having to sell their shares at Palace before purchasing a stake at Old Trafford. The American businessmen had been part of a consortium looking to buy Chelsea last year only to lose out to a group fronted by Todd Boehly.
Blitzer and Harris, who also own stakes in the NBA’s Philadelphia 76ers and the ice hockey franchise New Jersey Devils, purchased shares in Palace seven years ago and have an estimated combined wealth of about £7bn. They would first need to offload their Palace investment before a deal would be sanctioned by the Premier League - but the Glazers would be open to a deal in which they could remain as the ultimate decision-makers.
United have previously said that board would "consider all strategic alternatives, including new investment into the club, a sale, or other transactions." News of Harris and Blitzer's interest in United has followed last week’s confirmation that one of Britain’s richest men, Sir Jim Ratcliffe, who has been a lifelong fan of the club, had declared his interest in a takeover.
A spokesman for INEOS, the petrochemical giant owned by Ratcliffe, confirmed that they “have formally put ourselves into the process.” No bids have been submitted at this stage with interested parties carrying out due diligence.
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The Glazers’ asking price is also likely to be around £5bn, a record sum that may put off several interested parties. Chelsea’s sale last spring was worth about £2.5bn with an additional £1.75bn in commitments.
United announced last November that the Glazers were open to selling the club they took over in a leveraged buyout in 2005. A majority of supporters have been demanding the unpopular incumbents sell the club for years.
HAVE YOUR SAY: What are United's priorities for any prospective new owner? let us know your thoughts in the comments below.
Joshua Harris (left) and David Blitzer are interested in buying a stake in Man Utd (Getty Images)" 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,” November’s 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."