10 July 2023 , 09:32
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Paul Scholes has already warned Manchester United that there will not be a connection between the club’s fans and any new billionaire owner.
Qatari businessman Sheikh Jassim is bidding for the club alongside Britain’s richest man Sir Jim Ratcliffe, who had previously been tipped as favourite with his strategy of buying United. Sheikh Jassim’s bid then appeared to be in pole position to buy the club from the Glazer family, but no decision has been reached.
In a hugely protracted process that is close to entering its eighth month, the Glazer family are finally on the same page regarding the club’s sale. There had been concerns that the family were at odds with each other over the process of selling the club as all six siblings still profit from their shares.
Ratcliffe, Britain’s richest man, had previously been tipped as favourite with his strategy of buying United. The INEOS chief’s offer would see him take a controlling interest in the club and allow current owners Joel and Avram Glazer to temporarily retain a 20 per cent stake in United.
Due to the huge unpopularity of the Glazer owners, whose leveraged buyout of United saw them effectively transfer their business debt onto a previously debt-free club. Coupled with their business strategy, United have been left behind on and off the pitch under their stewardship. However, Scholes has warned against any quick fixes.
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Scholes told BT Sport back in April 2021, ahead of United’s Europa League against Roma: "I'm not sure there ever will be a connection with these owners. I don't think that's just this club I think it's every club who started with billionaire owners for them to have a toy to make money with.
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"This [ Manchester United ] is a great club as well. The young players this club has, the young local lads coming through academies, it's a great chance for that connection but as long as there's billionaire owners from America, from other countries, there's never ever going to be a connection.
"Look at Man City, Arsenal, Tottenham, Liverpool, is there a connection there? I don't think there is I don't think there ever will be. I think we have to stop pining for that."
At least two of the six Glazer siblings – Joel and Avram – are understood to have preferred an option which would see an outside investor buy a stake in the club to help finance huge capital projects like the redevelopment of the Old Trafford stadium and Carrington training ground. However, a change of ownership is now the likely outcome.
Several US investment companies – Elliott Management, the Carlyle Group and Ares Management – had been proposing minority investment into the club, which would see the Glazers remain in position at the head of United but with extra spending power available. Yet that is now viewed as unlikely.
The Glazers are deeply unpopular among supporters after their leveraged buyout in 2005 saddled the club with enormous debts, while on the field the Red Devils having gone a decade without winning the Premier League title. United fans want the Glazers to relinquish the club in its entirety.