Avram Glazer has provided a cryptic update on the potential sale of Manchester United whilst enjoying the World Cup in Qatar, saying “the process is proceeding”...CONTINUE READING THE FULL ARTICLE>>>
Avram Glazer has opened up on the potential sale of Manchester United, admitting that the current ownership are also exploring the possibility of adding investors.
Following a wave of backlash for underinvestment, a failure to challenge for major honours and initially signing up for the European Super League, United were placed on the market last month by their American owners with the Glazer family looking to net a mind-boggling £5.8billion.
A statement released on November 22nd states that the Premier League giants are wanting to “explore strategic alternatives” for Man Utd “including new investment into the club, a sale, or other transactions.”
Though the Glazers are certainly willing to flog their prized asset to the highest bidder, there has been little progress in the last month with Avram Glazer, who first purchased shares in United way back in 2003, jetting off to Qatar to watch the World Cup.
Quizzed on the progress of a potential sale while out in the Middle East, the Red Devils’ co-owner was reluctant to confirm how matters are proceeding but did infer that the Glazer family could stay on as the majority shareholder.
“It’s not necessarily a sale, it’s a process and we’re going forward with the process, so we’ll see what happens,” he said. “I’m here to really watch the World Cup but I appreciate your interest. That’s the update, it’s the process and the process is proceeding.”
The 62-year-old then stood firm when asked a follow-up question on the sale, stating: “Once again, I’m here to enjoy the World Cup but I appreciate your questions.”
Initially hoping to secure a figure close to £6bn, the asking price revealed by the Raine Group, the banking firm handling the potential sale, is actually much lower than the figure the Glazers had valued the club at.
As a result, Football Benchmark claim that the American owners may have to drastically lower their price to as low as £2.4bn. Andrea Sartori, the Football Benchmark chief executive, said: “The gap between the rumoured transaction price and the theoretical value of Manchester United FC appears enormous.”
