Connect with us

Published

on

Manchester United Football Club could finally be sold by its American owners after a 17-year reign dominated by fan protests and declining on-pitch performance.

Sky News can exclusively reveal that the Glazer family is preparing to formally announce its intention to examine potential sources of outside investment that could include a full-blown auction of arguably the world’s most famous football club.

Sources said on Tuesday that investment bankers were being instructed by Manchester United‘s owners to advise on the process, which is likely to include a full or partial sale, or strategic partnership with third parties.

A statement confirming their intentions could come imminently, one of them said.

The announcement of a review of financial options that could include a sale process would signal an end to years of speculation over whether the Glazers might be persuaded to offload a club which for the past decade has experienced an almost-unmitigated footballing decline.

Read more:
How ‘scavenger’ Glazers bought club – and left Old Trafford ‘rusting’ and in a ‘mess’

Manchester United owners warned they have ‘run out of road’ and should sell up
Cristiano Ronaldo leaves Manchester United with immediate effect

The Old Trafford side has not won the Premier League title since 2013, and has sacked a succession of managers in the aftermath of the retirement of Sir Alex Ferguson.

More on Manchester United

More recently, the club has become embroiled in a bitter legal fight with Cristiano Ronaldo, its best-known player, over an interview in which he questioned United’s ambition and lambasted the Glazers’ approach to owning it.

On Tuesday, United announced that Mr Ronaldo had left “with immediate effect”.

It remains possible that the family, which took control of United in 2005 in a £790m deal largely funded by debt, opt not to sell.

A partial sale to new investors, with capital being raised to fund an overdue redevelopment of Old Trafford, is one potential outcome from the process.

Manchester United fans protest ahead of the Liverpool match at Old Trafford in August 2022
Image:
Manchester United fans protest ahead of the Liverpool match at Old Trafford in August 2022

The Glazers have acknowledged the need for new infrastructure investment to transform the stadium into a genuinely world-class venue, while substantial funds are also required to enable the men’s team to compete once more at the top of the European game.

If United was sold outright, it would be the latest top-flight club to change hands, after Roman Abramovich agreed a £2.5bn sale of Chelsea to a consortium led by the American businessman Todd Boehly earlier this year.

United’s valuation in a sale would inevitably exceed the roughly $2.15bn market capitalisation implied by its share price during Tuesday’s trading session on the New York Stock Exchange.

Reports in recent months have speculated that any transaction would need to value the club at anywhere between £5bn and £9bn to persuade the owners to sell.

The Glazers listed a minority stake in the company in 2012 but retained overwhelming control through a dual-class share structure which means they hold almost all voting rights.

For more than 18 months, the club has been promising to introduce a modestly sized supporter ownership scheme that would give fans shares with the same structure of voting rights as the Glazers.

The initiative has, however, yet to be launched despite a pledge to have it operational by the start of the 2021-22 season.

It was one of a number of commitments made by Joel Glazer, United’s co-chairman, in the wake of the European Super League (ESL) debacle, in which the club played a pivotal role.

Manchester United was one of six Premier League teams to agree to join the project, which collapsed within hours of its official launch amid public and political acrimony.

In May 2021, Red Devils fans forced the postponement of a home match against rivals Liverpool after protesting against the ESL and the Glazer family.

“Love United, Hate Glazers” has become a familiar refrain during their tenure, with supporters critical of a perceived lack of investment in the club’s infrastructure while the owners have extracted hundreds of millions of pounds-worth of dividends as a result of its continued commercial success.

If a formal sale process is initiated, attention will turn to the identities of potential buyers.

Sir Jim Ratcliffe, the Ineos billionaire who has supported United since childhood, said in August that he was keen to buy the club but has since suggested that English football’s elite names are overvalued.

Billionaires from around the world will be linked to bids, as will sovereign investors seeking to emulate the kinds of takeovers seen at Newcastle United – now owned by Saudi state-backed investors – and Paris St Germain, which is Qatari-owned.

There will also be speculation that the Red Knights, a consortium led by former United director and leading economist Lord O’Neill, could revive an attempt initiated in 2010 to take control of the club.

Significantly, the prospective auction of Manchester United comes as Fenway Sports Group, the owner of Liverpool, also weighs selling all or part of the Anfield club.

Simultaneous sale processes for two of English football’s so-called ‘big six’ – the others being Arsenal, Chelsea, Manchester City and Tottenham Hotspur – would be unprecedented.

One analyst said the timing suggested that some investors believed the value of top clubs could be approaching its peak, especially against a backdrop of tough global economic forecasts for the coming years.

United’s announcement is also likely to be made during a World Cup fuelled by Gulf petrodollars, underlining the shifting financing of the global football industry.

Manchester United declined to comment on Tuesday.

Continue Reading

UK

Jaguar Land Rover to ‘pause’ US shipments over Donald Trump tariffs

Published

on

By

Jaguar Land Rover to 'pause' US shipments over Donald Trump tariffs

Jaguar Land Rover (JLR) has said it will “pause” shipments to the US as the British car firm works to “address the new trading terms” of Donald Trump’s tariffs.

The US president has introduced a 25% levy on all foreign cars imported into the country, which came into force on Thursday.

JLR, one of the country’s biggest carmakers, exported about 38,000 cars to the US in the third quarter of 2024 – almost equal to the amount sold to the UK and the EU combined.

Follow live updates: Trump’s baseline 10% tariff kicks in

In a statement on Saturday, a spokesperson for the company behind the Jaguar, Land Rover and Range Rover brands said: “The USA is an important market for JLR’s luxury brands.

“As we work to address the new trading terms with our business partners, we are taking some short-term actions including a shipment pause in April, as we develop our mid- to longer-term plans.”

The company released a statement last week before Mr Trump announced a “baseline” 10% tariff on goods from around the world, which kicked in on Saturday morning, on what he called “liberation day”.

More on Donald Trump

JLR reassured customers its business was “resilient” and “accustomed to changing market conditions”.

“Our priorities now are delivering for our clients around the world and addressing these new US trading terms,” the firm said.

Trading across the world has been hit by Mr Trump’s tariff announcement at the White House on Wednesday.

All but one stock on the FTSE 100 fell on Friday – with Rolls-Royce, banks and miners among those to suffer the sharpest losses.

Read more: A red wall on Wall Street – but Trump seems to believe it will work out

Cars are the top product exported from the UK to the US, with exports worth £8.3bn in the year to the end of September 2024, according to data from the Office for National Statistics.

For UK carmakers, the US is the second largest export market behind the European Union.

Industry groups have previously warned the tariffs will force firms to rethink where they trade, while a report by thinktank the Institute for Public Policy Research said more than 25,000 car manufacturing jobs in the UK could be at risk.

Continue Reading

UK

Two people die after caravan fire at holiday park in Lincolnshire

Published

on

By

Two people die after caravan fire at holiday park in Lincolnshire

Two people have died following a fire at a caravan site near Skegness, Lincolnshire Police have said.

In a statement, officers said they were called at 3.53am on Saturday to a report of a blaze at Golden Beach Holiday Park in the village of Ingoldmells.

Fire and rescue crews attended the scene, and two people were found to have died.

They were reported to be a 10-year-old girl and a 48-year-old man.

The force said the victims’ next of kin have been informed and will be supported by specially trained officers.

Officers are trying to establish the exact cause of the blaze.

“We are at the very early stages of our investigation and as such we are keeping an open mind,” the force said.

Two fire crews remain at the scene.

Continue Reading

UK

Boy dies after ‘getting into difficulty’ in lake in southeast London

Published

on

By

Boy dies after 'getting into difficulty' in lake in southeast London

A 15-year-old boy has died after “getting into difficulty” in a lake in southeast London, police say.

Officers and paramedics were called shortly after 3pm on Friday to Beckenham Place Park in Lewisham.

The Metropolitan Police said a boy “was recovered from the lake” at around 10.42pm the same day.

“He was taken to hospital where he was sadly pronounced dead. His death is being treated as unexpected but not believed to be suspicious,” according to the force.

The boy’s family has been told and are being supported by specialist officers.

The force originally said the child was 16 years old, but has since confirmed his age as 15.

In the earlier statement, officers said emergency services carried out a search and the park was evacuated.

More from UK

google street view inside Beckenham Place park, Lewisham where a 16 y/o boy is missing after getting into difficulty in a lake
Image:
Emergency teams were called to Beckenham Place Park on Friday afternoon

Beckenham Place Park, which borders the London borough of Bromley, covers around 240 acres, according to the park’s website.

The lake is described as 285 metres long, reaching depths of up to 3.5 metres.

It is designed as a swimming lake for open-water swimming and paddle boarding.

A London Ambulance Service spokesperson said on Friday: “We were called at 3.02pm this afternoon to reports of a person in the water.

“We sent resources to the scene, including an ambulance crew, an incident response officer and members of our hazardous area response team.”

Emergency teams have not explained how the boy entered the water, or whether he was accompanied by others.

Continue Reading

Trending