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.
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.
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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”.
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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.
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.
Rachel Reeves needs to “make the case” to voters that extending the freeze on personal income thresholds was the “fairest” way to increase taxes, Baroness Harriet Harman has said.
Speaking to Sky News political editor Beth Rigby on the Electoral Dysfunction podcast, the Labour peer said the chancellor needed to explain that her decision would “protect people’s cost of living if they’re on low incomes”.
In her budget on Wednesday, Ms Reeves extended the freeze on income tax thresholds – introduced by the Conservatives in 2021 and due to expire in 2028 – by three years.
The move – described by critics as a “stealth tax” – is estimated to raise £8bn for the exchequer in 2029-2030 by dragging some 1.7 million people into a higher tax band as their pay goes up.
Image: Rachel Reeves, pictured the day after delivering the budget. Pic: PA
The chancellor previously said she would not freeze thresholds as it would “hurt working people” – prompting accusations she has broken the trust of voters.
During the general election campaign, Labour promised not to increase VAT, national insurance or income tax rates.
He has also launched a staunch defence of the government’s decision to scrap the two-child benefit cap, with its estimated cost of around £3bn by the end of this parliament.
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4:30
Prime minister defends budget
‘A moral failure’
The prime minister condemned the Conservative policy as a “failed social experiment” and said those who defend it stand for “a moral failure and an economic disaster”.
“The record highs of child poverty in this country aren’t just numbers on a spreadsheet – they mean millions of children are going to bed hungry, falling behind at school, and growing up believing that a better future is out of reach despite their parents doing everything right,” he said.
The two-child limit restricts child tax credit and universal credit to the first two children in most households.
The government believes lifting the limit will pull 450,000 children out of poverty, which it argues will ultimately help reduce costs by preventing knock-on issues like dependency on welfare – and help people find jobs.
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8:46
Budget winners and losers
Speaking to Rigby, Baroness Harman said Ms Reeves now needed to convince “the woman on the doorstep” of why she’s raised taxes in the way that she has.
“I think Rachel really answered it very, very clearly when she said, ‘well, actually, we haven’t broken the manifesto because the manifesto was about rates’.
“And you remember there was a big kerfuffle before the budget about whether they would increase the rate of income tax or the rate of national insurance, and they backed off that because that would have been a breach of the manifesto.
“But she has had to increase the tax take, and she’s done it by increasing by freezing the thresholds, which she says she didn’t want to do. But she’s tried to do it with the fairest possible way, with counterbalancing support for people on low incomes.”
She added: “And that is the argument that’s now got to be had with the public. The Labour members of parliament are happy about it. The markets essentially are happy about it. But she needs to make the case, and everybody in the government is going to need to make the case about it.
“This was a difficult thing to do, but it’s been done in the fairest possible way, and it’s for the good, because it will protect people’s cost of living if they’re on low incomes.”
The football associations of England, Northern Ireland, Scotland and Wales have officially launched and released more details about their joint bid for the 2035 Women’s World Cup.
If the bid is successful, it would be the first football World Cup hosted in the UK since 1966, and the largest single-sport event ever staged in the country.
The bid includes 22 proposed stadiums – 16 in England, three in Wales, two in Scotland and one in Northern Ireland – across 16 host cities.
Organisers claim it would be the most accessible tournament ever, with 63 million people living within two hours of a proposed venue.
They predict the tournament would generate 4.5 million ticket sales and have a projected global TV audience of 3.5 billion.
The tournament would involve 104 matches contested by 48 teams over 39 days, with 48 team base camp training sites, 82 venue-specific training sites and 32 FIFA Fan Festival Sites proposed.
In a joint statement, the CEOs of the various football associations, said: “We are proud of the growth that we’ve driven in recent years across the women’s and girls’ game.”
They added that: “A Women’s World Cup in the UK has the power to turbo charge the women’s and girls’ game both in the UK and globally.”
Where would the matches be played?
The bid details the host cities and stadiums as follow:
• Belfast – The Clearer Twist National Stadium at Windsor Park
• Birmingham – The Sports Quarter Stadium and Villa Park
• Brighton & Hove – The American Express Stadium
• Bristol – Ashton Gate
• Cardiff – Cardiff City Stadium and Principality Stadium
• Edinburgh – Easter Road
• Glasgow – Hampden Park
• Leeds – Elland Road
• Liverpool – The Hill Dickinson Stadium
• London – Chelsea FC Stadium, Emirates Stadium, Selhurst Park, Tottenham Hotspur Stadium and Wembley Stadium connected by EE
• Manchester – Etihad Stadium
• Trafford – Old Trafford
• Newcastle – St James’ Park
• Nottingham – The City Ground
• Sunderland – Stadium of Light
• Wrexham – STōK Racecourse
However, some of the stadiums mentioned above were merely the ones put forward in the official bid and are likely to change after the construction of new stadiums are completed.
The manager of an Edinburgh cocktail bar will speak to police today over the “catastrophic” theft of an eight-foot tall nutcracker figure from outside his venue.
In what can only be described as a total nightmare before Christmas, a person riding an e-bike guaranteed a place on the naughty list by stealing the Copper Blossom’s festive statue on Monday.
They are seen on CCTV placing the soldier across their lap and riding off into the night down George Street towards St Andrew Square.
Image: The thief was wearing a dark hoodie
Speaking to The UK Tonight on Sky News, manager Paul Paxton said it was a massive financial blow for his bar.
“The individual nutcrackers are about £900 each,” he revealed.
The stolen one is named Nolan, while his “brother” Nelson remains “safe and sound”.
They were part of the Copper Blossom’s outdoor Christmas display, and Nelson has now been moved into the foyer.
Mr Paxton said he would be speaking to police about their investigation, with sightings having been reported “around Edinburgh” later on the night of the incident.
Nolan, who the owner described as “massive”, was taken at around 10.10pm. The CCTV footage shows the thief removing the statue and dragging it on to their bike.
Image: You can see Nolan being taken away in this shot
As if losing a £900 nutcracker wasn’t bad enough, a table costing hundreds of pounds was also broken.
“It’s pretty catastrophic,” said Mr Paxton.
The bar had originally put out an appeal that said “if you return it, we’re all good” – but he admitted he doesn’t expect Nolan’s return any time soon.
Image: Paul Paxton is dwarfed by his nutcracker soldiers
And while he’d “never want someone to go into harm’s way”, he told Jayne Seckerhe was a little disappointed no witnesses alerted him or his staff to the theft.
“There were about 12 or 13 people who walked past,” he said.
“Even if someone had run in, that could have helped. It wasn’t a quick process – he fell off his bike.