Glazers have no intention of selling Manchester United

Reports had suggested that there was some interest from Crown Prince of Saudi Arabia

Ed Woodward, chief executive of Manchester United stands with owner Avram Glazer. Photo: Catherine Ivill - AMA/Getty Images

Ed Woodward, chief executive of Manchester United stands with owner Avram Glazer. Photo: Catherine Ivill - AMA/Getty Images

 

Manchester United’s owners, the Glazer family, have no immediate intentions to sell the club, or even a stake in it.

Rumours first began to circulate around a week ago that the Glazers, United’s owners since 2005, were considering a takeover bid from Mohammed bin Salman, the Crown Prince of Saudi Arabia, with reports on Saturday suggesting an offer in the region of £4bn (€4.5bn) was to be discussed between both parties in the next couple of weeks.

That, however, appears to be somewhat off the mark given the decision of Avram Glazer, United’s co-owner, to pull out of an upcoming investment forum in Saudi Arabia amid the diplomatic fallout caused by the recent death of journalist Jamal Khashoggi at the Saudi consulate in Istanbul. More broadly, the Guardian reports that there is little, if any, appetite within the Old Trafford hierarchy for a change of ownership. The initial rumours of a potential Saudi takeover led to United’s share price reaching an all-time high on the on the New York Stock Exchange of $27.65 (€23.98), with Forbes valuing the club at around at £3.2bn (€3.63bn).

The Glazer’s 13-year ownership of United has been marked by controversy ever since Malcolm Glazer, the head of the family, took control of the 20-times champions of England by leveraging it with a £500m-plus (€566m) debt. The takeover has gone onto drain £1bn (€1.13bn) in interest, costs, fees and dividends out of United, with the club continuing to financially serve the six Glazer siblings, who collectively own 97 per cent of United’s voting shares following the death of their father in May 2014, every year.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
GO BACK
Error Image
The account details entered are not currently associated with an Irish Times subscription. Please subscribe to sign in to comment.
Comment Sign In

Forgot password?
The Irish Times Logo
Thank you
You should receive instructions for resetting your password. When you have reset your password, you can Sign In.
The Irish Times Logo
Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.
Screen Name Selection

Hello

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
Forgot Password
Please enter your email address so we can send you a link to reset your password.

Sign In

Your Comments
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.