The Glazers are getting ready to part ways with Manchester United, and the club has reportedly given The Raine Group the task of negotiating the best possible deal for them.
Recently, the Glazer family said that they are looking into both partial investment and possible sale options for the Red Devils as strategic choices.
Since then, there has been a great deal of talk around the ownership shift, and now The Athletic has revealed that a buyout may occur in the first quarter of 2023.
Investment banking company The Raine Group is serving as United’s financial advisor and has been instructed to put up the strongest proposals for discussion. Raine expect the complete sale to close at a cost of £6 billion to £7 billion. Currently, Mancunian billionaire Sir Jim Ratcliffe showed interest in submitting a formal bid to purchase the club. Amazon has also been mentioned as potential buyers.
Over the years, Glazers has come in for a lot of fan criticism. Most of it is reasonable in light of their meagre investments in the team and the club’s infrastructure.
Even though United is one of the three wealthiest football teams in the world, last summer marked the first time in their history that they had spent more than £200 million in a single transfer window.
The Glazers have been regularly taking money out in the form of dividends every half year, which is contrary to what a club of the calibre of United should be doing. The club’s supporters will be hoping for a speedy change of ownership, but United needs the right people. After their recent work with Chelsea, Raine are most suited for the sale.
The banking company chose Clearlake Capital to purchase ownership of the Blues. The club has been active in transfers and infrastructure development despite their subpar performances on the field.
Old Trafford and the training grounds need to be updated, thus United needs an owner or consortium willing to invest a sizable chunk of money up front.
