Premier League
Analysis: Man United suitors jostle for biggest sports deal eve
Manchester United (MANU.N) will receive multiple offers when an initial deadline for bids expires on Friday, sources familiar with the process said, kicking off potentially the largest sports deal ever.
British billionaire Jim Ratcliffe, a life-long supporter and founder of chemicals group INEOS, is one likely bidder, along with U.S. private equity firms and possibly Qatari investors, the sources said, speaking on condition of anonymity.
However, it is not expected that Twitter owner and Tesla (TSLA.O) boss Elon Musk will lead any of the offers for the English soccer club, as some media reports had speculated, one of them added.
Manchester United, INEOS, Tesla and Musk did not reply to requests for comment.
Suitors have been asked to submit a bid amount and proof of funds by Friday, the sources said. Raine Group, the investment bank running the process, will then draw up a shortlist.
Raine Group did not reply to requests for comment.
A deal for the record 13-times English Premier League winners will likely exceed the biggest sports deal so far, the $5.2 billion – including debt and investments – paid for Chelsea, the sources said, as Manchester United generates more revenues and has a larger fan base that its London rival.
The northwest England club has 659 million supporters worldwide, according to market research firm Kantar, equivalent to nearly a tenth of the world’s population.
Its current majority owner, the Glazer family, is seeking a valuation as high as 7 billion pounds, sources said.
“For potential buyers, football clubs like Manchester United are considered trophy assets driven by the perception of exclusivity. The rationale is similar to justifying the price paid for a painting,” said Andy Currie, UK managing partner at financial services firm Alantra.
Qatari state investors already have a stake in French club Paris Saint-Germain and could face challenges structuring a takeover of Manchester United, as the rules of European soccer governing body UEFA forbid two clubs with the same owner both taking part in the lucrative European Champions League.
Rival Premier League club Tottenham Hotspur is set to receive a $3.75 billion bid from Iranian-American billionaire Jahm Najafi, a source familiar with the matter told Reuters. Spurs’ owner, Bahamas-based billionaire Joe Lewis, is reportedly holding out for a higher price. The size of that bid has fuelled speculation Manchester United will attract significantly more.
Manchester United is the fourth richest soccer club in the world, according to analysis by Deloitte. Tottenham, which has never won the Premier League, ranks ninth.
A small portion of Manchester United shares is listed on the New York Stock Exchange. The stock market capitalisation on Thursday exceeded $4 billion.
The Glazers bought United for 790 million pounds ($947 million) in 2005 in a highly-leveraged deal, which critics – among them many fans – say loaded too much debt onto the club.
The club has said it expects to generate up to 610 million pounds of revenues in its 2023 fiscal year and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of up to 140 million pounds.
OPPORTUNITIES
“I have clients who buy artwork believing it will increase in value over time, but paying tens of millions for artwork cannot be justified by its profit and loss alone. It’s more about the brand association and resonance,” Currie said.
Appetite for Premier League clubs is growing, partly fuelled by sky rocketing revenues from global media rights, the potential to redevelop stadiums and sell naming rights, and the opportunities for global sponsorship deals, experts say.
“If you look at football, there are real opportunities across Europe and the U.S. to get a much higher level of return through broadcasting,” said Andrea Guerzoni, global vice chair, strategy and transactions, at advisory firm EY.
The opportunity to redevelop Manchester United’s Old Trafford ground and increase matchday revenues are other attractions, along with the strength of the club’s global brand.
“The increasing commercialisation and globalisation of the sector means that, even if UK revenues for clubs seem to be close to their peak, the addressable market for the top clubs is genuinely global,” said Alex Dixon, partner at law firm Travers Smith.
Further out, a revival of plans for a European Super League, which the region’s biggest clubs could play in without the threat of relegation, is another factor interesting investors.
In 2022, the volume of transactions in the sports industry around the globe reached $14 billion, 4.2 times the amount invested in the previous year and almost seven times the average of the last 10 years, according to LSEG Deals Intelligence.
“Big teams will attract buyers,” said Paul Harris, head of TMT advisory at KPMG. “There are around seven or eight PE (private equity) firms, both sports specialists and generalists, that have raised funds recently to invest in sports.”
Ratcliffe, who expressed interest in buying Manchester United last month, is sounding out Middle Eastern and U.S. investors to help fund his bid, said one of the sources, who is close to those negotiations.
Through INEOS, Ratcliffe has expanded into sports, investing in Formula 1, cycling, sailing and soccer, and acquiring French Ligue 1 soccer club Nice.
JPMorgan is advising INEOS on the process, the sources said. The U.S. lender is also increasing its exposure to soccer, recently offering to provide up to 1 billion euros in financing for Italy’s top league.
JP Morgan declined to comment.
-Reuters
Liverpool beat Crystal Palace 1-0 to remain top of the Premier League as Arsenal and Manchester City came from behind to win on Saturday.
City were 3-2 victors over Fulham to stay one point behind Liverpool, alongside Arsenal who saw off Southampton 3-1.
Arne Slot has now won nine of his first 10 games since succeeding Jurgen Klopp as Liverpool manager, but was frustrated that the visitors invited a late onslaught from the winless Eagles.
Jota prodded the Reds into the lead from Cody Gakpo’s cross on nine minutes.
The Portuguese international was then guilty of missing two big chances to extend Liverpool’s advantage.
Palace failed to make them pay, but victory came at a cost for Slot as goalkeeper Alisson Becker limped off with a hamstring injury.
“If you score the second you break them mentally,” said Slot. “All the fans kept believing in a result because it was only 1-0, even though in my opinion we were the dominant team.”
Fresh from a dominant win over Paris Saint-Germain in the Champions League, Arsenal were expected to sweep aside winless Southampton.
But the Saints shocked the Emirates 10 minutes into the second half when Cameron Archer fired in his first Premier League goal since a summer move from Aston Villa.
The lead only lasted three minutes before Kai Havertz scored for the seventh consecutive home game.
Gabriel Martinelli was introduced after an hour and took just eight minutes to make his mark with a finish on the volley from Bukayo Saka’s cross.
Having set up Arsenal’s first two goals, Saka pounced on a loose ball to score the third himself.
Fulham’s outrageous opener
Rodri’s season-long absence due to a serious knee injury is expected to be a major blow to City’s chances of retaining the title for a fifth consecutive season.
But it was the Spaniard’s deputy Mateo Kovacic who scored twice to turn the game around for the champions at the Etihad.
The visitors had not lost since the opening night of the season at Manchester United and led thanks to Andreas Pereira’s finish from an outrageous backheel assist by Raul Jimenez.
Kovacic’s deflected effort quickly brought City level before a cleaner strike less than two minutes into the second half made it 2-1.
Jeremy Doku then smashed into the top corner from outside the box to give City a two-goal cushion, which they needed.
Rodrigo Muniz gave Fulham hope on 88 minutes, but City held out for a 17th consecutive win against the Cottagers.
West Ham eased the pressure on new boss Julen Lopetegui by ending a run of three home defeats to start the new season.
Michail Antonio, Mohammed Kudus, Jarrod Bowen and Lucas Paqueta struck for the Hammers in a 4-1 win over Ipswich, who are still waiting for their first Premier League win 22 years.
There were six goals before half-time as Brentford beat Wolves 5-3 to leave the visitors still rooted to the foot of the table.
Leicester secured their first league win of the season as Facundo Buonanotte’s strike beat Bournemouth 1-0.
Manchester United manager Erik ten Hag faces a huge match if he is to remain in charge when the Red Devils visit Aston Villa in the pick of Sunday’s action.
-AFP
Premier League
Premier League rejects City request to delay next season’s games after Club World Cup
The Premier League has rejected Manchester City’s request to postpone the first two games of the 2025-26 season to help the players recover after their FIFA Club World Cup campaign in the U.S., the club’s manager Pep Guardiola said on Friday.
City and Chelsea are the two English clubs who have qualified for the expanded month-long Club World Cup set to start on June 15. The Premier League’s season will begin in August.
An increasingly packed soccer calendar has been a concern among a growing number of players and managers. A report by global players’ union FIFPRO said some players get only 12% of the year to rest.
The Premier League did not immediately respond to a request for comment outside regular business hours.
City midfielder Rodri said in September that players could be close to strike action over the time they are required to play. A knee ligament injury has since put him out for the season.
“I don’t know if we will play more games than the treble year (2022-23)… maybe we’ll play less games,” Guardiola told reporters.
“The Premier League has not allowed us to postpone the first two games for our recovery. Thank you so much. They don’t postpone these games so that will be the moment of, oh, what do we have to do?”
He said the Club World Cup will make it even more difficult for clubs to manage player workload.
-Reuters
Manchester United co-owner Jim Ratcliffe said a decision about under-fire manager Erik ten Hag is not his call, and was reticent about whether he still has faith in the team’s boss amid their worst start to the Premier League season since 1986-87.
“I don’t want to answer that question,” Ratcliffe told the BBC. “I like Erik. I think he’s a very good coach but at the end of the day it’s not my call, it’s the management team that’s running Manchester United that have to decide how we best run the team in many different respects.
“That team that’s running Manchester United has only been together since June or July. They weren’t there in January, February, March or April — Omar (Berrada, CEO), (Sporting Director) Dan Ashworth — they only arrived in July.
“They’ve only been there . . . you can count it in weeks almost — they’ve not been there a long time so they need to take stock and make some sensible decisions.”
Ten Hag’s job was the subject of speculation for much of last season en route to the team’s lowest Premier League finish of eighth. After an FA Cup final victory over Manchester City and an end-of-season review, however, Ten Hag signed a new contract to extend his stay at Old Trafford until 2026.
“Our objective is very clear, we want to take Manchester United back to where it should be, and it’s not there yet, obviously, that’s very clear,” Ratcliffe said.
Ten Hag continues to plead for patience from fans with the team languishing 13th in the Premier League table, having lost three of their six opening games. They were headed towards defeat by Porto in the Europa League on Thursday before Harry Maguire scored a last-gasp goal to salvage a 3-3 draw.
-Reuters
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