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 will have to wait for a few more days to be crowned Premier League champions despite a 1-0 victory at Leicester City after Arsenal kept their slender hopes just about alive with a 4-0 romp at 10-man Ipswich Town on Sunday.
Trent Alexander-Arnold came off the bench to score Liverpool’s winner in the 76th minute at the King Power Stadium to restore their 13-point lead at the top with five games left.
While Liverpool can almost taste a record-equalling 20th English crown, Leicester’s defeat confirmed their relegation back to the Championship after just one season.
The Midlands club have now been relegated from England’s top flight a record 13 times.
Chelsea secured a massive win in their bid to qualify for the Champions League as they came from behind to beat Fulham 2-1 at Craven Cottage with Pedro Neto scoring in stoppage time.
The win pushed Chelsea above Nottingham Forest in to fifth place, the last spot for qualification to the Champions League, although Forest play at Tottenham Hotspur on Monday.
Chelsea have 57 points from 33 games, two behind third-placed Newcastle United and one behind Manchester City. Forest and Aston Villa are level with Chelsea on 57 points.
Wolverhampton Wanderers guaranteed their safety as they beat Manchester United 1-0 at Old Trafford. Pablo Sarabia’s stunning free kick wrapped up a fifth successive league win, the first time Wolves have achieved that in the top flight since 1970.
Liverpool were wasteful at Leicester with numerous chances going begging and Mohamed Salah suffering a frustrating afternoon including hitting both posts with an early shot.
Salah hit the woodwork again moments before the ball came out to Alexander-Arnold who fired a left-footed shot through the crowd to give his side the points — ripping off his shirt and celebrating wildly with the travelling fans.
“We just keep going, mentally we’re really strong,” manager Arne Slot, whose side could be crowned champions if Arsenal lose at home to Crystal Palace on Wednesday, told Sky Sports.
“They enjoy playing football and it helps when you are playing for something special. Today (Alexander-Arnold) knows when it matters most he can just bring a bit more which is something all the top, top players have.”
DISTANT SECOND
If Arsenal avoid defeat by Palace, Slot’s side will seal the title if they beat Tottenham Hotspur at home next Sunday.
“We will focus on Tottenham and looking forward again to a home game and I think the stadium will be full,” Slot, who can become the first Dutch manager to win the English title, said. “It’s a nice game to look forward to.”
Liverpool have 79 points with Arsenal a distant second on 66. Arsenal may have their eyes now on a Champions League semi-final against Paris St Germain, but they showed against Ipswich they will not hand over the title to Liverpool.
Leandro Trossard opened the scoring early on and Gabriel Martinelli made it 2-0 after a delightful flick by Mikel Merino.
Ipswich were reduced to 10 men before halftime as Leif Davis crudely raked his studs down the back of Bukayo Saka’s calf and the second half was academic.
Trossard grabbed his second in the 69th minute and Ethan Nwaneri added a late fourth to leave Ipswich stuck in 18th place on 21 points. They will be relegated if they drop points again or 17th-placed West Ham United pick up one more point from their remaining five games.
Chelsea were heading for a damaging defeat at neighbours Fulham as the hosts led with Alex Iwobi’s 20th-minute goal.
Substitute Tyrique George equalised with an instinctive shot in the 83rd minute, his first Premier League goal, before winger Neto swivelled and unleashed a thunderous strike in stoppage time to send the away fans wild.
Manchester United reached the Europa League semi-final with an astonishing comeback win against French club Olympique Lyonnais on Thursday but their Premier League woes returned against Wolves.
They are in 14th place and have now lost eight Premier League home games this season, their most defeats at Old Trafford in a league campaign since 1962-63.
“Wolves scored in the only opportunity they had. we had many chances, and we didn’t score. If you don’t score goals, you are not going to win games,” manager Ruben Amorim said.
-Reuters
Egyptian outlet, Ahram, has reported that Mohamed Salah has signed a new contract with Liverpool, extending his stay at Anfield beyond the 2024-25 season as he prepares for what could be the final chapter of a storied career with the club.
While the terms of the agreement were not disclosed, British media reports indicate the 32-year-old forward has signed a two-year extension, keeping him at the club until at least 2027.
Salah, who joined Liverpool from AS Roma in 2017, has become a modern-day icon at Anfield.
The Egyptian international has scored 243 goals in 394 appearances—third on the club’s all-time scorers list—and has helped the Reds secure seven major trophies, including the Premier League and Champions League titles.
“I had my best years here,” Salah told the club’s website. “Hopefully it’s going to be 10. I signed because I believe we can still win big trophies together.”
He has maintained his prolific form this season, scoring 32 goals and providing 22 assists in 45 appearances across all competitions. His 27 Premier League goals currently lead the division.
During his time with Liverpool, Salah has won the Premier League Golden Boot three times, been named the PFA Players’ Player of the Year twice, and claimed two FWA Footballer of the Year awards.
Now entering the latter stages of his career, Salah remains focused on adding more silverware to his collection and further cementing his legacy at Liverpool.
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Leicester City’s Jeremy Monga, who became the second-youngest Premier League player when he made his senior debut in Monday’s 3-0 loss to Newcastle United, had to wear a blank shirt because it is sponsored by an online cryptocurrency gaming platform.
Britain’s Gambling Act 2005, which underwent a review in 2020, prohibits players under 18 from wearing kits displaying gambling sponsors. Monga, an England U16 international, made his senior debut at 15 years 271 days old.
Arsenal’s Ethan Nwaneri remains the youngest Premier League player in history, having debuted in the competition when he was 90 days younger than Monga.
Leicester, who suffered an eighth straight loss in the league without scoring a goal, are 19th in the standings, 15 points below the safety zone.
-Reuters
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