Man United looking for $235m for stadium amid sale chatter
The Glazer family is looking for capital to make infrastructure improvements to the team’s Old Trafford stadium, including a capacity increase to 90,000.
Manchester United’s owners are looking for at least $235 million in funding amid speculation that they could sell part or all of the iconic soccer team.
The Glazer family is looking for capital to make infrastructure improvements to the team’s Old Trafford stadium, including a capacity increase to 90,000.
A loan or stake sale have both been discussed, and potential investors are likely to offer funds in exchange for a percentage of the team’s media rights, per The Times. .
This is not new to football as FC Barcelona sold a 24.5% stake in its media rights to Orpheus Media for $102.6 million earlier this month.
A debt sale could be complicated by the team’s existing balance sheet. Under the Glazers, the club has paid $1.1 billion in interest and debt repayments, while the Glazers have collected $406 million in share sales, consulting fees, and dividends.
Private equity firm Apollo Global Management backed out of talks with Manchester United, but talks with others may be ongoing, per Bloomberg.
Fan groups organized protests prior to the team’s match against Liverpool on Monday night, calling on the Glazers to sell. Fan group The 1958 is boycotting the game and have pushed for fans to stop buying team merchandise and official packages.
The Glazers would reportedly seek a record $5.9 billion at the very least, were they to sell the club. Members of the family have shown varying levels of commitment to owning the team — among the siblings, Joel Glazer is reportedly the most attached to keeping it.
Source: norvanreports.com
