Manchester United paid for 56 lawyers to work on the deal for INEOS to buy a minority stake in the club. The cost of the engagement is expected to be revealed in the accounts. The Q1 accounts show record revenues of £157.1m, with a net loss of £25.8m when factoring in player signings. Sir Jim Ratcliffe has submitted a 25% offer, and documents reveal that the Glazer family can sell the club to another buyer and force Ratcliffe to sell his stake after 18 months. Raine Group is set to collect $31.5 million in fees for advising Manchester United on the new investor. The Qatari bid failed to provide financing commitment letters and proof of funds, raising questions about the bid's nature and PR heave. Sheikh Jassim's bid team is seeking a corrective statement from Manchester United's SEC Filing. Sir Jim Ratcliffe almost pulled the plug on the deal after issuing an ultimatum. Sheikh Jassim's bid passed through multiple rounds of negotiations without meeting proof of funds requests.
Staggering how long Sheikh Jassim’s bid was able to pass through multiple rounds of negotiations with Raine and United without ever meeting proof of funds requests.
Sir Jim Ratcliffe almost pulled plug on deal to invest in Man United after issuing ultimatum https://t.co/Z8ki49ZGgh
New details on #MUFC sale: 🔺 Ratcliffe set Christmas Day deadline 🔺 Jassim never showed proof of funds 🔺 How Joel Glazer got $60m extra 🔺 Woodward, Arnold shares windfall 🔺 Execs’ bonus payments Full details ⬇️ With @Dan_Sheldon_ https://t.co/UNuMrd3HBW
🚨 Breaking: Sheikh Jassim's bid team are now seeking a "corrective statement" from #MUFC's SEC Filing. 🗣️ Source close to Jassim's bid team: "The filing - which is made by MU Plc unilaterally without consulting or having to verify with other parties - refrains from disclosing… https://t.co/e3Qfxvyh2y
Sir Jim Ratcliffe at risk of being FORCED to sell Man Utd investment in just 18 months, bombshell documents reveal https://t.co/lgVjn2Ybwy https://t.co/lgVjn2Ybwy
The details also raise questions about the immense PR heave behind the Qatari bid, the constant leaks it was about to win, and the very nature of it https://t.co/GmxjtRuyeq
Qatari bid never showed proof of funds, never as high as stated, and final bid wasn't legally acceptable SEC filing lays out Man United sale process - Ratcliffe 4 proposals rejected - Raine paid $31.5m by Utd - 170 initial, 26 NDAs, 8 in 2nd rd, 1 winner https://t.co/tQahZqHldX
Glazers can force Jim Ratcliffe to sell Manchester United stake in 18 months, documents reveal. Also: Qatari Sheikh Jassim failed to provide financing commitment guarantees - even up until Sept 2023. Full story with @Lawton_Times here ⬇️⬇️: https://t.co/qFHIkpCATB https://t.co/ETanJHfcSr
🔺 NEW: The Glazer family will have the power to sell Manchester United to another buyer and force Sir Jim Ratcliffe to sell his stake after 18 months, documents reveal. Read more ⬇️ https://t.co/vQAfsMqzc8
Raine Group is set to collect $31.5 million in fees for its work advising English football club Manchester United on bringing in a new investor https://t.co/cP4EPg1rij
Fascinating and juicy detail revealed on the #MUFC sale process. 'Bidder A' (Sheikh Jassim) formally withdrew on October 15, 2023. Qatar bid consistently failed to provide "customary financing commitment letters" throughout and there is no mention of pledged investment. Several… https://t.co/dem3a39XIn
Reading the Tender Offer for Man United, which has all the facts laid out below, it is even more remarkable there was such a PR heave behind the Qatari bid A lot of the big accounts that caused havoc at time (and a lot of pile-ons) not posting details now https://t.co/CJZj6ImKCH
Sir Jim Ratcliffe formally submits 25 per cent Man Utd offer with expected takeover date revealed https://t.co/n1tv1EzNT6 https://t.co/n1tv1EzNT6
#MUFC Q1 accounts out: record revenues for that three-month period, up 9% at £157.1m. Means club made profit when excluding investment in players (~£23.3m). But net loss of £25.8m when signings factored in. More on @TheAthleticFC soon.
Man Utd in talks to buy golf club with Carrington training ground at ‘maximum capacity’ after Ratcliffe investment https://t.co/0QWqpX1hSR https://t.co/0QWqpX1hSR
Manchester United paid for 56 lawyers to work on Glazers’ investment process. Cost of lengthy engagement not known at this stage but is expected to be revealed in accounts. Another cost to the club of Glazer ownership. @Dan_Sheldon_ ⬇️ https://t.co/elS0fCpjme
Manchester United paid for 56 lawyers to work on the deal that will see INEOS buy a minority stake in the club. The club will be footing the bill as opposed to the Glazers. #MUFC Full story @TheAthleticFC https://t.co/Ffi8DaY1wc