Manchester United Supporters Trust (MUST) have given a cautious welcome to the idea of the club being floated by the Glazers on the Hong Kong stock exchange. They point out that while fans may not like the idea of the Glazers walking away with a big profit, the long-term interests of the club should be paramount.
Manchester United Supporters Trust (MUST) have given a cautious welcome to the idea of the club being floated by the Glazers on the Hong Kong stock exchange. They point out that while fans may not like the idea of the Glazers walking away with a big profit, the long-term interests of the club should be paramount.
However, they suggest three conditions. First, they argue that there must be a ‘realistic’ valuation of the club which they put at £1bn. Of course, the only real valuation is one that the market gives, but most experts would give a valuation of £1.5 – £1.75bn. Indeed, it is likely that a private buyer would be prepared to pay approaching £1.7bn. Manchester United is the jewel in the crown of world soccer, particularly given that Barcelona and Real Madrid are not available for sale.
They also, understandably enough, call for a full public offer. The Glazers may well want an arrangement where they retain a majority or dominant shareholding whilst realising value from the rest of the shares. They also ask that shares should be available for sale to Manchester United fans. They could buy them in Hong Kong but it would be easier to buy them in a UK flotation which is why MUST asks for a flotation here.
Should anything come of this proposal, the Glazers will make sure that their interests are served by the way in which any disposal is conducted.