Could a ‘blank-cheque’ takeover company solve Manchester United’s ownership

From the rubble of the collapsed Super League fans of are hoping (perhaps thinking wishfully) for a new future free from their American ownership, buy how might that play out?

The list of potential buyers for would probably be a short one.

Could it be bought by a petro-state, a benevolent benefactor or controversially a media conglomerate?

Perhaps a glance over to Silicon Valley reveals another solution as the club’s current owners ponder an uncertain future from their base in Florida.

Amidst the rapid disintegration of the US$3.5bn Super League ploy on Tuesday night Ed announced his departure as United’s executive vice-chairman.

For many fans the former JP Morgan M&A advisor is seen as the Glazer family stooge. In the words of one among countless podcast rants heard this week – is their suit but Joel Glazer wears the trousers.

Rumour and media speculation has in recent days suggested that Glazer family, Manchester United’s unpopular American owners, may have eyes on the exit door too.

Selling up now would likely net them a tidy fortune, even after the Super League fiasco.

The Glazers bought United for around £600mln back in 2005 in a leveraged takeover, landing the football club in a debt that today remains largely unpaid (albeit over £1bn of interest payments have been made in the meantime).

A takeover offer to prize Manchester United out of the American owner’s hands needs to be pitched in the order of £3-4bn, reckon common guestimates among football experts.

It is a tough ask. Such a valuation leaves the club vulnerable to another unpopular owner and, moreover, scrutiny on any new buyer will now be particularly high.

As another pundit put it, anybody who can afford Manchester United probably shouldn’t be allowed to buy it.

Prayer for a benevolent benefactor

Takeover rumours linking Saudi Arabia have done the rounds in recent years, mirroring to the so-called ‘sports washing’ model seen across Manchester at Abu Dhabi owned City and Qatari-owned Paris Saint Germain (which, as it happened, rejected the Super League).

A 2020 move for Newcastle United by Saudi was blocked by the UK authorities,  so that perhaps look less likely than ever.  Regardless, in the court of public opinion, it would simply see Manchester United jump from frying pan into fire.

INEOS founder Sir Jim Ratcliffe is another suitor previously linked to a Manchester United takeover.

As ‘Britain’s richest man’, with an estimate net worth in excess of £20bn, the Lancashire-born Monaco-domiciled petrochemical entrepreneur has deep enough pockets to facilitate a deal, and, indeed, INEOS already has its own sports division.

INEOS is a lead sponsor of Sir Lewis Hamilton’s Mercedes Formula 1 team and with INEOS TEAM UK is partnered with Sir Ben Ainslie in the America’s Cup sailing contest. Ratcliffe also has bankrolled Sir Dave Brailsford’s cycling team, acquiring Team Sky and relaunching as the INEOS Grenadiers.

Adding Sir Alex Ferguson’s Manchester United to Ratcliffe’s sporting table is, however, complicated by the INEOS Football acquisition of French club OGC Nice.

This potentially scuppers a deal due to European Competition rules concerning investments in multiple clubs.

Fan ownership?

Back in 2010, another possible takeover attempt was steered by former chairman and United fan Jim O’Neill.

It was a fan-led consortium (wealthy fans) comprising bankers and lawyers, though it did not advance as far as direct talks with the American owners.

Several years ago, O’Neill reflected in an interview with the BBC that his ‘Red Knights’ consortium “couldn’t get enough people to support the exact philanthropic principle” behind the buyout plans, and that “if we wanted to explore…