Man Utd takeover talks 'opened' as Glazers presented with two options
The Glazers are considering their options at Manchester United with a knock-on effect for Sir Jim Ratcliffe and INEOS.
What's catching attention today?
What's new this morning?
What's the talk of the day?
Keith Wyness, the former chief executive of Everton, Aston Villa, and Aberdeen, is confident that the Glazers are in discussions to secure new investment at Old Trafford. The 68-year-old suggests that Sir Jim Ratcliffe may have limited influence over any potential takeover talks at United and posits that additional funding will aid their ambitious stadium project.
Last year, United unveiled plans for a new 100,000-seater stadium, marking a departure from their historic Old Trafford base. The proposed venture is expected to generate 92,000 jobs, over 17,000 new homes, and attract an extra 1.8 million visitors each year.
Don't miss
Related articles
At the time of the announcement, Ratcliffe, co-owner of Manchester United, expressed his excitement: "Today marks the start of an incredibly exciting journey to the delivery of what will be the world's greatest football stadium, at the centre of a regenerated Old Trafford. Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport.
"By building next to the existing site, we will be able to preserve the essence of Old Trafford, while creating a truly state-of-the-art stadium that transforms the fan experience, only footsteps from our historic home.
"Just as important is the opportunity for a new stadium to be the catalyst for social and economic renewal of the Old Trafford area, creating jobs and investment, not just during the construction phase, but on a lasting basis when the stadium district is complete.
"The Government has identified infrastructure investment as a strategic priority, particularly in the north of England, and we are proud to be supporting that mission with this project of national, as well as local, significance."
Yet Wyness, who served as CEO at Aston Villa between 2016 and 2018, reckons the club will require extra funding to bankroll such an ambitious scheme, with the Glazers needing to either attract fresh minority investment or offload the club altogether.
EXPRESS SPORT ON FB! Get all the best sports news and much more on our Facebook page
On Football Insider's Inside Track podcast, Wyness said: "I've got no doubt there are discussions, and it's the Glazers that hold the key at the moment, and I've got no doubt discussions have happened about the Glazers either bringing in another partner or selling it in some position, and I think Ratcliffe would have little choice on that.
"See the big ramifications of the problems that INEOS have brought on themselves now is things like the debt pile that's still there in his own company, which means that they will not be able to finance through INEOS or give the proper guarantees, possibly for things like the stadium. Now that's a big long-term project that all the fans were told to buy into.
Don't miss
"If you like, it was the showpiece of the whole INEOS tenure, that they wanted to show that we're going to be moving forward and the great new Old Trafford project was going to be born and with the circus tent. And it was impressive, but I'm just wondering now how that could be financed in the same way without bringing in outside finance in a more expensive way and that's going to put more pressure on them."
Ratcliffe's firm, INEOS, is grappling with an estimated £18billion debt, as reported by The Telegraph last year, leading to speculation that he may need to step back from his role at United.
Get More of Our News on Google
The club itself is also heavily indebted under the Glazers' reign. In 2023, there were discussions about selling the club to Qatari billionaire Sheikh Jassim, but instead, a minority share was sold to Ratcliffe.
Our community members are treated to special offers, promotions, and adverts from us and our partners. You can check out at any time. Read our Privacy Policy
No comments:
Post a Comment