The Glazer family have been ripped to shreds over their handling of the Manchester United bidding process after Sheikh Jassim dropped out from the race for Old Trafford.
Ultimately, the Sheikh decided that the American owners were demanding too much for the club which is market valued at around £2.8 billion – with Sir Jim Ratcliffe set to buy 25% of the club’s shares instead.
“What is happening is totally unreal,” a source told Kaveh Solhekol in relation to the finale of a United bidding saga that has lasted 11 months.
“The Glazer’s valuation is insanely fanciful. Sheikh Jassim offered them almost double the market capitalisation. He was a cash buyer, he was going to clear all their debts, there would have been no new debt and he was going to put in another £1.4 billion for the stadium and the team.
“All that still wasn’t enough for the Glazers. What we’re left with now, after almost a year, is someone who is going to overpay for 25 per cent of the club. They are arguably the greatest and most historic football club on the planet and after a year there’s just one bidder and he can only stump up enough for 25 per cent.
“It’s a joke. If they just wanted to sell a minority stake, they could have done it privately last November. The market dictates what United are worth, not the Glazers or Raine. Remember when there were apparently eight serious bidders? All along there has only been one bidder for 100 per cent of the club so why should he bid against himself?
“Ratcliffe is overpaying and any valuation higher than Sheikh Jassim is sheer lunacy.
“If he can only afford to buy 25 per cent to start with, who is going to pay for the new stadium? Who is going to fix the leaking roof? Who is going to pay for the new training centre and new players and community projects?
“United can’t keep up with Brighton these days, never mind Man City, Liverpool and Arsenal. And don’t even think about the likes of Real Madrid and Bayern Munich.
“And if they go with Ratcliffe, they get another shareholder. How does that help decision-making? Where is the new vision and the new ambition? Where is the new engagement with the fans?
“Sheikh Jassim tried to bridge the gap between reality and lunacy on valuation. He did his best.”
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