Stefan Borson: Man United investors could face ‘immediate’ Man City issue after takeover latest

Manchester United have been the subject of takeover speculation in recent weeks following rumours in the Middle East. 

Saudi sports chief Turki Al-Sheikh revealed on 8 October Man United are in an advanced stage of completing a sale to a new investor, adding he hope’s they are “better than the previous owners”.

However, Al-Sheikh later confirmed the potential Man United investor isn’t from Saudi following the reaction to his initial post.

GIVEMESPORT reported on 15 October a group of investors from the United Arab Emirates who are interested in acquiring Man United are exploring whether they can form a consortium. 

Credit: Getty Images

How likely are Man United to agree takeover deal?

Former Man City financial adviser Stefan Borson exclusively told Football Insider any UAE-based investment fund interested in Man United could have links to Pep Guardiola’s side.

Man City are majority owned by Sheikh Mansour, who is the vice president and deputy prime minister of the UAE.

Speaking exclusively to Football Insider, Borson said: “I don’t think any of it is likely, to be honest. I could turn out to be completely wrong. It would immediately give rise to some potential issues in relation to associated party transactions. 

“I’ve not looked deeply into the parties that might be involved from the UAE, but we know that both Saudi and the UAE have investments in so many related businesses within the countries that many things can be not just related party transactions but can be associated party transactions.

“So, you’ve got that complexity first of all. You’ve also got a situation where they ran a process two years ago and you’d have to ask why would a bidder be running now that wasn’t there two years ago?

“How have they kept it secret if it is really going on in the background? How have they not made any sort of more formal announcement to the New York Stock Exchange? What price would be paid? Or is somebody really going to come along and pay let’s say $33 (£24.58) or more when that seems to be more than most people think it’s worth.” 

Sir Jim Ratcliffe and Jason Wilcox looking concerned
Credit: Imago

Sir Jim Ratcliffe purchased a 27.7 per cent stake in Man United in February 2024 after agreeing a £1.25billion deal with the Glazers, valuing the club at close to £5bn. 

Man United takeover speculation has emerged after clause activated

The Glazers’s drag-along rights in Man United came into effect in August, 18 months after their deal with Ratcliffe was agreed.

It gives the American family the power to sell their stake and also force Ratcliffe into a sale in a full takeover of the club.

Ratcliffe was previously selected as the preferred bidder to invest in Man United ahead of Sheikh Jassim, who wanted to secure a full takeover but failed to provide proof of funds.

Borson is sceptical over whether any takeover process is ongoing following the latest rumours.

“I’m very sceptical about the whole thing,” said Borson.

“Having a UAE-based investment fund that I assume somewhere has connections or investments with some of the same entities as City is just another level of complexity in the deal, so I’m sceptical, but we’ll see.

“I’ve seen no evidence that this is actually real.” 

Man City
Credit: Getty Images

Ratcliffe has increased his stake in Man United to 28.9 per cent after injecting around £240million since initially investing in the club.

Meanwhile, the Glazers, who bought a 98 per cent stake at Old Trafford in 2005 for £790m, have since seen their shareholding diluted to 48.9 per cent.

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