Gary Neville SLAMS 'shoddy' sale of Man United

‘They are making it up as they go along!’ Gary Neville SLAMS the ‘shoddy’ sale process of Manchester United after it entered a third round of bids… as he demands the ‘classless’ Glazers sell-up and ‘GET OUT’ by the end of May

• Sportsmail revealed the bidding process for Man United will enter a third round 
• Sir Jim Ratcliffe and Sheikh Jassim bin Hamad al-Thani remain the frontrunners
• The decision to open the process up to a third round has infuriated Gary Neville

Gary Neville has slammed the Glazers and the bidding process to take over Manchester United.

Sportsmail revealed on Tuesday evening how a third – and final – round of bidding for United is set to take place, with best offers to land before the end of the month, despite two previous rounds of offers.

However, in a significant shift forwards in what has been a long-running saga since the club’s unpopular American owners put the club up for sale in November, those still in the battle – who include Qatar-based Sheikh Jassim bin Hamad al-Thani and British billionaire Sir Jim Ratcliffe – have been told that there are now two deadlines.

The first, which is in the middle of next week, is related to due diligence. The second – April 28 – is for final bids to drop. It can also be disclosed that there is a growing belief among those close to the process that the Glazers, are seeking a full sale of the club rather than partial investment. 

However, the news of another round of bidding infuriated United legend Neville, who urged the Americans to get out of the club as soon as possible.

Gary Neville slammed the sale process of Man United after a third round of bids were invited

He also urged the club’s unpopular American owners the Glazers to ‘get out’  by the end of May 

British billionaire Sir Jim Ratcliffe (left) and Qatari Sheikh Jassim (right) are the two front-runners in the process and have already submitted two bids to take ownership of the club

He tweeted: ‘They’re making it up as they go along! Shoddy way to run a sale process. They need to get out by end of May to allow the new owner a fighting chance to impact the next transfer window and get moving!’

Neville continued: ‘Taking it to a 3rd round (of bidding) is just classless. The market has obviously not given them the answer they want! It’s like they’ve made a pact to each other that they won’t go for less than £1bn each family member. (5 of them). If they stay in after all this it will be toxic!’

The Glazers have have been a source of contention at Old Trafford ever since they became majority owners in 2005, facing significant fan anger and backlash. After taking over the club through a leveraged buyout which placed £525million worth of loans onto the brand of United, they have racked up the club’s debts to £536m.

Overall, the Glazers have taken more than £1bn out of United in the form of dividends, interests, costs and fees during their 18-year-reign, which has been dominated by a decline in on-pitch performance and success. 

When announcing the club was up for sale in November, they invited bids for control and for a stake in exchange for a cash injection but the noises so far are that a complete takeover is looking likely. That said, partial investors remain in the process.

Raine Group, the New York based bank overseeing the sale, declined to comment, as did spokespeople for Sheikh Jassim and Ratcliffe. 

Reports in the US earlier on Tuesday claimed that there are seven prospective ownership groups which have received feedback from Raine, although there is scepticism in some quarters over whether that is the case.

The decision to move to a final round, rather than enter into a period of exclusivity with one group, may suggest that the Glazers have not yet attracted a price at which they are happy to sell.

Neville was infuriated by the Glazers actions and the slow nature of the takeover process

United’s owners have been extremely unpopular throughout their 18-year tenure at the club

 Fresh offers are now due before the end of the month as the takeover saga takes another twist

As per Neville’s point, it also means that things will have to progress rapidly for a new owner be in place for the forthcoming transfer window with Erik ten Hag likely to be desperate to strengthen his squad after a promising first season at the club. 

Second offers were made on March 23 by Ratcliffe’s group and a day later by Sheikh Jassim. Both were given extended deadlines to place their bids.

Aside from two known bids for full control, there are offers from a number of groups to take a partial stake in the Premier League giants.

Such a move would allow the Glazers to stay in charge and provide the funds necessary to upgrade Old Trafford or build a new stadium and refurbish the club’s training ground.  

However, it would not be popular with wide sections of United’s fanbase.

Source: Read Full Article