When Mark Twain wrote “Buy land, they’re not making it anymore”, the world did not know that the future land would be great sports clubs. Yes, Manchester United which the Glazer family bought for about $940 million in 2005 and which has a debt of almost $600 million, is possibly going to be sold for in the neighbourhood of $6 billion. That is not a bad outcome when you calculate all the dividends already paid out!
People, I have noticed that for the super-rich, it is going to be extremely hard for them NOT to make money. Why? There is a loop that when you buy the best asset class, your returns are nearly assured.
Indeed, they are not creating new great sports clubs and the available ones will keep rising.
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Astronomical bids are pouring in for storied English Premier League football club Manchester United. Qatari bank chairman Sheikh Jassim bin Hamad al-Thani made a public bid for the team late last week — before Friday’s deadline — said to be worth as much as $6 billion, reports The New York Times. British billionaire Jim Ratcliffe has also made an offer for 69% of the club. The value of sports franchises continues to rise and shatter records; Chelsea Football Club sold for $5.3 billion last May, setting a new record for the sale of a sports team. The North American record was set shortly thereafter, when the NFL’s Denver Broncos were sold for $4.65 billion.
Several additional offers were made prior to Friday, according to The Wall Street Journal, which adds that more may come in despite the deadline.
Manchester United, which was bought by the Glazer family for approximately $940 million in 2005, is carrying debt of almost $600 million, according to the Times.
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The winning bid will likely exceed $6 billion, it’s Manchester United we are talking about here, and once the guys from the Middle East get involved, money bears a different meaning. The emirate folks got Manchester City back then, so the Qataris would like to go one step further, it’s about bragging right. Both countries already compete in airline business, now they are about to extend it to English football.
The moneymen don’t joke with toys, and this time it’s a global toy with global fan base, you cannot let that slip away.