28 February 2023 , 11:26
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A new bidder has offered to take a minority stake in Manchester United and hand the Glazer family the chance to remain in control of the Premier League club.
The Glazers have put United on the market, with either a full sale or investment in the club being welcomed. The process is being run by the Raine Group, who also handled the sale of Chelsea last year, with bids having been submitted by Sir Jim Ratcliffe and Jassim bin Hamad Al Thani.
The Group is expected to go back to those bidders this week, with a soft deadline having passed a fortnight ago. Now though, a new bidder has entered the fray, with Luxembourg-based hedge fund Genevra Associates now putting themselves forward as possible candidates for investment.
The Glazers have been offered the chance to remain in control of Manchester United (Getty Images)According to AP News, they have 'expressed interest' in purchasing a minority stake in the Red Devils, subject to certain conditions. It is said that they are keen to work with current majority owners the Glazers as part of their bid.
They want to establish a way for global fans to hold an ownership stake in the club, enabling public shareholders to take at least a 50 per cent stake. One of the firm's partners Irfan Khan believes that the Premier League giants are a "solid investment".
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“The Covid-19 pandemic has had a devastating impact on all sports teams worldwide—with United no exception. However, we still believe it is a solid investment with fantastic upside potential and many millions of passionate fans globally,” Khan said.
Sir Jim Ratcliffe is one of two existing bidders (AFP via Getty Images)Genevra are keen to realign the commercial interests of the club and have insisted the fans will be a key part of their vision for the team. Shah Farsi, founding partner of the hedge fund, has announced their intention to act of the force of reformation that is needed to push the club on.
“We understand that United fans have been rightfully frustrated over the last several years. Our aim is to act as the force of reformation that harmonizes the interests of the owners and the fans and push for some much-needed transformation at the club," Farsi said.
"We have received a number of solid commitments over the recent weeks and we hope to transform that into a unique win-win opportunity for all those involved.”
The hedge fund have said they will keep fans updated through social media. On their website, it is stated that Genevra Associates are registered as an Alternative Investment Fund with le Registre de Commerce et des Sociétés (RCS).
They describe themselves as being "a dynamic investment management company, dedicated to empowering its clients with access to unique and uncorrelated investment strategies and unparalleled transparency".
The news of the fresh bidder comes as concerns rise among supporters that the Glazers will in fact remain in control. Avram Glazer was in attendance as United defeated Newcastle in the Carabao Cup final on Sunday.
But the Red Devils' share price on the New York Stock Exchange has plunged by nearly 10 per cent since Monday amid the increasing prospects that the Glazers will stay. The Americans are demanding a bid of more than £5billion, a figure that neither Ratcliffe nor Al Thani have yet reached.
While Ratcliffe and Al Thani are bidding for a full takeover, there are offers from the likes of Elliott Investment Management for a minority stake. The full bids have so far not been disclosed, with the process continuing to drag on.