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The true extent of the parasitic Glazer ownership has been revealed by a shocking revelation in the takeover process at Old Trafford.
The Athletic indicates Manchester United as a club were forced to foot the bill for the financial advisory company that oversaw their protracted takeover saga – Raine Group LLC.
The process eventually culminated in Sir Jim Ratcliffe’s minority stake ownership bid being accepted for 25% of the club.
The INEOS owner agreed to pay over £1 billion for his share, as well as pledging an additional £237 million of further investment for infrastructure. This combination brings the total offer to just under £1.3 billion.
For their role in facilitating the deal – which took over a year to complete – Raine Group accumulated a bill of £24.9 million.
Despite the Glazers receiving this enormous offer for a minority stake of their shares, The Athletic contends this bill “will be paid for by United as opposed to the Glazer family.”
The club will also reimburse the company for any expenses incurred throughout the process, “including reasonable and documented fees and disbursements of Raine’s outside counsel, and to indemnify Raine and related persons against various liabilities, including certain liabilities under the federal securities laws”.
Furthermore, this will hold true for the fifty-six lawyers employed by the club to work on the transaction, as explained in greater detail here.
The only part of the process the Glazers will cover themselves is the personal advice they received from Rothschild & Co – the family’s own advisors. How generous.
It’s even revealed the Glazers contacted Raine Group as far back as June 2022 to initially discuss financial options, five months before the American owners announced their proposed strategic review.
A filing on the SEC – United States Securities and Exchange Commission – reveals the merchant banking group were selected to represent United because they are an “internationally recognized investment banking firm that has substantial experience in transactions” and “has familiarity with our company and the markets in which we operate”.
Substantial experience United paid £24.9 million to receive. There appears to be no possible depth the Glazers won’t sink to in order to protect and maximise their bottom line.
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