Freshfields at Centre of Man Utd Takeover Talks
Freshfields hosted the so-called Red Knights group yesterday morning…
Man Utd may have just won the Carling Cup final but glory on the pitch can’t hide their fall from financial grace. The club’s level of debt now stands at £716.5m.
After a difficult bond issue and the mortgaging of Old Trafford, a group of financiers are girding their loins for a takeover.
The Times: A group of leading City financiers have held talks with a view to wresting control of Manchester United from the Glazer family, the current owners of the club.
Though no offer for United is thought to be imminent, the Red Knights are understood to be examining the viability of a potential bid. The Glazer family, however, remain adamant that the club is not for sale and [last night] issued a statement reaffirming their commitment to the club.
It is understood that the talks were hosted by Mark Rawlinson, a Freshfields’ corporate partner, who advised United on its takeover by the Glazers in 2005. Goldman Sachs economist Jim O’Neill, who was acting in a personal capacity and financier Keith Harris from Seymour Pierce, were at the meeting.
March 3, 2010
First off, who cares if United disappear up their own financial asshole.
Secondly, if Rawlinson “acted for the club on US billionaire Glazer’s £790m takeover in 2005″ isn’t he likely to have some conflict issue here?
March 3, 2010
I’m no fan of united but it is sad to see what was formerly a well run club in finacial terms gutted by some douche bag yanks.
March 3, 2010
Sports clubs are tropy businesses for rich men who wish to be poor men.