From The Times
The Manchester United takeover story is becoming a parody of itself, with every sneeze and cough from the camp of Malcolm Glazer being reported as a "significant development".
The latest "news" is that JPMorgan, the bank backing the American industrialist, would be prepared to release funds to J. P. McManus and John Magnier for their 28.89 per cent stake a week after agreeing a deal, rather than the standard 60-day period.
Glazer had previously made it a condition that he would buy their stake only if he succeeded in gaining control of 75 per cent of the company. It was a deal-breaker. Now his bankers seem prepared to pay up after just seven days of due diligence (in-depth scrutiny of the books).
Fine, but key assumptions are being made. First, without the Irishmen, JPMorgan cannot conduct due diligence because the United board is hostile to the offer. Even if the bank struck a deal with Glazer to give him majority control, what if the bankers then found a surprise hole in the accounts and decided to pull out? That would leave them blowing in the wind because Glazer does not have alternative financing.
Even more crucially, however, no one knows whether Magnier and McManus even want to sell. At 300p a share, they stand to make a profit of £80 million, but on an investment of about £150 million. When you have that much money, it is the thrill of the deal that matters.
If a European Super League is inevitable, as many in the industry say it is, United as a leading football franchise could be worth several times as much to them in a few years. Why gift that to Glazer now?'