The minority investors in Manchester United are said to be praying for the Glazers to sanction a full sale of the club.
The takeover process is continuing to drag on, with Sheikh Jassim bin Hamad Al Thani battling Sir Jim Ratcliffe for a buy-out. The duo are the leading contenders to fully take over from the Glazers, who have been in control at Old Trafford for 18 years.
The American family have employed the Raine Group, who dealt with the sale of Chelsea, to oversee the process. But their shares are not the only ones to consider, with 31 per cent of the stakes in the Red Devils being owned by other parties.
The shares are divided into Class A and Class B stocks, with the Glazers owning all of the latter class of shares. The Class B shares carry 10 times the voting rights of the Class A ones, which are owned by multiple shareholders.
The New York-based NASDAQ Stock Exchange’s website refers to there being 130 Institutional Holders. An Institutional Holder is a company or organisation that invests money on behalf of its clients or members.
There will also be individuals who own shares in the club, though not a significant level. Former executive vice-chairman Ed Woodward for example owns 551,486 Class A shares in United.
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The minority shareholders are certainly making their feelings clear when it comes to the sale. If the Glazers do relinquish control to either Sheikh Jassim or Ratcliffe, it would be a golden ticket for the minority shareholders.
“The only reason someone buys shares in Manchester United now is squarely because they believe whoever takes over the Glazers’ stake will also want to take it off the market,” one investor told The Athletic.
“Before the strategic review was launched, investors buying shares saw the club as an asset with potential massive on-top value that the market was not appreciating. If and when the Glazers sell it would be a home run.”
The investors may be hoping it is Sheikh Jassim who is handed preferred bidder status. The Qatari banker is seeking a 100 per cent takeover of United, including both the Glazers' shares and those own by the minority stakeholders.
Ratcliffe, who is bidding for the club through his Ineos company, is merely looking to buy-out the Glazers. The Englishman has no plans yet to buy the remaining 31 per cent of the shares, if his bid is successful.
The process is continuing to drag on, with increasing concern that the Glazers will not actually sell the club. The Raine Group had been due to provide an update to bidders this week, with no hard deadline for a sale having been put in place.
