Tag Archives: investors

Portsmouth face 10 point deduction even if supporters trust save club

Pompey will still be docked 10 points if supporters group win fight to save club

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UPDATED:

17:13 GMT, 10 December 2012

Portsmouth still face a 10-point deduction should the Pompey Supporters' Trust (PST) win their battle to save the club this week.

The Football League today confirmed the sanction, to be imposed once the club comes out of administration, after receiving details of the PST's proposed takeover.

PST's bid hinges on administrators PKF gaining permission to sell Fratton Park, which is controlled by the club's former owner Balram Chainrai, at a High Court hearing which starts on Thursday.

In danger: Portsmouth will be docked 10 points even if the supporters trust saves the club

In danger: Portsmouth will be docked 10 points even if the supporters trust saves the club

The League is awaiting the outcome of that hearing, and for the trust to raise the remaining funds as set out in their business plan, before fully considering their application.

A statement from the League read: 'The Football League Board has received details of a proposal by Pompey Supporters' Trust and its partner investors to acquire the assets and certain liabilities of Portsmouth Football Club.

'Having considered the proposal in detail, the Board concluded that it had significant merit.

'However, two outstanding points will have to be resolved before the Board can fully consider PST's application to become the new owner of Portsmouth Football Club.

'They are the outcome of the current High Court proceedings relating to the ownership of Fratton Park and PST raising the remaining funding from supporters that is anticipated in its business plan.

'The Board also confirmed that ongoing membership of the League would be subject to a number of conditions that seek to ensure the sporting integrity of league football and the financial viability of the club going forward.

'It therefore reaffirmed its earlier decision that these conditions would include a deduction of 10 points (applicable at the point of transfer of share) and a range of other restrictions on playing budgets and future borrowing for the next four seasons.'

Pompey, who have been in administration since February, are currently one place and one point outside the npower League One relegation zone.

Rangers won"t play in SPL under my watch, says Charles Green

Rangers won't play in SPL under my watch, says angry club chief Green

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UPDATED:

13:33 GMT, 29 October 2012

Rangers chief executive Charles Green has hit out the planned restructuring of the Scottish Premier League and insisted his club will never again play in it on his watch.

Green says he has no interest in helping the SPL after the punishments – relegation to the fourth tier, with the potential of their titles being taken away – dished out to his club this year.

Speaking to talkSport, he said: 'The chief executive of the SFA, Stewart Regan, has said there will have to be some restructuring in Scottish football.

Standing up for his club: Charles Green had some stern words for the SPL

Standing up for his club: Charles Green had some stern words for the SPL

'It’s no secret the SPL have been working on a plan and I understand the Football League have got their vision for change in Scottish football. It has to change because it’s in a mess.

'It’s really difficult for me to take seriously the SPL re-structure.

'They threw us out of the league and are now pursuing title stripping, and for us to sit down and think that after all that has come to fruition that I will say “OK, everything's forgotten”, you’re in cloud cuckoo land. I don’t forgive and forget.

On the up: Rangers have had to build from the bottom once again

On the up: Rangers have had to build from the bottom once again

'While I’m Chief Executive, Rangers will not play in the Scottish Premier League. [If that situation arose], I would go out to the fans, as we did earlier in the year, when they were consulted as to what division they wanted to play in.

'They wanted to play in the Third Division and we as investors listened to them and were happy to do that.

'And we would go back to them again. But my position wouldn’t have changed. If they wanted to go back into the SPL, then fine. But I won’t be chief executive.'

Glazer family won"t sell Manchester United, says vice-chairman Ed Woodward

Glazers are here to stay! United owners refuse to cash in despite fans backlash

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UPDATED:

15:03 GMT, 23 October 2012

Manchester United's owners will NOT sell the club for 'many, many years' despite ongoing interest, according to vice-chairman Ed Woodward.

The sell off of 10 per cent of the Glazers’ shares in the club in the IPO sale in August raised some questions over the American family’s long-term involvement but Woodward said they had no interest in cashing in the rest of their holding.

Woodward admitted though that he could not rule out one of the six Glazer siblings selling their holding at some point in the future.

Staying put: The Glazer family won;t sell Manchester United for 'many, many years' according to the club's vice-chairman

Staying put: The Glazer family won;t sell Manchester United for 'many, many years' according to the club's vice-chairman

Woodward said: 'There is always interest in this business. It is a phenomenal brand and club, but

they are not willing sellers at all, they won’t even engage, they are long-term investors.
'It's a very popular business that people have interest in. The answer is: ‘not for sale’.

'I talk to them [the Glazers] every day and the excitement they have in this club is undiminished and I don’t see them selling completely more many, many years.'

Pressure: The Glazers have faced protests from supporters in recent years to sell the club

Pressure: The Glazers have faced protests from supporters in recent years to sell the club

Talking a good game: Sir Alex Ferguson has always shown support for United's American owners

Talking a good game: Sir Alex Ferguson has always shown support for United's American owners

Woodward did accept however that one of the Glazers could dispose of their shares at some point.

He added: 'They could – they are a family of six siblings and from time to time, seven to 10 years, who knows if one wants to sell a small piece or not.'

Woodward revealed that India and Australia are both on a shortlist of countries for United to tour in the summer.

The club are also to open an office on the east coast of the USA to try to cash in on growing interest in football in North America.

Expanding the business: The Old Trafford outfit are to open an office on the east coast of the USA

Expanding the business: The Old Trafford outfit are to open an office on the east coast of the USA

Glazer family move forward Manchester United flotation on New York Stock Exchange

Glazers accelerate New York Stock Exchange flotation plans 'to avoid fans' fury'

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UPDATED:

11:08 GMT, 23 July 2012

Fantasy football 2012

Manchester United have shifted forward plans to float on the New York Stock Exchange and could be listed as early as next week in an attempt to raise 64million to help reduce the club's huge debts.

The club will sell shares to Wall Street investors but the flotation would leave the Glazer family in charge: the billionaire investors bought the club in 2005 for 940million taking on debt of 423million.

United – valued by Forbes magazine at
1.43billion, making it the most valuable club in world football.

United front: Sir Alex's team are currently on tour in China

United front: Sir Alex's team are currently on tour in China

Documents were filed with the US
government's Securities and Exchange Commission on July 3, thereby
making public the planned Initial Public Offering (IPO)

The club aborted a move to float on the Singapore Stock Exchange last year and will now move to become a wholly-owned subsidiary of Manchester United Ltd, a holding company based in the Cayman Islands.

Duncan Drasdo, chief executive of the Manchester United Supporters’ Trust, told Manchester Evening News: 'We are surprised that the timetable has been accelerated and can only assume it is due to the absolute panning their proposals have taken in the financial press and they want to get the IPO away as quickly as possible now and certainly before the start of the season for fear of bad PR regarding fans’ reactions.

Taking stock: United have moved forward plans to float the club in New York

Taking stock: United have moved forward plans to float the club in New York

'The terms the Glazers are coming forward with are hugely disappointing. It's a massive missed opportunity simply so they can cling to power while inviting others to pay their debt.'

He added: 'Not only is this a high risk investment, especially for minority shareholders at the mercy of the Glazers who will be looking after their own interests first and foremost.

'Worse still they’ve already declared the shares will pay no dividends.'

Fury: United fans made a concerted to force the Glazers out of Old Trafford

Fury: United fans made a concerted to force the Glazers out of Old Trafford

Manchester United still the world"s most valuable sports team despite debt mountain

Manchester United still the world's most valuable sports team despite debt mountain

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UPDATED:

09:51 GMT, 17 July 2012

Manchester United have retained their
title as the world's most valuable sports team despite the Glazers' debt pile, according to Forbes.

The Red Devils were valued at
1.43billion, up from 1.2bn. The scale of United's financial might was
demonstrated by them being valued 250m higher than second-placed Real
Madrid.

Money matters: The Glazer family own Manchester United

Money matters: The Glazer family own Manchester United

Despite the increase in value, United were still 424m in debt in March.

But the club is taking steps to reduce its debt pile by listing on the New York Stock Exchange.

The club – who narrowly lost out on the Premier League title this year to staunch rivals Manchester City – hopes to raise 64m from selling shares to Wall Street investors.

THE FORBES TOP 10

1 Manchester United – 1.43billion

2 Real Madrid – 1.20bn

3= NY Yankees – 1.18bn

3= Dallas Cowboys – 1.18bn

5 Washington Redskins – 1bn

6= LA Dodgers – 895m

6= NE Patriots – 895m

8 Barcelona – 838m

9 New York Giants – 831m

10 Arsenal – 825m

The flotation would leave the Glazer family in charge: the billionaire US sports investors bought the club in 2005 for 940million, taking on debt of 423m.

United said it would would use the money raised from the flotation to reduce that total.

United's top ranking comes from thir many lucrative global sponsorship deals. Shirt sponsor American Insurance firm Aon has agreed a 19.8m a year contract until 2014. DHL Express also recently signed a four-year deal with the club worth a reported 40m to sponsor United's training shirts, in a first for a practice kit sponsorship deal for football in the UK, while sports brand Nike manages the team's merchandise sales in an agreement worth around 25m annually.

Popular: Fans turn up to welcome United in South Africa

Popular: Fans turn up to welcome United in South Africa

All 32 NFL franchises made the top 50 list with the Dallas Cowboys, Washington Redskins, New England Patriots and Super Bowl champion New York Giants all securing spots in the top 10.

The Forbes top 50 included seven football teams, with Arsenal falling three places to 10th and Barcelona up 18 to eighth.

Neil Warnock tracking Craig Mackail-Smith

Warnock tracking Mackail-Smith as Leeds takeover talks continue with Bahraini investors

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UPDATED:

21:06 GMT, 14 July 2012

Leeds boss Neil Warnock is eyeing 3million Craig Mackail-Smith as the club continue talks with Bahraini investors.

Warnock sees Brighton's 28-year-old Scotland international as the striker to fire Leeds into the Premier League and believes Brighton are willing to sell him.

Leeds owner Ken Bates has allowed Bahrain's Sheik Abdulrahman bin Mubarak Al Khalifa to conduct due diligence on the club.

Hot property: Craig Mackail-Smith is wanted by Leeds

Hot property: Craig Mackail-Smith is wanted by Leeds

PSG make 51m bid for Zlatan Ibrahimovic and Thiago Silva

Ibrahimovic set to become most expensive footballer as PSG make 51m offer

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UPDATED:

23:25 GMT, 11 July 2012

Zlatan Ibrahimovic could become the most expensive player in history after Paris Saint-Germain bid for the AC Milan striker.

The French giants, managed by former Chelsea and Milan manager Carlo Ancelotti, submitted a joint offer of 51million for Ibrahimovic and Thiago Silva.

On the move: The Sweden international is poised to join PSG

On the move: The Sweden international is poised to join PSG

Reports have suggested the 27-year-old Brazil defender will turn down the move, but if the protracted 32m part of the deal for Ibrahimovic goes through, it will mean the 30-year-old Sweden forward has cost a total of almost 150m in transfer fees, following spells with Ajax, Juventus, Inter Milan, Barcelona and AC Milan.

PSG were taken over by billionaire Qatari investors last year and have already announced the signing of Napoli forward Ezequiel Lavezzi for a reported 24m this summer.

Manchester United New York Stock Exchange: Glazers won"t invest return in team – analysis

Will Glazers invest New York Stock Exchange cash on new signings Think again…

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UPDATED:

07:29 GMT, 5 July 2012

The Glazers want to raise $100m(64m) by making shares in Manchester United available on the New York Stock Exchange, but if fans think that money will be spent on signings, they can think again.

Documents filed with the US financial regulators reveal a United debt mountain that stands at 423.3million.

For the first time, the Glazers have been forced to admit that interest payments on that debt could limit the club’s ability to buy and retain players and staff.

United front: The Glazer family, including Bryan Glazer (right) and Avram Glazer, have floated Manchester United on the new York Stock Exchange

United front: The Glazer family, including Bryan Glazer (right) and Avram Glazer, have floated Manchester United on the new York Stock Exchange

In other words, those interest payments – which have totalled 312m since 2009 – could be large enough to hamper the club’s efforts to overhaul free-spending rivals Manchester City who, of course, pipped United to the Barclays Premier League title last season

The Glazer’s original plan was a much larger float in Singapore to raise 640m, an idea that was pulled amid the global economic turmoil.

But going to Singapore would have allowed Manchester United to attract wealthy investors from the club’s huge Asian fan base.

Americans, not steeped in the beautiful game, are less likely to risk their dollars for sentimental reasons.

They may also be put off by the structure that the Glazers have erected.
A float usually dilutes the control of the major shareholder because new investors are getting a piece of the pie.

Money maker: The Glazers are looking to raise 64million by selling shares

Money maker: The Glazers are looking to raise 64million by selling shares

But the Glazers have rigged the float so that they will always have the final say on business decisions.

Americans may ask why they should spend good money to buy into an enterprise entirely controlled by a small family clan. They won’t even get a dividend for their trouble.

The move to register Manchester United Ltd in the Cayman Islands doesn’t look like a tax dodge, as the company will be treated like a US firm for tax purposes, actually increasing its bill.

But the island jurisdiction does have looser rules about how companies can treat minority shareholders, which might have appealed to the Glazers.

New signing: Shinji Kagawa arrived earlier this summer

New signing: Shinji Kagawa arrived earlier this summer

One insider, who once tried to buy the club from the Glazer family, told the Mail that the Americans could be preparing the ground for an eventual sale.

Stock market listings are the best way of putting a value on a company.
If that value turns out to be a lot higher than the 800m the Glazers spent to buy the club, they may decide that now is the time to hoist the for sale sign over Old Trafford.

Ken Bates tells Canadian consortium to offer 80m for Leeds

Double or nothing: Bates tells Canadian consortium to offer 80m for Leeds

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UPDATED:

21:42 GMT, 29 May 2012

Ken Bates wants a mystery Canadian consortium seeking to buy Leeds United for 40million to double their offer.

In a statement on Tuesday, the club welcomed the potential investment but stressed ‘the quality of the investor is the most important factor in terms of the long-term development of Leeds United’.

Looking for more: Ken Bates wants the Canadian investors to double their offer

Looking for more: Ken Bates wants the Canadian investors to double their offer

The consortium are unwilling to stretch their offer too far given complexities over the ownership of Elland Road and the surrounding land and the training ground.

Potential: Leeds could be taken over

Potential: Leeds could be taken over

Leeds confirm talks with potential investors

Leeds takeover bid speculation increases after club confirm talks with potential investors

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UPDATED:

15:08 GMT, 29 May 2012

Leeds have confirmed they are in talks with an unnamed group of potential investors.

Speculation has been mounting since the weekend that the club could be the subject of a possible takeover, while it is understood discussions have taken place in Leeds.

A club statement read: 'Further to media reports on Tuesday morning, the club can confirm that talks are taking place regarding investment for the long-term future.

Potential: Leeds could be taken over

Potential: Leeds could be taken over

'The club has always publicly stated that it would welcome potential investment, but has maintained a belief whereby the quality of the investor is the most important factor in terms of the long-term development of Leeds United.

'No further comment will be made at this stage.'

Canada-based Maple Leaf Sports and Entertainment (MLSE), owners of NHL ice hockey franchise Toronto Maple Leafs, have been mentioned on internet fans’ forums, but it has been reported the company have denied any involvement in last week’s meetings.

Leeds United Supporters Trust also commented on the talks.

A statement on LUST’s website read: 'We are aware of firm interest from a number of parties looking to buy Leeds United… We understand that Leeds United are in talks with at least two separate groups. We also understand there is one firm bid on the table at present.

Annoyed: Robert Snodgrass blasted Ken Bates recently

Annoyed: Robert Snodgrass blasted Ken Bates recently

'In February we responded to [chairman] Ken Bates’ suggestion that we ‘put our money where our mouth is’ by asking any potential investors, who shared the aims and ambitions of our members and of our Vision Statement, to contact the Trust with a view to working together to take Mr Bates up on his offer.

'We developed a presentation so interested parties could see how working with LUST could help them and have been in contact with a number of people to explore ways of bringing about change for the better at Elland Road.

'As part of this ongoing work we have spoken to two groups who are interested in buying Leeds United. At this stage it is not possible for us to go into details about our conversations with these groups, as with a firm offer on the table we would not want to jeopardise any current negotiations.'