Glazers underwhelmed by Manchester United offers
Manchester United are coming off the back of a phenomenal week. Beating Barcelona and winning the League Cup made a statement. It feels like a new era at the club under Erik ten Hag already.
However, the League Cup Final was also notable for anti-Glazers protests, including banners inside Wembley and chants during the game.
There is still no guarantee the Glazers will leave Manchester United. The sale process, handled by New York merchant bank, Raine Group, is designed to explore all options. It’s not only for an outright purchase.
A lot of attention has been drawn towards the two public outright bidders for Manchester United, Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe, but there are private investors looking at minority stakes.
As exclusively reported on Monday, Sheikh Jassim sees his bid as “all or nothing” as one source close to his group put it. He won’t revert to minority investment if unsuccessful or even consider a ‘laddered’ route to full ownership. This would entail starting with a small stake with the option to increase it over time.
Ratcliffe, on the other hand, sees buying Manchester United as shaping his legacy. He wants visible and operational control. As a result, he is more open to partnering with either other groups or the Glazers, even if he doesn’t have majority or full control. He basically doesn’t want to walk away empty handed. His starting position is absolutely full ownership (termed “majority” in his statement solely because the Glazers don’t own 100% of the club), but he’s more flexible than Sheikh Jassim should things not go according to plan.
Both Sheikh Jassim and Ratcliffe do have some scepticism as to whether the Glazers will agree to an outright sale. Ratcliffe actually met with Joel and Avram last year, before the process started, and came away from those talks believing a sale wasn’t possible.
At this point in the process, as I reported over the weekend, the Glazers are underwhelmed by the volume and value of offers.
No group is particularly close to £5bn with their indicative offer and the Glazers may well still push for £6bn+. That said, the whole point of the soft-deadline bids is just to get through to the next stage and undertake due diligence. That’s when a true valuation can be established. Furthermore, the Glazers valuation is simply unrealistically high.
This isn’t a transfer. Things won’t happen quickly (think months not weeks) and groups don’t (and won’t) just blindly up their offers. Both public suitors we know about to date still want a return on investment and will stick to their valuation as a result.
Sheikh Jassim, in particular, believes his bid is very strong, especially considering Manchester United’s debt and the money needed to redevelop Old Trafford and Manchester United’s training ground. He watched the League Cup Final in Doha with friends and family and is now (as of Monday lunch when writing this) awaiting further feedback from Raine. If put through to the next stage, the make up for his Nine Two Foundation is expected to be clarified.
One thing Sheikh Jassim, Ratcliffe and the Glazers do have in common is a desire to get the in-form Marcus Rashford to extend. Sources close to both bidders, as well as Manchester United’s current owners, all speak of this as a priority. Manchester United won’t delay either to let the sale process run its course. This is because there is no locked timescale for completion and they can renew Rashford without needing to delay.
Sorting an owner or investor by the end of the season gives the smoothest possible chance of transition, but that’s only particularly significant for a brand new owner. If Manchester United make the Champions League, and do pursue minority investment, they won’t really need urgent funds they don’t already have.
The Glazers staying will not be a popular choice. They’ll have to face fan backlash, even with Manchester United fighting on three fronts and with one trophy already in the cabinet. It’s still early stages of the sale process, though. Due diligence for those put through will be key to establishing whether there is still a gulf in valuation between the Glazers and interested parties.
FSG ready to fund major Liverpool overhaul
Liverpool manager Jurgen Klopp has already said, “We know we need to change things [this summer]”. How aggressive Liverpool can be in the market will depend on whether they qualify for Champions League football and the volume of outgoings.
But FSG are prepared to back Klopp. Their commitment to the club remains as strong as ever with John Henry confirming he’s looking for investment but not an outright sale.
Liverpool always plan ahead, and look to get their business done early. As a result, a busy summer window doesn’t necessarily mean a frantic one.
First and foremost, Liverpool want to revamp their midfield. Dortmund’s Jude Bellingham remains a priority target. Liverpool have put a lot of legwork into signing him already. Real Madrid and Manchester City remain their two primary rivals.
What Liverpool do really well is offer players a consistent narrative. Bellingham, and his father Mark, will already have a very vivid picture of what a move looks like. The little details make all the difference. Bellingham won’t just pick based on finances or Champions League football. He wants a project, manager and dressing room he believes in.
As I have reported before, it is not totally impossible Dortmund get Bellingham to sign a new deal. This would protect his value, but as with Leipzig’s Christopher Nkunku (who signed a new contract before pre-agreeing a switch to Chelsea), it wouldn’t necessarily rule out a summer move.
Even if Liverpool succeed with Bellingham, he won’t be the only midfielder they try to bring in. Wolves’ Matheus Nunes is a real possibility, although contrary to some reports nothing has been pre-agreed between the clubs. Nunes has been a bit hit and miss playing in an unfamiliar left-midfield role. Liverpool continue to monitor him.
Mason Mount is another midfielder to watch. Liverpool’s interest is genuine. Chelsea still feel they have the situation in their control as they look to extend Mount’s contract. Chelsea’s owners want Mount to commit to a long-term deal that’s quite incentive driven and has a reduction in wage if the club don’t reach the Champions League in any given season. Mount loves Chelsea (he’s been there since he was six) but with massive squad, and his game time diminishing a little, he could be tempted away. But make no mistake, Chelsea’s owners have wanted him to extend since day one. They still believe he can find his form of last season where he scored 11 goals.
Liverpool will also look to bolster their defence. Keep an eye on centre-backs. They actually really liked Benoit Badiashile when he was at Monaco, but Chelsea swooped in.
Liverpool are tracking Leipzig’s Josko Gvardiol, who Chelsea almost pre-agreed a deal for last summer. The Croatian scored against Manchester City in the Champions League and is attracting plenty of interest, including from Pep Guardiola’s side as well as Real Madrid and PSG. There is a £98m buyout clause, but it doesn’t become active until summer 2024.
I am told Gvardiol wants a Premier League move and the notion he’s ‘picked’ Real is incorrect. He’s also on record as saying Liverpool are his “dream club” because he watched many of their games with his dad when younger.
Frankfurt’s Evan Ndicka is another name of note and he’s available on a free transfer as things stand. And Liverpool have long been linked with Fiorentina’s Nikola Milenkovic (a Juventus target) and I am also told Liverpool, like Spurs, would consider Wolves’ Max Kilman. You could make an argument Liverpool need a left -and right- sided centre-back even if both don’t play instantly together as a new first-choice pairing in 2023/24.
Not all Liverpool’s incomings will be apparent before the outgoings are clear, especially in the final third.
Arthur Melo will not be signed permanently. Liverpool did agree to an option to buy for £33m with Juventus, but I am told it was just a ‘give’. Liverpool has always seen Melo as a straight loan.
Alex Oxlade-Chamberlain, Naby Keita and James Milner (a fantastic Liverpool servant) are all currently heading towards free agency. Nat Phillips, Joel Matip and Adrian are all likely to leave, too.
It’s a disappointing end for Keita, who joined for £52.75m from Leipzig in 2018. Lots of top clubs, especially in LaLiga and Serie A, are considering him. There really isn’t anything serious yet with reported Barcelona advances, though, but free agents are going to be important to them this summer.
Bobby Firmino and Mo Salah are two names that are drawing a lot of media attention right now. Jurgen Klopp wants to keep Firmino. Even at 31 he’s seen as a positive influence on and off the field.
There are rumours of a surprise Mo Salah exit, but he’s contracted until 2025. Suggestions Liverpool are willing to listen to offers are wide of the mark at this stage. Salah has been linked to PSG, and I think that rumour went into overdrive when he was pictured dining with Nasser Al-Khelaifi recently. But the pair are just friends.
PSG ideally want to buy a little bit younger. It’s true they considered Salah in 2021. Right now, he remains fully committed to Liverpool. If he can find goal-scoring form Liverpool can still make a top-four charge. I personally think he’ll be more effective in a 4-4-2.
Man City, Newcastle and Real Madrid among suitors for Khvicha Kvaratskhelia
Khvicha Kvaratskhelia, or ‘Kvaradona’ as he’s known, has had an outstanding season. 11 months ago the Georgian winger was playing for Dinamo Batumi in the Georgian league, and let’s not forget he only ended up there from Rubin Kazan due to FIFA sanctions on Russian clubs.
Napoli signed him for just £8.5m, and, believe it or not, that fee was deemed relatively high at the time. Now it’s a bargain. The 22-year-old has 17 goals and got 15 assists in all competitions this season and has developed a prolific partnership with Victor Osimhen.
Manchester City and Newcastle are two Premier League clubs keeping close tabs on Kvaratskhelia. He is also drawing attention from PSG and Real Madrid. Eddie Howe, in particular, sees Kvaratskhelia as a fit because he’s fast, technical and a natural in a 4-3-3.
Napoli don’t want to sell. It really is as simple as that. And they definitely don’t want a summer where they let Osimhen and Kvaratskhelia go. Both players enjoy playing together and Napoli are flying. It’s basically a procession now to the Serie A title – their first since 1989/90.
It’s going to be incredibly difficult to prize Kvaratskhelia away. He has an intelligent and mesmeric quality to his play. Manchester City fans know all about creative Georgians. Giorgi Kinkladze was a cult figure at the club.
Kvaratskhelia isn’t yet eyeing up a Napoli exit. And the idea he’ll be available for £50m is a bit of a myth. It wouldn’t surprise me if Napoli value him at close to double that. But this isn’t a case of Napoli offering up a price to suitors. They don’t want to engage. Kvaratskhelia’s agent is exploring the market as part of a normal due diligence. There’s no doubt he’ll have plenty of summer options. But Napoli is the perfect club for Kvaradona right now.
Neymar to Chelsea is not on for now, but multi-club model means exciting 2023 lies ahead
Chelsea are heading into a key period. As reported over the weekend, Graham Potter retains the backing of the board. But there’s an appreciation that the next two games, against Leeds and Dortmund in the Champions League, will be season defining.
The owners are doing everything in their power to give Potter time, even though we all know football is a results-driven business. Potter confirmed over the weekend something I have written on here before, that the owners look to Arsenal, and the patience they showed Mikel Arteta, as an example of why time in football is so important. But Arteta didn’t go on a run of two wins in 15 games and he also secured the FA Cup in his first season.
The ownership’s desire to stick with Potter is genuine and down to a belief he’s the right fit for their vision and model. And he isn’t being judged as quickly as he almost certainly would have been under Roman Abramovich due to a variety of factors – a long list of injuries, new signings who need time to bed in and a squad that’s really too big to keep everyone happy.
As 2023 progresses, Chelsea’s multi-club model will start to take shape and that’s when it will become apparent why the manager, and their buy-in to the broader project, is so significant. As I understand it, Mauricio Pochettino, prior to Potter being appointed, was less convinced by the pitch.
It’s not as easy as you’d think to find the right strategic and personality fit alongside a top coach. That’s ultimately why Thomas Tuchel was sacked, because he had a different philosophy and way of working. It wasn’t really about football, yet of course right now that’s the only thing that’s important to Chelsea in the short-term. This is why fans are so frustrated. They feel, rightly or wrongly, that Tuchel wouldn’t have Chelsea mid-table. Visions are exciting but they mean nothing in the short-term if fans feel the team is moving backwards. Things are getting tense and this is a real test of the ownership’s position.
But the truth is there’s been so much upheaval at Chelsea and that comes with expected chaos. The new owners are so different from the old regime. It’s difficult for people in all roles to handle so much change so fast and that’s why I sense the multi-club part of the business might be slowed down. Either way it will also take time to build. And it’s still unclear whether Chelsea will try to buy outright straight off the bat or minority invest in club. I don’t expect a flurry of clubs to appear overnight. But what is obvious is France is a priority region and there are lots of appealing clubs available on the market there.
There have been fresh links with Strasbourg and Sochaux could still be a possibility, too. Angers is quite an attractive proposition as well to an investor even though they are bottom of Ligue 1.
I think progression on the multi-club model is one to watch in the third and fourth quarters of the year to see whether any movement. It wouldn’t surprise me if the owners are cautious about taking on another new club too quickly before they get a bit of stability at Chelsea. Minority investment is obviously easier and lower risk, but of course full ownership gives you the control, which will be important in the long run.
The plan is to create a multi-club model and the new recruitment team has been built with that in mind. The owners also see attractive propositions in Belgium and Portugal and outside of Europe will assess clubs, as majority owner Behdad Eghbali said on record at a SporticoLive event in December, in Africa and South America. I wouldn’t read too much into any specific club right now because investing in any club takes time. It’s not like a transfer.
And speaking of transfers, a quick word to finish on Neymar. I am told there is no truth Todd Boehly held a meeting with Nasser Al-Khelaifi to specifically discuss bringing Neymar to Stamford Bridge. The pair did briefly and informally meet before PSG’s Champions League tie with Bayern in Paris. But it was more to smooth things over after the failed Hakim Ziyech loan to PSG, which fell through due to delayed paperwork.
Neymar was not discussed and the meeting wasn’t really planned. Boehly just reached out at short notice. Relations between PSG and Chelsea are not exactly at a high point. And if the clubs are to do business going forward some bridge building is needed.
Al-Khelaifi didn’t have lunch or anything formal with Boehly or hold any meaningful business talks. The PSG president actually ate with a Bayern delegation and then spent the rest of the day with Qatar’s Emir.
Neymar is not a priority for Chelsea. PSG aren’t thinking about a sale right now and the Brazilian would surely not want to join a team without Champions League football either. He actually wants to stay in Paris I am told and is healthily contracted. Last summer there was more of an openness to listen to offers yet even then, Neymar stuck to his position and was able to find some form to begin the season.
The main sticking point of any hypothetical move would also be his wages. Chelsea are trying to buy young, offer long-term contracts and reduce their wage bill. Of course there will be exceptions, but Neymar to Chelsea is not something to get too excited about just yet.