It was a joke, but Musk's acquisition?..."Manchester United owner considering sale of minority stake"

Man Utd Stock Soars 17% in Pre-Market Trading

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The Glazer family, owners of the English Premier League (EPL) club Manchester United, is reportedly considering selling a minority stake, Bloomberg News reported on the 17th (local time), citing multiple sources. This report attracted even more attention as it came just one day after Tesla CEO Elon Musk tweeted that he would "buy Manchester United," which he later dismissed as a "joke."

According to the report, the Glazer family has recently held several preliminary discussions about bringing in new investors. Sources said the Glazer family is not yet ready to relinquish control of Manchester United. Bloomberg estimated the value of this controlling stake could be around ?5 billion (approximately 7.9 trillion KRW). Discussions are still ongoing, and sources indicated that it remains uncertain whether the Glazers will actually sell any shares.

Bloomberg reported that neither Manchester United nor the Glazer family responded to inquiries regarding this matter.

This news about the potential sale of Manchester United shares comes amid fans criticizing the current owners and chanting "Anti-Glazer." Manchester United supporters have already staged multiple protests against the Glazer family and plan to boycott cheering during the home match against Liverpool on the 22nd. The supporters blame the Glazer family for the team's poor performance. Manchester United has not won the league title since 2013 and recently suffered the humiliation of losing their first two matches of the regular season, placing them at the bottom of the league standings.

[Image source=Reuters Yonhap News]

The Glazer family accumulated wealth through investments in commercial real estate such as premium shopping malls and gradually acquired shares in Manchester United, becoming the club's largest shareholder in 2005. The Glazers purchased shares using significant debt, which was transferred to Manchester United, resulting in the club paying the interest on this debt. Additionally, there has been criticism regarding insufficient investment in infrastructure such as Old Trafford, the home stadium, and the Carrington training ground, as well as a lack of effort in acquiring top-tier players.

Now, attention turns to who might buy the shares if the Glazer family decides to sell. The market's focus is primarily on CEO Musk. The day before, Musk unexpectedly tweeted that he would "buy Manchester United," but retracted the statement as a joke about four and a half hours later. He said he was a big fan of Manchester United as a child and that if he were to acquire a club, it would be Manchester United. However, he added, "That ('buying Manchester United' tweet) is an old joke on Twitter. I will not buy any sports team."

Although Musk called it a joke, the tweet about acquiring Manchester United sparked a heated reaction online and even caused the club's stock price, listed on the New York Stock Exchange, to fluctuate. Manchester United's shares surged as much as 17% in pre-market trading that day and continued to rise, closing at $13.67, up 6.96% from the previous day.

In addition, Jim Ratcliffe, the UK's wealthiest individual who previously attempted and failed to acquire another EPL club, Chelsea, expressed interest in buying Manchester United. Ratcliffe's representatives told The Times, "If the club is for sale, Jim would certainly be a potential buyer." Ratcliffe is the founder of the British chemical company INEOS Group and is currently estimated to have assets worth approximately $7.18 billion.

Walid Kumani, chief analyst at foreign exchange and commodity brokerage XTB, said, "The possibility of selling a minority stake will please Manchester United fans," adding, "This (minority stake sale) could bring new people into the club and open the door for expanding ownership at the right time."

This content was produced with the assistance of AI translation services.