There would be no complaints from Manchester United fans if the Glazer family disappeared into the sunset and left the club they took control of in a controversial 2005 takeover. Only bitterness that they loaded so much debt onto the club after a highly leveraged buy out, split the match going fanbase and continued to take millions in dividends regardless of performances on the field. That the takeover was even allowed to happen showed the lack of regulation in England’s Premier League, the most popular domestic football competition in the world.
On Tuesday, shortly after an announcement that Cristiano Ronaldo would be leaving the club with immediate effect, United issued a 346 word statement under the heading “Manchester United announces process to explore strategic alternatives to enhance the club's growth”. Translated, that effectively means United are for sale. The club requires significant investment, most notably to their Old Trafford stadium, the training ground and the Glazers will “consider all strategic alternatives, including new investment into the club, a sale.”
United were ahead of the game in terms of stadium redevelopments and infrastructure before the Glazers came along but became also-rans with them at the helm. They didn’t communicate with fans between 2005 and the aftermath of an ill-fated decision to join a possible European Super League in 2021. The Glazers, like Barcelona and Real Madrid, pinned their hopes on extra revenues from such a league, but fan protests ended that.
Protest has marked the Glazers’ entire ownership of United. Their takeover was legal, some might say inspired, from a commercial perspective, but football clubs are more than numbers on a balance sheet. Manchester United, as one of the three biggest clubs in the world, may invoke global interest but at heart it’s a community football club with long serving staff and fans who’ve attended games for decades.
This decision has been coming a while, with the Glazers exploring a potential investment or sale since the summer. It has nothing to do with Ronaldo’s controversial interview with Piers Morgan last week.
Advisors have been appointed, potential suitors will be sounded out or make their approaches. United will be optimistic about attracting more interest than Ronaldo did when he made it clear he wanted to leave over the summer. Ronaldo would have cost millions, the club billions.
The Glazers stand to make a vast profit. They saw the interest which Chelsea, a far smaller club, attracted when it was put up for sale after the British government imposed sanctions on Roman Abramovich over his alleged links to Russian president Vladimir Putin.
One of those interested in Chelsea was Jim Ratcliffe, a childhood United fan from a working class area of Manchester who went on to become Britain’s richest man. Ratcliffe has spoken to the Glazers and was under the firm impression that they didn’t want to sell United. They do now.
Fans may be pleased to see the back of the Glazers, but they should remain sceptical since their views are frequently ignored and immediate change is unlikely. There is not a long queue of benevolent billionaires looking to take over a football club with a high price and in need of huge investment, let alone someone who won’t load more debt on the club, as the Glazers did. The competition is noticeably far tougher than it was when the Glazers took control. Long gone are the days when United could go to, say, Tottenham Hotspur and pick off their best players. Now, Spurs have a better stadium and training ground than United.
Clubs including Newcastle United, Manchester City and Paris Saint-Germain have shown that they have the deepest pockets and, as Ratcliffe recently pointed out, there’s a clear correlation between wealth and success. Financial Fair Play should be enforced far more stringently than it is, but the British government can play a part. It’s almost a year since a fan-led review was concluded with calls for independent regulation, yet the government has yet to implement it.
United has spent a lot of money on players since Alex Ferguson departed in 2013. They just didn’t spend it well, for the most part. Liverpool, who also have American owners, were far smarter on a smaller budget and Jurgen Klopp’s team finally won a league title and a Champions League.
United spent heavily again this summer to support new manager Erik ten Hag. The spending increased United’s debt, but any prospective owner would look at long-term growth in broadcast revenues, solid merchandise and commercial revenues, which grew in part because the Glazers realised and monetised the global support potential which previous United’s boards had failed to do.
Manchester United is a global name and owning the club would obviously have great appeal both for status and, as the Glazers have ruthlessly proved, commercial value. The team founded by railway workers amid the billowing chimneys of industrial north west England in 1878 became Manchester’s most famous export, one which long attracted vultures. It will again, but football needs to go beyond trite "football is nothing without the fans" slogans. Clubs should be safeguarded and fan interests should be at the heart of any sale. The British government failed last time with Manchester United and so did football’s authorities. This cannot happen again.
The specs: 2018 Renault Megane
Price, base / as tested Dh52,900 / Dh59,200
Engine 1.6L in-line four-cylinder
Transmission Continuously variable transmission
Power 115hp @ 5,500rpm
Torque 156Nm @ 4,000rpm
Fuel economy, combined 6.6L / 100km
MATCH INFO
Newcastle United 1 (Carroll 82')
Leicester City 2 (Maddison 55', Tielemans 72')
Man of the match James Maddison (Leicester)
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
MATCH INFO
Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)
Delhi won the match by 11 runs
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
