Manchester United are the latest Premier League club to be placed up for sale, following the Glazers' announcement that was made public on Tuesday evening.
Following suit as has been the case with both Liverpool and Chelsea in recent weeks, the United hierarchy has faced large-scale scrutiny over the last 12 months, with visible protests seen in and outside of Old Trafford. The Glazers are thought to value United at around £5billion.
But with the long drawn out process we saw with Newcastle United, it is not as easy as just shaking hands and passing over the keys to a top-flight football club. Premier League checks, proof of funds and fit and proper tests are all involved, so what does lay ahead for United 's next potential owners?
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First of course comes the interest and the Glazers have appointed Rothschild and Co. as acting as exclusive financial advisors to the family shareholders, who will then agree on a non-disclosure agreement (NDA) which usually allows the two parties to speak in private and complete the initial due diligence.
Things will then naturally progress with a Sales Purchase Agreement drawn up, followed by notification to the Premier League about the changing of hands. Richard Scudamore, then Premier League chief executive, said: “Anyone looking to become an owner or director of a club would have to let us know in advance and we would given them an answer at the time of the proposed takeover whether they can or can’t.”
The Owners and Directors Test is one of the final stages that presents a lengthy process, preventing people who have perhaps already been bankrupt before or are known to be failing business owners that could bring the club into financial problems.
Seven things disqualify prospective owners: having a 10% stake of another Premier League club, being banned as a company director, being jailed for a crime that was dishonest and being declared bankrupt or being previously involved in a club where insolvency occurs, being banned by a sports body, breaching betting regulations or being named on the sex offenders’ register.
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