The for sale sign has been up for two months but a deal is nowhere near.
When the Glazer family confirmed their intention to “ consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the company" in a statement on November 22, fans were immediately excited by the prospect of new owners arriving at Old Trafford following almost two decades of unpopular ownership.
But progress has been glacial with INEOS chief Sir Jim Ratcliffe last week becoming the only interested party to publicly declare an interest.
The speed of Chelsea ’s sale to the group fronted by Todd Boehly has fuelled an unrealistic expectation that a multi-billion pound transaction can be completed in less than six months. Except there were external pressures, including a genuine threat to the club’s future, that meant the Blues were sold significantly quicker than any other massive sports team.
So what should United supporters really expect from their own club’s potential sale and how long could it be before a takeover is completed?
What is happening now?
Those with an interest in buying United can submit their interest and do due diligence. That includes signing non-disclosure agreements allowing them access to sensitive financial information that does not appear on the club’s publicly available accounts.
When will bids be formally submitted?
There is no hard timeframe in place but formal offers could start arriving in spring time. At that stage Raine Group, the US merchant bank the Glazers have put in charge of handling the sale, will assess the offers and recommend the preferred packages to the Glazers.
Raine also carried out the same role for Chelsea.
When could a preferred bidder be selected?
Again, it is impossible to put a date on it and the answer to this question depends on how quickly the incumbent owners would like a deal to be completed. If they were in a rush it could happen very quickly but there is a stark contrast between their situation and what happened at Chelsea. Namely, no party involved at United has been sanctioned by the government. Do not expect this stage of a sale to be rapid either.
How much will the club be sold for?
The Glazers’ reported asking price of between £5bn-7bn is outlandishly high. Experts think United’s true value is somewhere between £2bn and £2.5bn. There will be bargaining and negotiations around a price that should, history indicates, fall somewhere between the true value and what the owners are settling their stall out for.
There is also a risk that the asking price is so high that it will prohibit some parties who would ordinarily be keen from stepping forward. Ratcliffe, for instance, is previously on record saying that the cost of buying a Premier League club was so high that it did not make business sense - hence why he instead invested in French club Nice several years ago.
Then what happens?
Once the price is agreed final contracts will be prepared and a further round of due diligence should be carried out by the next prospective owners. In the most basic sense it is not hugely dissimilar to the process of buying a house - it is just far more complex and time-consuming with so many different elements to a football club.
From there the Premier League will inspect the terms of the deal before giving its approval - a process that ordinarily passes off without a hitch but, as Newcastle fans can attest, occasionally ends up being complicated by external factors relating to the new owners.
And can we be sure that the Glazers are selling up?
There is, of course, still potential for the incumbents to reverse their plans and decide to stay put. They can do that right up until the final transfer of ownership is signed. But all suggestions as of now are that they want out. Many fans want that to happen as soon as possible. But patience is required.
