Sheikh Jassim pulls out of Man Utd purchase
United fans look set for more misery, with the Glazer family likely to stay in power at Old Trafford for the foreseeable future
#sheikhjassim #manutd #utdtakeover #footballtakeovers
The long running saga of Manchester United's ownership looks set to continue, with Sheikh Jassim withdrawing his bid to buy the club, leaving the Glazers in a difficult position.
It was the news all Manchester United fans were dreading - Qatar's Sheikh Jassim was withdrawing his offer to buy the club. Despite having a £5billion offer accepted several months ago, the Glazer Families dithering and delaying tactics were too much for Sheikh Jassim, who will now turn his attention, and his £billions, to another club in Europe.
It is also a stark reminder for those Liverpool fans demanding more transfer spending, of what can happen to even the biggest clubs, if they are not managed properly.
FSG planning for the long-haul
Now, FSG are not without their faults (European Super League anyone....), but no-one can argue that their management of the clubs finances has been anything other than exemplary. When FSG rescued Liverpool from the edge of Bankruptcy on 15th October 2010, the club owed hundreds of £millions to RBS, and was valued at just £300million. Yet just 13 years later, the club is valued at over £3billion. Furthermore, the recent minority share sale to Dynasty Equity, has provided the funds to clear the club's £85million bank debt, leaving us effectively debt free.
Now, no football club is ever really 'debt free'. Ongoing transfer fees, infrastructure projects (such as the new Anfield Road Stand) are almost always financed through short term loans, but Liverpool has one of the healthiest balance sheets in European football, with commercial deals and year on year turnover increasing annually.
Of course, financial success is only possible with success on the pitch, but this highlights another area where Liverpool and Man Utd are so different. At Anfield, everyone knows the project, buys into it and works to achieve it. From Jurgen Klopp and the players, to board members and executives, cleaners and stewards, and of course the fans, everyone pulls together for the good of the club.
A Dis-United club
Contrast this to the goings on at Old trafford. United owe £969.6million in gross debt, bank loans and outstanding transfer fees. That is a staggering amount of debt, amassed through a combination of wasteful spending and greedy owners. Fan demonstrations against the board are now commonplace, whilst on the pitch, players look devoid of confidence, with rifts between the players and manager growing. They may be united in name, but not in their actions.
And that's why Liverpool fans should look at today's developments and be thankful that FSG are running our club.
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