Glazers streaming rethink: How a Prem leak could see Man Utd end sale plans

Posted Monday, April 24, 2023 by Tribalfootball.com

COMMENT: Just a coincidence, right? Just a coincidence. In the week the Premier League brief the press of go-it-alone streaming plans, the Glazers go cold on selling up at Manchester United...

This is the goldmine. This is what has brought every opportunist from around the globe to buy into English football. It's streaming. It's that unlimited pot of gold at the end of the rainbow. And for those United fans longing to see the end of this Glazer era, it's why they're facing bitter, bitter disappointment.

Of course, they could still sell. But as we say, this can't be a coincidence. Just as the Prem are letting it be known this latest round of TV rights sales is likely to be the last before they establish their own streaming platform, news out of the Glazer camp is they suddenly have a new valuation of the club. That £6bn being demanded from Sheikh Jassim and Sir Jim Ratcliffe is again being adjusted. Why? Well, the Glazers are letting it be known they can see a £5-6bn value rising to over €10bn in the next decade - effectively, when the Premier League's streaming project is fully established.

This is no coincidence. It can't be. But it's also no conspiracy. As tough as it is for United fans, it's just reality. It would actually be criminal if the Glazers were to sell now. They're sitting on a goldmine. United, even beyond Real Madrid or Barcelona, are the jewel in football's streaming crown. There'll be a battle in the board rooms in terms of how it's all divvied up. But the money on offer is so obscenely huge, it's difficult to see how anyone involved will be left unhappy.

As we've discussed in past columns, this is what was (and remains) the key driver for the Super League rebels. As it is why Todd Boehly and ClearLake Capital came together to pay a record £4.25bn to buy Chelsea. Stadium renovation is a nice little side earner, but this takeover really was all about streaming and Chelsea's global appeal. Like United, Chelsea will be a headline act once the Prem go-it-alone, though not at the same level.

Long-term followers of this column will be aware of our conversations with those involved in the Super League fiasco two years ago. It was then that the financial potential of an independent streaming platform was laid out to us using a pay-per-view heavyweight title fight as an example.

Consider the popularity - globally - of a Manchester United vs Liverpool game compared with your most hyped prize fight. Well, there isn't a comparison, is there? Instead consider the 200m people across South-East Asia who would be happy paying a quid to stream United vs Liverpool from Old Trafford. Then consider the numbers in Africa. In Europe. In the Americas. All paying for that single stream. Then multiply that out for the season. We'll leave you to do the math, as we say the money is actually obscene.

Which is why we now see the Glazers hesitating. After two years of speculation, the Premier League have laid a first marker down. It's on. Streaming for the EPL is on. And financially the game will never be the same.

Which is why we're hearing more about Elliott Management and the Carlyle Group getting involved than Sir Jim and the Sheikh. It really does appear Glazer brothers Avram and Joel will push for their four other siblings to sell their allotted shares to one of these finance companies. With that purchase will also come demands to bankroll the redevelopment of Old Trafford and Carrington. And they'll be happy to do so, knowing the potential of what's coming down the line.

Is this good for the United fan? Well, for this column, it's a wait-and-see situation. However, if the question is: is this good for Manchester United Football Club? It's a clear no. Not for the history. Not for the culture. Not for anything traditionally connected to the club. Allowing one of these financial groups to become part of the cycle is unworthy of United. They're not fans. They're not sportsman. They're a grey, faceless, materialist institution, with the sole driver of profit over everything else. United will lose something intangible if - or more likely when - this minority sale goes through.

For this column, the Glazer brothers aren't the villains as they've been portrayed. But they have poorly managed the club's finances. Needing to sell a stake to upgrade the stadium and training ground is ridiculous for a club of United's status.

Daniel Levy, the Tottenham chairman, spoke this week at Cambridge University about the financing of their new stadium. No shares were exchanged. Indeed, they still don't have a naming rights sponsor. But as Levy said, "Debt isn't really a problem. Anyone that understands finance, providing you can match long-term income streams to long-term debt and it's financed properly it's not a problem. The fact that our debt is basically a 30-year mortgage and it's a very low interest rate, no it's not a problem."

This really should shame those in control of United's finances. But this is Manchester United 2023. A club, to be fair, at the beginning of an exciting new cycle under Erik ten Hag. Yet, as crazy as it seems, with a name and brand so watered down that their major sponsor, TeamViewer, chose to end their agreement just two years in rather than renegotiate. Even with the club on the rise, they couldn't see the benefit of being involved.

For United. For it's stature. Parting with a share of the club to finance much-needed renovations really should be above them. But in 2023 it's not. At least, that is, if the Glazers maintain control.

Which for now appears the reality for United's support. A press leak from the Premier League has again changed the momentum of this sale. For the financial potential streaming offers, it's difficult to see the Glazers and Manchester United parting ways.