Market Loop - Man United centre of bid talk

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19th August 2022

Bite-sized business news from the UK and beyond

Good morning Yesterday it was revealed that 20-year-old US university student made a $110m profit with a one-month bet on the meme stock Bed Bath & Beyond. It's worth noting that initial investment cost $25m which the student raised from friends and family.

Today's stories

Man United centre of bid talk
Disgraced founder given second chance

SPORT
Man United centre of bid talk

What happened?
Yesterday Britain’s richest man, Jim Ratcliffe, confirmed he would be interested in purchasing a stake in Manchester United.

How did we get here?
The Glazer family — Man United’s US owner — is considering offloading a minority stake in the team, according to Bloomberg.

However the family, which also owns the American football team Tampa Bay Buccaneers, isn’t ready to give up complete control of the team, which could be valued at $6bn.

Jim Ratcliffe, who made his £6bn fortune in the chemicals industry, already owns two football teams – French club Nice and Swiss side Lausanne-Sport. He also made a late, and ultimately unsuccessful, bid for Chelsea FC earlier this year.

The fans are ready for a change of ownership
The Glazers have owned the team since 2005 and have faced regular protests from fan groups, who say that the family have underinvested in the club.

Anger at the Glazers has boiled over recently due to United’s embarrassing performance on the pitch and a perceived lack of attention to club infrastructure, such as its stadium, Old Trafford.

The official supporters’ group has compared the Glazers’ stewardship of the team to a fish that “rots from the head,” and a protest is planned for Monday’s game against Liverpool.

There are other parties also interested
Former Manchester United director Michael Knighton is preparing a bid for the team, saying “we have an inept and quite frankly useless ownership.”

Earlier this week Tesla founder Elon Musk tweeted “I’m buying Manchester United ur welcome.” He later clarified that the tweet was meant to be a joke after shares in the club jumped 17% on the New York Stock Exchange.

Takeaway: The minority sale of arguably the biggest brand in football is likely to attract interest from some of the biggest investment funds and wealthiest people in the world, just like the sale of Chelsea did a few months ago.

Other stories to keep you in the loop

Warning that Tory leadership candidate tax cut pledges are unrealistic
P&O Ferries owner reports record-breaking profits after mass sacking
Travelodge on hunt for 140 new sites under £3bn expansion plans
Made.com confirms fundraising search to shore up business
Bust taxpayer-backed events company Pollen lays off bulk of staff
Swedish gaming giant buys Lord of the Rings and Hobbit rights
Apple discloses serious security vulnerabilities for iPhones, iPads and Macs

STARTUPS
Disgraced founder given second chance

What happened?
This week Adam Neumann, the fallen founder of shared office startup WeWork, returned with a new property startup called Flow which has received a $350m investment from one of the biggest Silicon Valley investors.

How did we get here?
Neumann was forced out of WeWork last year after famously presiding over a spectacular downfall in the company's fortune. During his tenure:

The company tried and failed to list on the stock market and saw its value plummet by $39bn
He faced backlash from employees who called out the company’s toxic work culture
His wife also came under fire for firing staff because of their “bad vibes”

But this hasn’t deterred put off heavyweight investor, Andreessen Horowitz, from taking a punt in his newest venture Flow.

Andreessen is known for early investments in Facebook, Airbnb and Twitter and is seen a real stamp of approval for any startup. The $350m for Flow is the largest individual check the firm has ever written.

What does Flow do?
Kind of like what WeWork did for offices, Flow wants to transform the residential real estate market with branded apartments that include community services and fun features.

Neumann has already purchased 3,000 apartment units in four US cities, and the company will reportedly offer to run buildings for third-party landlords.

Why it matters: Andreessen's investment has sparked a debate over whether women and ethnic minorities would be granted the same privilege if their business was to fail in such a major way.

Stat of the day

The percentage of top A-level results has fallen since last year - 36.4% of exams were graded at A* or A, compared to 44.8% in 2021

Interesting links from around the web

How to get the most out of your air fryer
9 tips for enjoying your holiday without going over budget
How much ‘Golden Visas’ will run you in every country that lets people pay for residency

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Market Loop - Man United centre of bid talk

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