Apple gives ‘verdict’ on Man Utd takeover as opening bidding price revealed

Apple are not interested in buying Manchester United, according to reports. The club’s owners, the Glazers, announced nearly three weeks ago that they were beginning a ‘process to explore strategic alternatives for the club’. They added: “As part of this process, the board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the company.”

Since then, several parties have been linked with a potential takeover, including Sir Jim Ratcliffe, investors from Saudi Arabia, as well as companies such as Amazon, Apple and Zara. However, as per The Athletic, Apple have ‘no interest in tabling a bid’ for United while Amancio Ortega, owner of Zara, has ruled himself out of making an offer.

The Athletic also add that a nation state such as Saudi Arabia, Qatar or Bahrain are looking increasingly unlikely to be the club’s next owners. “This echoes a strong sense from people in the financial world that while countries in the Arabian Gulf region are incredibly wealthy, they do not want to be exploited on these kinds of deals by Westerners,” they report.

The US outlet claim that The Raine Group are acting as United’s exclusive financial advisor surrounding the takeover and are ‘aiming for a full sale in the first quarter of 2023 at a price between £6bn and £7bn’. However, there is a feeling that valuation is too high, while there will not be the same hurry to sell United as there was with Chelsea earlier this year.

Former owner Roman Abramovic had his assets frozen in March, with the UK government putting a timescale on Chelsea’s takeover, an issue United evidently don’t have to contend with. The Athletic also report that US bidders remain interested in acquiring the Red Devils, while Ratcliffe may need to join some form of consortium if the asking price of £6bn is maintained.