The Financial Times is reporting there is a big disagreement between the Glazer family and bankers over how much England’s Manchester United are worth.
According to the report the Glazer family, which owns the soccer club, believes the Red Devils are worth over 2 billion pounds (roughly $3 billion) but according to the FT Morgan Stanley will not participate in Manchester United’s public offering because the investment bank believes the Glazer family’s valuation is too high. Jefferies is replacing Morgan Stanley.
In April Forbes valued Manchester United at $2.24 billion, more than any other sports team. Recently we wrote how the English Premier League’s new domestic television deal and the big increase in the rights fee for its next international deal will give Manchester United’s public offering a lift. But based on the FT’s article some bankers think an $800 million boost, to $3 billion, is too rich.
The Glazer family, which has a net worth of $2.7 billion, also owns the Tampa Bay Buccaneers of the National Football League.
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