sport news Talks between the Glazers and Apollo are focused on how much money the family ... trends now
Talks between the Glazers and the US firm looking to buy a slice of Manchester United are focused on how much money the family will get for their shares, with no immediate plans for fresh money to be pumped into the club.
The news will come as a blow to long-suffering fans hoping new investors might inject much-needed funds to revamp Old Trafford and the Carrington training ground, or provide a bigger transfer kitty.
Sportsmail exclusively revealed on Thursday that New York-based private equity group Apollo were in discussions with the Glazer family about taking a minority stake in United.
The Glazers, pictured Joel and Avram, are open to selling a minority stake in Man United
Elon Musk sent shockwaves through social media after tweeting 'he's buying Man United'
It followed frenzied speculation that Tesla founder Elon Musk and British billionaire industrialist Sir Jim Ratcliffe were both interested in buying the Red Devils.
Musk later tweeted that he had been joking, but Ratcliffe’s spokesperson said he would be interested if the club was for sale.
However, negotiations with Apollo are centred on how much four Glazer family members —Kevin, Bryan, Darcie and Edward Glazer — are willing to accept for their shares.
They want out, unlike their brothers, Joel and Avram Glazer, who have no intention of giving up overall ownership or day-to-day control of United.
The six siblings each own an equal number of shares in United and, crucially, they control 97 per cent of the voting equity between them. Some shares are also traded on the New York Stock Exchange but they have heavily diluted voting rights.
United’s share price rose sharply on news that a minority stake was up for grabs. Last night the shares closed in New York at $14, valuing the club at more than $2billion.
It had been hoped that there would be a cash injection to help fund improvements on Old Trafford and Carrington
The talks with Apollo, which sources variously describe as ‘exclusive’ and
