There was some mention of the guy who owns Formula 1 a week or two ago, but that's vanished into the ether almost as soon as it was mentioned
The f****** Glazers have saddled one club with huge debt whilst drawing out substantial dividends. They now have a chance to sell for a huge profit, so what what are the greedy bastards doing?
Bonkers analogy...you don't need a wife or husband but there has to be an owner. You can only decide if the new one is better once you know who it is. Anyway our opinion doesn't matter as it's entirely ENIC's decision
Only deciding if the new owner is better or not once you know who they are is almost impossible to tell as the potential new owner almost certainly won't have owned another club before so won't have a good or bad track record in football ownership. The situation in which fans choose on which side of the fence to sit is determined by how the current ownership are doing and if they think they're underperforming or not, those that think they are are more open to wanting new owners whoever that might be. The last 5 years ENIC have severely underperformed on the footballing matters and that's swayed a lot of fans into the ENIC Out side of things. The previous 16 or so years though were generally positive despite some hiccups. 21/22 years of the same ownership though does make me wonder what it could be like with a new direction. Am I ENIC Out? No but I am intrigued as to what a new owner could do, especially as ENIC have done a good job in building Spurs up to be a very valuable club and thus any potential new owner would have to be relatively stacked with (hopefully) big ambitions for the club.
Your first point is true in terms of expected performance but it is not true in terms of the nature of the owner and source of funds. There is certainly an opportunity that has been created by ENIC's success in creating value but that seems better leveraged by someone taking a 25% stake. ENIC will be looking at £3B to sell up and we have the headroom to utilise £1B of extra investment. The number of investors who can do the entire £4B is very limited.
There’ll be a limited pool regardless of whether ENIC look to sell 25% or 100% because when you’re talking about billions it’s a different ball game but there’d be a level of interest at either stake. Though right now it doesn’t really seem there’s a genuine intent from ENIC to sell either at present. Our valuation is also somewhat typical of how ENIC have operated over the years by massively overvaluing its assets. It’s worked in some cases and not in others. With the rumoured ENIC valuation of £4bn, Spurs are probably closer to half/ just over half of that in true valuation when considering the rumoured values of clubs with similar or bigger statures in the game, not that I’d ever expect ENIC to sell at around £2.5bn unless reality hit them.
My understanding is that the : 1. Glazers got a loan from PE business to buy Man Utd (they could not afford to buy the club from their own resources) . 2. loan is marked as against the club and not the Glazers personally 3. annual repayment of the loan is being done from the club annual profits So you have : - profit P - LR being the minimum sum required to service the loan - GD being the amount the Glazers have paid themselves as dividends I don't suppose the P/LR/GD figures in recent years are out there for perusal.
