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Tuesday, December 6, 2022

Larry Tanenbaum involved in bid for Manchester United: report

Larry Tanenbaum wants in on the Manchester United sweepstakes.

According to a report by the Financial Times, the MLSE chairman has joined a growing list of the uber-rich folks looking to possess a piece of the English Premier League giant, the latest European football club to be on the market for new ownership.

The 77-year-old businessman who is also serving his second term as chairman of NBA Board of Governors is believed to be teaming up with fellow basketball investor Stephen Pagliuca for the submission of a bid, according to the report. Pagliuca is the co-owner of the Boston Celtics, among other investments.

The two businessmen were also among investors who tried to acquire Chelsea FC earlier this year. They were subsequently outbid by Todd Boehly and investment firm Clearlake Captital, who bought the west London team for $2.5 billion.

Manchester United FC has for years been among the top teams in English and European competitions. It’s been owned and run by the Glazers family since 2005 — Malcolm Glazer also owned the Tampa Bay Buccaneers of the NFL.

The Glazers’ ownership of the Old Trafford club has come under fire due to the club’s poor performance and questionable management decisions. Despite owning a record 13 EPL titles, Manchester United is in the midst of a five-year drought, having last won the Europa League in 2017.

The Glazers purchased the team for a reported $942 million, but many financial analysts say the team could now sell for anywhere north of $8 billion.

The Financial Times reported that former Manchester United superstar David Beckham is open to joining any potential bidders for club ownership. Beckham already co-owns Inter-Miami FC in MLS, and currently serves as ambassador for Qatar World Cup.

If Tanenbaum is indeed interested in purchasing Manchester United, he will have stiff competition. Tech giant Apple, British billionaire Jim Ratcliffe and private equity duo Josh Harris and David Blitzer have all been cited as serious prospective contenders.

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