Rumor has it that the Spanish Ortega family (Zara founders, ~$80 billion net worth) are currently involved in negotiations with the Glazer family to buy Manchester United. While this story isn’t even quite news, really more of a rumor at this point, because it would have such massive repercussions for our Club, I had to cover it.
Like I mentioned, mainstream coverage is scant, with the primary source at the moment an obscure radio station in Spain called Radio El Fuego. However, we know two significant factors that make this news far more credible.
Firstly, the Glazers have been actively seeking suitors to buy Manchester United for the past 12-months, plus. This has been accelerated by the economic situation caused by the COVID pandemic, which has hit the family’s finances particularly hard in the United States. They’ve stripped our beloved Club down to the bones, time for them to cash-out.
Secondly, the Ortega family not only has the cash necessary to purchase the club (6th wealthiest in the world) and inject the requisite investment needed, but according to sources in Spain, the family is actively seeking to diversify their financial holdings. Buying Manchester United and returning the club to the elite of global football would be a great long-term asset for the family.
Here’s what Radio el Fuego is saying:
Our contacts tell us that the Ortega family is still in discussions with attorneys due to the complexity of the current class A and B share structure in Manchester United. We have been told that this deal could take 3/4 months to complete.
‘We also hear that the Ortega Family has already started planning how they want to run the club. They want to bring a Spanish type structure where there is a president that the fans can vote for.
‘It is still early days, but we have to wait to see what happens.’
Like I mentioned at the top, this is only a rumor. However, it’s such a significant story that we had to give the American Red Devil community an update.
We’ll keep you posted as this story develops.