Investment

Manchester United: 3 US investment groups get involved in takeover bidding war

Published

2 years ago

February 23, 2023

The takeover of Manchester United has been supported by financial support provided by American investment group Ares Management, three people with knowledge of the situation spoke to Reuters. Ares, which manages assets worth about $350 billion, is the latest US asset manager to try to secure a financial stake in the English football team. hedge firm Elliott Investment Management is also considering funding a bid after ruling out a full takeover of the team. According to reports, Oaktree Capital also provided finance to bidders.

The announcement comes as reports of Sheikh Jassim Bin Hamad Al Thani being one of the potential buyers have surfaced. The Qatari sheikh intends to provide a debt-free agreement, with support from the Nine Two Foundation. According to reports, Saudi Arabia has also joined the ManU bidding battle. Brokers acting on behalf of several Saudi organisations have signed the necessary paperwork, but it is unclear whether Saudi Arabia will actually make an offer.

Ares, according to one of the sources, offered financing in the form of structured stock to at least one bidder. However, the bidder declined the funding because the terms were unappealing. Structured equity is a type of investment with recurring payments that often falls between equity and debt in a company’s capital stack.

The fund manager has also made investments in Inter Miami CF and Spain’s Atletico de Madrid football club. It is not immediately clear as to whether Ares was aiming to finance bids for Manchester United through that entity or another one, Reuters reported.

In 2020, it was reported that Ares was supporting Miami-based soccer investor Kapital Football Group’s efforts to acquire an English Premier League club. A year later, it was claimed that Kapital had given up trying to buy Southampton.

Prior to Chelsea’s 4.25 billion pound ($5.1 billion) sale to a group led by Todd Boehly, Ares – one of the biggest private loan providers – was also said to have funded two of the unsuccessful offers for the club.Recently, it raised $3.7 billion for a specialised sports fund with the goal of funding teams and leagues.

The Glazers paid $951 million to acquire United in 2005 through a highly-leveraged transaction for 790 million pounds. The club forecasted up to 610 million pounds ($734 million) in revenues and up to 140 million pounds ($168 million) in adjusted profits before interest, tax, depreciation, and amortisation (EBITDA) for its fiscal year 2023.

(With Reuters inputs)

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

5 days ago

October 16, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

1 week ago

October 11, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

2 weeks ago

October 10, 2024

Anne Joseph

TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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