What¡¯s a rare painting or an antique vase worth? The simplest answer is: What somebody is willing to pay for it.
When beauty is in the eye of the beholder, estimating valuations can be a wildly uncertain art. Collectibles can sometimes sell for multiple times what was expected. The scarcity value of a unique object may be the best lens through which to consider the sale of Manchester United. Good luck making sense of the bidding based on the club¡¯s current financials.
The Glazer family that has owned the club since 2005 was aiming for a valuation of as much as ?6 billion ($7.4 billion). A Qatari consortium, led by Sheikh Jassim Bin Hamad J.J. Al Thani and British billionaire Jim Ratcliffe were both preparing to raise initial bids ahead of a recent deadline in London earlier this month, Bloomberg News reported, citing people familiar with the matter. That cutoff was later extended, according to reports in British media. The Qatari group¡¯s opening offer valued the club at about ?4.5 billion. It¡¯s possible other suitors will enter the fray, while Elliott Investment Management, Ares Management and Oaktree Capital Group are willing to provide financing, the Bloomberg report said.
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