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Saudi PIF were offered 30% stake in Man Utd before Newcastle takeover – The Athletic

Saudi Arabia’s Public Investment Fund (PIF) were offered a 30 per cent stake in Manchester United for £700 million before taking control of Newcastle United, The Athletic report.

The Red Devils are currently owned by The Glazer family, but there have been fierce prospects from fans, who are eager to see a change in ownership over the coming seasons.

There has been reasonable investment when it comes to player deals, but many supporters believe the club should spend much more, considering their strong financial stature.

On top of this, there has been basically no improvement in the stadium facilities over the years, and only time will tell whether the Glazers are willing to part ways with the club.

Amidst this, PIF chairman and Newcastle’s chairman Yasir Al-Rumayyan has revealed that they were offered 30 per cent of another Premier League side before the Magpies takeover.

The 52-year-old added that the shares were priced at a combined £700m, but PIF would have had no control over the day-to-day operations. The Athletic believe United were the club.

He said: “For example, in the UK there was a team that approached us on the basis that we take 30 per cent of the ownership, and we don’t interfere at all in terms of managing the club, for £700m.”

Glazers would still be in control of Man Utd

Earlier this summer, Sim Jim Ratcliffe revealed his intention to purchase a minority stake in the club with a view to becoming the major shareholder in the long-term.

However, there has been no progress ever since. Sir Jim could be working behind the scenes on the proposal, but the Red Devils ideally need a complete takeover.

Purchasing a minority stake would not hamper the decision-making of the Glazers. It would lower their half-yearly dividends, but they would still control the daily activities.

As things stand, there are no formal proposals to buy United, but it was recently claimed that the Glazers could walk away from the club for a figure of around £3.75bn.

The Dubai emirate are considered as a potential buyer, but it won’t be an easy process. Despite the vast speculation, the Glazers seem unperturbed by the fan criticism.

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