This is nothing to with Market changes, since the market barely changed from when the SEC was filed. The Glazers had one job to do: not ridiculously over value the club. Their own greed scuppered the IPO.
The Manchester United Thread
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This is nothing to with Market changes, since the market barely changed from when the SEC was filed. The Glazers had one job to do: not ridiculously over value the club. Their own greed scuppered the IPO.
FT article:
Manchester United has temporarily paused plans to launch its $300m initial public offering in the US, where market volatility has soared in recent days as macroeconomic fears hit share prices.The English football club had been looking to begin its investor roadshow as early as Monday of this week, with the aim of pricing and listing its shares in early August.
But United and its bankers are to reconsider when they will begin meeting potential investors later this week, said people familiar with the situation.Jefferies, the investment bank leading the book running for United’s IPO, declined to comment.
The pause comes as US markets have been unsettled by further concerns over debt and economic growth in the eurozone, with the S&P 500 index falling 2 per cent since the start of the week.
The people familiar with United’s IPO plans suggested the current delay had to do with market conditions.The Vix index, a widely monitored measure of implied volatility on the US market, has risen by more than 23 per cent since Monday.
Bankers consider a sudden rise in the Vix as a sign of potential risk aversion from investors, making them less likely to participate in new offerings.It was not immediately clear if United would still attempt to list its shares before the current IPO window closes in mid-August, ahead of the traditional market lull that runs through to the US public holidays in early September.
The club declined to comment.
It has been widely speculated that the club, which is owned by the US-based Glazer family, intends to use the proceeds of the fundraising to pay down the club’s net debt of £425m.Sir Alex Ferguson, United’s manager, has taken his team on a preseason tour of Asia, which the club’s owners, the US-based Glazer family, have always seen as a market ripe for exploitation.
But, since announcing its intention to go public last year, Manchester United has been forced to abandon plans to list in Hong Kong and then in Singapore after demand for its shares fell short. It had looked to raise as much as $1bn as part of its aborted Singapore float.
Credit Suisse, JPMorgan Chase, Bank of America and Deutsche Bank are the other banks on the IPO syndicate but all declined to comment.
--
Wise to be cautious and not end up like Facebook's flotation, but the Eurozone uncertainty isn't going to disappear anytime soon. Mike, reading that, do you not think they have genuine reason to be concerned?
But United and its bankers are to reconsider when they will begin meeting potential investors later this week, said people familiar with the situation.Jefferies, the investment bank leading the book running for United’s IPO, declined to comment.
The pause comes as US markets have been unsettled by further concerns over debt and economic growth in the eurozone, with the S&P 500 index falling 2 per cent since the start of the week.
The people familiar with United’s IPO plans suggested the current delay had to do with market conditions.The Vix index, a widely monitored measure of implied volatility on the US market, has risen by more than 23 per cent since Monday.
Bankers consider a sudden rise in the Vix as a sign of potential risk aversion from investors, making them less likely to participate in new offerings.It was not immediately clear if United would still attempt to list its shares before the current IPO window closes in mid-August, ahead of the traditional market lull that runs through to the US public holidays in early September.
The club declined to comment.
It has been widely speculated that the club, which is owned by the US-based Glazer family, intends to use the proceeds of the fundraising to pay down the club’s net debt of £425m.Sir Alex Ferguson, United’s manager, has taken his team on a preseason tour of Asia, which the club’s owners, the US-based Glazer family, have always seen as a market ripe for exploitation.
But, since announcing its intention to go public last year, Manchester United has been forced to abandon plans to list in Hong Kong and then in Singapore after demand for its shares fell short. It had looked to raise as much as $1bn as part of its aborted Singapore float.
Credit Suisse, JPMorgan Chase, Bank of America and Deutsche Bank are the other banks on the IPO syndicate but all declined to comment.
--
Wise to be cautious and not end up like Facebook's flotation, but the Eurozone uncertainty isn't going to disappear anytime soon. Mike, reading that, do you not think they have genuine reason to be concerned?
Honestly, the market is never going to be good. And the type of share control they are offering, isnt actually that appealing. Which means you cannot be too demanding with what you offer. Which is exactly what they did. In my view its actually pointing towards financial issues within the Glazers.
Exactly. Going to be at least 3-5 years before the global economy starts to resemble anything like pre-2008, probably longer. Will just have to wait and see if they float in mid-August after all. I don't think their finances have been sound for a few years now, on the bright side if their finances continue to deteriorate they may be forced to just sell outright.
craig curtis
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Looking forward to watching de gea today at olympics!
H
hughesman
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A very average game today for De Gea, Got himself down well and made a couple good saves, but looked a bit dodgy in the air collecting, punching, clearing corners etc. And on a side note Spain were SHOCKING today
Well I should say he looked indecisive rather than dodgy
Well I should say he looked indecisive rather than dodgy
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More than average, he's the reason its still only 1-0. Had a very good game.
H
hughesman
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Well that and the fact Japan's finishing wasn't exactly clinical but very good performance today from Japan and well deserved. But your right I was a little harsh on De Gea there. Do you know why Bojan isn't in the squad for Spain?
Actually just saw some reply's I didn't originally see ( I was daydreaming becuase of my ******* prescription drugs that make me high to stop pain :/ )
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craig curtis
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Yep agree and looked bigger up top to me round shoulders especialy.
Japan should have put 5 past them, very good today.
Not sure actually, if i remember right, most of his appearances for Roma have been off the bench so that might have affected his chances
Trophy_Whorder
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Shinji Kagawa First Goal For Manchester United vs Shanghai Shenhua - YouTube
Kagawa first goal for manchester united in pre season just in case some of you have not seen the goal all ready
Kagawa first goal for manchester united in pre season just in case some of you have not seen the goal all ready
craig curtis
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i loved bebe's wing play to set up the goal propper taw the full back to shreds,bin really impressive in pre season so far.Didn't look that in control of it. And was lucky it was deflected
That one-handed save in the 2nd half was just typical de Gea - Brilliant.
[video=youtube;K6EpgZvbSEw]https://www.youtube.com/watch?v=K6EpgZvbSEw[/video]
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Rafael is having really good game tonight. He even scored. Here's link
Brazil vs Egypt, U23 Live Stream Online
Brazil vs Egypt, U23 Live Stream Online
De Gea has definitely put on some weight, I just hope he doesn't over do it and he loses some of his cat like agility, for sure could of been an embarrassment for Spain if he didn't pull off some decent saves.
Rafael also had a great game, compared to Marcelo on the other flank he looked like a seasoned pro...
Rafael also had a great game, compared to Marcelo on the other flank he looked like a seasoned pro...
Judging by his saves, it hasnt affected his agility. Rafael was outstanding
Mirror so no idea how much truth is in it.
Nuri Sahin is close to going on a season long loan to a premier league club. Transfer gossip: Arsenal Manchester United and Spurs linked with Nuri Sahin who's set for season-long loan from Real Madrid to big Premier League club says report - Mirror Online
Nuri Sahin is close to going on a season long loan to a premier league club. Transfer gossip: Arsenal Manchester United and Spurs linked with Nuri Sahin who's set for season-long loan from Real Madrid to big Premier League club says report - Mirror Online
Some truth. Sahin doesnt want to leave Madrid, and ose said he would be first team next season, however, Modric looks like he will be arriving and unless Kaka goes and Modric plays at AMC competing with Kaka, its hard to see him breaking through this season. Alonso is 31, so a loan would return him at a perfect time to replace him. Personally I think they are throwing money away, just play Sahin now, he is top class and would walk in to many sides.
Van Persie, Lucas, Gaitan, Baines: Which players can help Man Utd win back the title?
Friday 27 July 2012 15:38
Despite only losing last season's Premier League title on goal difference, Manchester United will still need to make changes if they are to have any chance of overhauling rivals Manchester City in 2012/13. Alex Keble, editor of TheChalkBoard.org.uk, assesses where they went wrong last season, and where they need to strengthen...Central Midfield: PlaymakerNeedless to say, the constant presence of Paul Scholes and Ryan Giggs in the centre of midfield last season was somewhat alarming, given their age and declining mobility. Despite this, the pair did manage to generally maintain a high level of performance.Ferguson has recently moved away from his tradition of fielding a robust, hard-working midfielder and begun to accommodate more passers into his central midfield. His system mainly featured Michael Carrick alongside Scholes or Giggs; the runners received little playing time. Anderson made only 10 appearances, Phil Jones featured only six times in this position and Ji-Sung Park three.The ball-winner is no longer a necessity for Ferguson, with greater dependency placed on Carrick to perform defensive work. He has begun to adopt a Fletcher-esque role while retaining his passing duties, beginning attacks and giving more freedom to those ahead of him - as argued extensively here. This reshuffle allowed Giggs or Scholes, who no longer have the mobility to feature in multiple areas of the field, to focus on controlling the game from the centre of the pitch, giving themselves the time and space to work the ball out wide.
Despite their strong influence on the game, these screen grabs show the absence of attacking thrust provided by any of the current midfield pairings. Even though their performances have been first class, their role is almost exclusively aimed at giving the ball to United's wingers, where a huge majority of their goals came from.Giggs may have provided eight assists, but the next most creative non-winger was Rooney, with four. Nani, Ashley Young and Antonio Valencia made a combined 30 assists in the league last season.Manchester United cannot afford to lack central attacking intent again next year; it makes them too one-dimensional. In the 1-0 defeat to Wigan last season, United's wingers were rendered ineffective by Wigan's wing-backs, as their surprise 3-5-2 formation marked Young and Valencia out of the game. Wingers nullified, United's ability to attack was completely stifled.Take a look at the screen grabs below. Valencia was closed down quickly, forcing him to almost exclusively play backwards passes, while Young simply could not get into the match. Manchester United were forced to create chances centrally, which they found very difficult to do.
http://fourfourtwo.com/statszone/share.aspx?i=0bmD7
What can Man Utd do about it? Ferguson has already begun to address this issue with the capture of Japanese star Shinji Kagawa. Asian football expert John Duerden wrote, “wherever he plays, Kagawa's presence translates into goals. [He has] vision, technique, movement and deft passing”.Kagawa's favourite position is as a secondary striker, although he is widely expected to play in a slightly deeper role for Manchester United. Playing 31 times in the Bundesliga last season for Dortmund, Kagawa amassed 13 goals and eight assists: “the boy plays like an angel”, in the words of former team-mate Nuri Sahin.As well as their new signing, United can look forward to the return of Tom Cleverly, although he is not exactly in the mould of the playmaker they crave. Cleverly is a player that controls the game with the crispness of his passing, constantly making himself available to his team-mates, as the screen grabs show us. He is more a Jack Wilshere than a Cesc Fabregas.
Nicolas Gaitan, Benfica's play-maker, has been linked with a move to Old Trafford following his excellent performances in last season's Champions' League (five assists in five matches). Gaitan shone against Manchester United in the group stages, displaying the directness of his attacking ability, as indicated by the amount of useful possession he had deep in United's half.
Brazilian wonderkid Lucas Moura also appears to be on Ferguson's radar, and since he currently has only one play-making central midfielder in the squad, it is not surprising he is looking for another. Lucas would surely struggle to adapt to the English game, presenting the starlet as a prospect for the future, rather than an immediate solution. His exploits at the Olympics will tell us much about his Man Utd potential.Secondary StrikerA key factor in Ferguson's 25 years of success at Old Trafford is his adaptability and unpredictability, winning titles with a number of different tactics, formations, and player types. One area in which he has rarely changed his policy, however, is the way he expects his two strikers to compliment one other.He expects one of his front men to drop deeper, acting as a link between the midfielders and the forwards, with the remaining striker in a more traditional centre-forward role; he is expected to run the channels, hold up the ball, and find the spaces to exploit. The classic example of this is Yorke and Cole, but this combination had great success last season with Rooney as the secondary striker, behind Danny Welbeck.Note how the majority of Welbeck's passes are backwards, with most of his useful work coming in the opposition penalty box. By contrast, Rooney is active all over the pitch, creating many chances from a position in-between the midfielders and forwards.
It is Ferguson's propensity towards this system that has kept a frustrated Berbatov out of the team. His style doesn't particularly fit into either of the striker moulds Ferguson uses; his imminent departure comes as no real surprise.After a rare Rooney absence in September last year, Berbatov lined up in the deeper role in a 1-1 draw away to Stoke, where his creative impact on the game was virtually non-existent.
When the Bulgarian exits Old Trafford, Sir Alex will find himself left with Rooney, Welbeck and Hernandez as his only senior forwards. If Rooney was to pick up a long term injury, there really wouldn't be many options left.As previously mentioned, Kagawa can play in this position, but considering he is already the only attacking midfielder in the squad, it would be a shame to rely on him in this role, leaving the midfield lacking its central thrust once again. Not to mention that the Japan international will be making his debut in the country, and therefore cannot necessarily be relied upon immediately.Essentially, Ferguson has few options centrally, both in regards to his forwards and to his midfielders.What can Man Utd do about it? Surprisingly, the main transfer targets (if heavy rumours are to be believed) are Robin Van Persie and Klaas Jan Huntelaar. Neither of these players provide a link-up role, although both are strong all-rounders.It is possible that, expecting to play a more advanced central midfielder next season, Ferguson expects that the transition from a secondary striker to fielding two more traditional forwards would be a smooth one. This is still providing Rooney receives a long-term injury.After failed attempts at fielding Berbatov as a secondary striker, perhaps Ferguson recognises that Rooney is irreplaceable, and that he simply needs another experienced, all-round forward that could shuffle up in the England star's absence. Neither Hernandez nor Welbeck are particularly versatile; the commanding presence of a Van Persie or a Huntelaar could do the trick.In the North London derby last February, Van Persie shows us why, although not a deep-lying striker, he can provide a lot more to an attack than Hernandez or Welbeck. Note how frequently he creates chances for his team-mates, and how often he receives the ball in a deeper position.
Van Persie is also a decent poacher – something that is often overlooked due to the sheer brilliance of the more exciting elements of his play. 54% of his goals last season came from the 6 yard box, indicating his ability to function in a United side that currently relies heavily on their wingers for creativity. What's more, the Dutch striker scored 34% of his goals in the final 20 minutes of matches. The determination and resilience that characterises Ferguson teams - hence their astonishing record of scoring late goals – is a quality RVP also appears to possess.Left BackAt 31 years old, Patrice Evra may be in the beginning of his decline. Although opinion is divided on the quality of his performances last season, there remains a percentage of United fans that believe his pace and concentration is not what it used to be. Admittedly, many still believe him to be an excellent full-back. Unfortunately, the statistics are not in his favour.In the vast majority of United's poor performances last season – in matches where they conceded at least three goals - almost all of the chances created by the opposition came down United's left side. This, of course, could be as much Young's fault as Evra's.
Regardless of who is to blame for this unnerving correlation, Man Utd have only one senior left back in the squad.What can Man Utd do about it? Ferguson has been trying to sign PFA Team of the Year member Leighton Baines for a while now, and the pursuit is on-going; his age and attacking flair make him the perfect fit for this side. Evra's position in the United team may be less certain in the 2012/13 campaign.ConclusionClearly there is work to be done if United wish to keep up with their local rivals. Signing a forward, a central midfielder, and a left-back to bolster the squad are the minimum requirements. A central defender to replace the ever-slow Vidic and Ferdinand may need considering, and question marks remain over the solidity of David De Gea.An active window beckons, but if Ferguson and the Glazers are to be believed, Man Utd have the funds to find the players they need to keep their title aspirations alive.
Friday 27 July 2012 15:38
Despite only losing last season's Premier League title on goal difference, Manchester United will still need to make changes if they are to have any chance of overhauling rivals Manchester City in 2012/13. Alex Keble, editor of TheChalkBoard.org.uk, assesses where they went wrong last season, and where they need to strengthen...Central Midfield: PlaymakerNeedless to say, the constant presence of Paul Scholes and Ryan Giggs in the centre of midfield last season was somewhat alarming, given their age and declining mobility. Despite this, the pair did manage to generally maintain a high level of performance.Ferguson has recently moved away from his tradition of fielding a robust, hard-working midfielder and begun to accommodate more passers into his central midfield. His system mainly featured Michael Carrick alongside Scholes or Giggs; the runners received little playing time. Anderson made only 10 appearances, Phil Jones featured only six times in this position and Ji-Sung Park three.The ball-winner is no longer a necessity for Ferguson, with greater dependency placed on Carrick to perform defensive work. He has begun to adopt a Fletcher-esque role while retaining his passing duties, beginning attacks and giving more freedom to those ahead of him - as argued extensively here. This reshuffle allowed Giggs or Scholes, who no longer have the mobility to feature in multiple areas of the field, to focus on controlling the game from the centre of the pitch, giving themselves the time and space to work the ball out wide.
Despite their strong influence on the game, these screen grabs show the absence of attacking thrust provided by any of the current midfield pairings. Even though their performances have been first class, their role is almost exclusively aimed at giving the ball to United's wingers, where a huge majority of their goals came from.Giggs may have provided eight assists, but the next most creative non-winger was Rooney, with four. Nani, Ashley Young and Antonio Valencia made a combined 30 assists in the league last season.Manchester United cannot afford to lack central attacking intent again next year; it makes them too one-dimensional. In the 1-0 defeat to Wigan last season, United's wingers were rendered ineffective by Wigan's wing-backs, as their surprise 3-5-2 formation marked Young and Valencia out of the game. Wingers nullified, United's ability to attack was completely stifled.Take a look at the screen grabs below. Valencia was closed down quickly, forcing him to almost exclusively play backwards passes, while Young simply could not get into the match. Manchester United were forced to create chances centrally, which they found very difficult to do.
http://fourfourtwo.com/statszone/share.aspx?i=0bmD7
What can Man Utd do about it? Ferguson has already begun to address this issue with the capture of Japanese star Shinji Kagawa. Asian football expert John Duerden wrote, “wherever he plays, Kagawa's presence translates into goals. [He has] vision, technique, movement and deft passing”.Kagawa's favourite position is as a secondary striker, although he is widely expected to play in a slightly deeper role for Manchester United. Playing 31 times in the Bundesliga last season for Dortmund, Kagawa amassed 13 goals and eight assists: “the boy plays like an angel”, in the words of former team-mate Nuri Sahin.As well as their new signing, United can look forward to the return of Tom Cleverly, although he is not exactly in the mould of the playmaker they crave. Cleverly is a player that controls the game with the crispness of his passing, constantly making himself available to his team-mates, as the screen grabs show us. He is more a Jack Wilshere than a Cesc Fabregas.
Nicolas Gaitan, Benfica's play-maker, has been linked with a move to Old Trafford following his excellent performances in last season's Champions' League (five assists in five matches). Gaitan shone against Manchester United in the group stages, displaying the directness of his attacking ability, as indicated by the amount of useful possession he had deep in United's half.
Brazilian wonderkid Lucas Moura also appears to be on Ferguson's radar, and since he currently has only one play-making central midfielder in the squad, it is not surprising he is looking for another. Lucas would surely struggle to adapt to the English game, presenting the starlet as a prospect for the future, rather than an immediate solution. His exploits at the Olympics will tell us much about his Man Utd potential.Secondary StrikerA key factor in Ferguson's 25 years of success at Old Trafford is his adaptability and unpredictability, winning titles with a number of different tactics, formations, and player types. One area in which he has rarely changed his policy, however, is the way he expects his two strikers to compliment one other.He expects one of his front men to drop deeper, acting as a link between the midfielders and the forwards, with the remaining striker in a more traditional centre-forward role; he is expected to run the channels, hold up the ball, and find the spaces to exploit. The classic example of this is Yorke and Cole, but this combination had great success last season with Rooney as the secondary striker, behind Danny Welbeck.Note how the majority of Welbeck's passes are backwards, with most of his useful work coming in the opposition penalty box. By contrast, Rooney is active all over the pitch, creating many chances from a position in-between the midfielders and forwards.
It is Ferguson's propensity towards this system that has kept a frustrated Berbatov out of the team. His style doesn't particularly fit into either of the striker moulds Ferguson uses; his imminent departure comes as no real surprise.After a rare Rooney absence in September last year, Berbatov lined up in the deeper role in a 1-1 draw away to Stoke, where his creative impact on the game was virtually non-existent.
When the Bulgarian exits Old Trafford, Sir Alex will find himself left with Rooney, Welbeck and Hernandez as his only senior forwards. If Rooney was to pick up a long term injury, there really wouldn't be many options left.As previously mentioned, Kagawa can play in this position, but considering he is already the only attacking midfielder in the squad, it would be a shame to rely on him in this role, leaving the midfield lacking its central thrust once again. Not to mention that the Japan international will be making his debut in the country, and therefore cannot necessarily be relied upon immediately.Essentially, Ferguson has few options centrally, both in regards to his forwards and to his midfielders.What can Man Utd do about it? Surprisingly, the main transfer targets (if heavy rumours are to be believed) are Robin Van Persie and Klaas Jan Huntelaar. Neither of these players provide a link-up role, although both are strong all-rounders.It is possible that, expecting to play a more advanced central midfielder next season, Ferguson expects that the transition from a secondary striker to fielding two more traditional forwards would be a smooth one. This is still providing Rooney receives a long-term injury.After failed attempts at fielding Berbatov as a secondary striker, perhaps Ferguson recognises that Rooney is irreplaceable, and that he simply needs another experienced, all-round forward that could shuffle up in the England star's absence. Neither Hernandez nor Welbeck are particularly versatile; the commanding presence of a Van Persie or a Huntelaar could do the trick.In the North London derby last February, Van Persie shows us why, although not a deep-lying striker, he can provide a lot more to an attack than Hernandez or Welbeck. Note how frequently he creates chances for his team-mates, and how often he receives the ball in a deeper position.
Van Persie is also a decent poacher – something that is often overlooked due to the sheer brilliance of the more exciting elements of his play. 54% of his goals last season came from the 6 yard box, indicating his ability to function in a United side that currently relies heavily on their wingers for creativity. What's more, the Dutch striker scored 34% of his goals in the final 20 minutes of matches. The determination and resilience that characterises Ferguson teams - hence their astonishing record of scoring late goals – is a quality RVP also appears to possess.Left BackAt 31 years old, Patrice Evra may be in the beginning of his decline. Although opinion is divided on the quality of his performances last season, there remains a percentage of United fans that believe his pace and concentration is not what it used to be. Admittedly, many still believe him to be an excellent full-back. Unfortunately, the statistics are not in his favour.In the vast majority of United's poor performances last season – in matches where they conceded at least three goals - almost all of the chances created by the opposition came down United's left side. This, of course, could be as much Young's fault as Evra's.
Regardless of who is to blame for this unnerving correlation, Man Utd have only one senior left back in the squad.What can Man Utd do about it? Ferguson has been trying to sign PFA Team of the Year member Leighton Baines for a while now, and the pursuit is on-going; his age and attacking flair make him the perfect fit for this side. Evra's position in the United team may be less certain in the 2012/13 campaign.ConclusionClearly there is work to be done if United wish to keep up with their local rivals. Signing a forward, a central midfielder, and a left-back to bolster the squad are the minimum requirements. A central defender to replace the ever-slow Vidic and Ferdinand may need considering, and question marks remain over the solidity of David De Gea.An active window beckons, but if Ferguson and the Glazers are to be believed, Man Utd have the funds to find the players they need to keep their title aspirations alive.
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