Chinese investors want to buy Man Utd for nearly $4 billion

Citic Financial Group could become the new owner of Man Utd if it convinces the Glazer family to sell their shares.

The Chinese newspaper Titan reported on October 30 that Citic Group wants to buy shares in Man Utd for about $3.85 billion. This financial giant has contacted the Glazer family, the current owners of the Red Devils, but has not received a response.

Man Utd has the most media and success in English football. Photo: Reuters

According to this newspaper, the possibility of the Glazer family agreeing to transfer is not high, or only transferring part of the team. Man Utd currently regularly brings a large source of profit to this family through revenue of nearly 700 million per year.

The Glazer family bought Man Utd in 2005 for just around a billion. It was a smart move as the value increased many times over the decade. According to Forbes magazine this year, Man Utd is worth around 3.1 billion.

Citic also has other sports investments in China and abroad, including a 20% stake in Atletico Madrid.

Citic’s bid for Manchester United could also receive political backing. Last week, during a visit to the UK, Chinese President Xi Jinping called for greater sporting cooperation between the two countries.

Man Utd is currently one of the most popular football teams in Asia in general and China in particular. A part of shirt sales and advertising revenue also comes from this market.

According to VNE