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(Bloomberg) — Raine Group will get $31. 5 million in fees for advising English soccer club Manchester United Plc on the addition of a new investor.
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The New York-based investment bank spent more than a year working with Manchester United’s owners, the American Glazer family, to market the club to buyers.
These efforts culminated in British billionaire Jim Ratcliffe’s deal to take a stake of around 25% in Manchester United in December. Ratcliffe paid $33 a percentage to the Glazer family and other minority investors for the stake.
Documents filed with the U. S. Securities and Exchange Commission show that Raine had contact with 170 interested parties while the Glazers deliberated over a minority or total sale of Manchester United.
In the end, the tender came down to a war between Ratcliffe and a Qatari investor organization led by Sheikh Jassim bin Hamad Al Thani, which sought to buy the entirety of Manchester United. But the Qatari consortium was unable to match the value presented by Ratcliffe for shares held by the Glazers and other public shareholders of Manchester United.
Of the club’s three independent directors, John Hooks and Manu Sawhney attended the final board meeting that approved the deal on Dec. 24, according to the documents.
The long-running saga is another high-profile sporting mandate earned for Raine, who is building a reputation as a go-to adviser on big sports and entertainment matters. In recent years, he has worked on sales for English football club Chelsea FC. and Olympique Lyonnais in France. In 2023, he earned $65 million advising World Wrestling Entertainment Inc. in connection with its acquisition through Endeavor Group Holdings Inc.
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