A mysterious buyer has emerged who has designs on the Premier League football team Manchester United, aiming to build a stake in the club which is valued at $2.8bn (£2.2bn) and is currently 80% owned by the Glazer family.
The Sunday Times reports that a Chinese investor, believed to be a billionaire, has contacted independent shareholders who hold the remaining shares in the club to discover whether they would be willing to sell up.
It is not known how many will be interested in the bid, and discussions have remained informal, but the newspaper says that it is “only a matter of time” before a substantial amount of shares changes hands, with a batch of up to 8% being offered by an American broker.
Manchester United was bought by the patriarch of the American family, Malcolm, in 2005 for £790 million. There was fierce opposition to the takeover, which was funded by debt raised against the value of the club’s assets.
It was listed on the New York stock exchange in 2012 in a move which made the Glazers $150m, and after Malcolm Glazer died aged 85 I 2014, his six sons – Joel, Avram, Bryan, Edwrad, Kevin and Darcie – sold more of their stake to leave them with their current hold of four-fifths of the club.
There is believed to be disagreement between the siblings about what to do with Manchester United. Joel and Avram, who are co-chairmen of the club, which spent heavily in the close season on players such as Romelu Lukaku from Everton and Chelsea’s Nemanja Matic, want to keep the stake, as does Bryan. But the other brothers are believed to be interested in selling.
In recent years there has been a flood of Chinese money coming into British football: in 2016 entrepreneur Guochuan Lai bought West Bromwich Albion, while their Midlands neighbours Aston Villa were acquired by Tony Xia and Fosun purchased Wolves for £45m.
Since their New York listing, United shares haven’t performed that impressively, putting on only $3.10 from their original price of $14.
Machester United was named the world’s most valuable football club by Forbes magazine this year. The club reported revenues of £513.6m last year with record operating profits of £68.9m.
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
UAE SQUAD
Ahmed Raza (Captain), Rohan Mustafa, Jonathan Figy, CP Rizwan, Junaid Siddique, Mohammad Usman, Basil Hameed, Zawar Farid, Vriitya Aravind (WK), Waheed Ahmed, Karthik Meiyappan, Zahoor Khan, Darius D'Silva, Chirag Suri
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Profile
Company name: Jaib
Started: January 2018
Co-founders: Fouad Jeryes and Sinan Taifour
Based: Jordan
Sector: FinTech
Total transactions: over $800,000 since January, 2018
Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
MATCH INFO
Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')
Man of the match Son Heung-min (Tottenham)
