Coronavirus offers Manchester United's Glazer family a huge opportunity

The coronavirus pandemic has ravaged football’s finances brutally, and the worldwide implications on other economies could cause upset amongst the Glazers, or offer them a huge opportunity.

United’s current owners, before the spread of the virus, were believed to have been split 50-50 between wanting to sell the club if an appropriate offer came in, while Joel and Avi - at least - wanted to maintain control of the club.

That tension might have explained the stop-start nature of the club’s management. On the one hand, they would throw out £85 million for Harry Maguire, £45 million for Aaron Wan-Bissaka and £15 million on Daniel James in the summer, and suddenly rush to secure Bruno Fernandes in the winter transfer window when it looked like their position in the top half of the league was under threat.

But on the other, they would leave Jose Mourinho baffled as his reward for second place was Diogo Dalot, Lee Grant and Fred.

A lack of long term strategy might also have been betrayed out by the upkeep of Old Trafford. A string of journalists complained about the poor wifi provision to those in attendance on matchday. There were leaks in some parts of the roof, and the ground has an altogether more ‘classic’ look to it compared to the modern stadia used by Marseille, Tottenham Hotspur and West Ham. The size of the stadium means it remains one of the biggest in the world, but it is unable to properly accommodate supporters with disabilities, as an example of its problems. It does not need to be overhauled, but its appearance does not match the club's reputation.

Old Trafford, like United, was ready for new owners. There was a palpable lack of ambition and of direction since Ed Woodward abandoned his own Galactico strategy. Instead, the club moved from one mistake to the next, each trying to correct the past.

Saudi Arabian state owners would of course have been a miserable experience due to their wretched human rights abuses, but they presumably would have been more ambitious regarding on-the-pitch achievements.

That no longer looks like a concern for either the fans, or a get-out plan for reluctant owners. Newcastle United appear to be selling to Saudi Arabia and Amanda Staveley, and unless the Glazers are willing to sell at a distressed price - which they don’t need to - there are few suitors liquid or brave enough to swoop in to buy the club now. However, coronavirus has given the family a rare chance to take advantage of their competition, should they wish to take the lead.

Matt Richie

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United have around $200 million in a revolver facility - a business overdraft, essentially - that holds just a 2% interest rate. Their next debt maturity is in 2027, at which point if United can't roll that over or repay it, it will mean the rest of the world has dropped into a cocked hat of ruin, so is largely not a concern for now. What it means is that other clubs will struggle for credit, while United already have it.

Given Manchester City’s troubles with UEFA and an upcoming European ban, it means that United look increasingly likely to salvage a Champions League spot next season. That broadcast money is handy, but perhaps more importantly it means that United’s sponsorship deals avoid an obligatory cut for their lack of European involvement. The club have always been relatively financially strong, but it now looks as if their competition are going to be hit far harder, beyond just local rivals City.

Liverpool are well run, of course, but John Henry runs a tight ship, as proven by their initial uptake of the government furlough scheme. Stan Kroenke’s pursuit of pay cuts at Arsenal suggests they too will hunker down as best they can. Chelsea are organised and disciplined now, without the largesse of Roman Abramovich to help them dominate. Across the continent, Barcelona are in potentially dire straits. This means that the Glazers can strike out to their advantage.

Jadon Sancho with Borussia Dortmund

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While others might withdraw from signing Jadon Sancho, Jack Grealish or James Maddison, perhaps only Real Madrid have the confidence in their transfer strategy for the next one or two transfer windows. United will need more than just another attacking midfielder, but tying Paul Pogba down to a new contract, with Juventus unlikely to splash out during Italy’s desperate time, he could even be re-energised by a successful team around him.

It is not simple, and there are other transfers needed and problems to negotiate, but the Glazers are now stuck with United whether they like it or not. Thanks to the horrors of coronavirus, they now have a chance to turn the situation to their advantage.