Apollo Global Management Inc. isn’t interested in taking a stake in Manchester United FC, a person familiar with the situation said, distancing the firm from a report it was in exclusive talks with the Glazer family about buying into one of the biggest brands in world sports.

The US buyout firm was involved in financing talks with a consortium but is no longer in discussions, said the person, who asked not to be identified because the matter is private. Apollo’s initial interest was never to buy straight equity in the soccer club, the person said. Other members of the consortium are said to be carrying on with the talks.

Representatives for Apollo and Manchester United declined to comment.

The prospect of the club, which boasts one of the biggest fan bases in the world, selling to Apollo or another US private equity fund angered supporter groups. They say the Glazers failed to invest enough money to compete on and off the field with the likes of Manchester City, Liverpool and Chelsea -- which between them have won eight of the past nine Premier League titles.

Manchester United won the last of its record 20 English league championships in 2013, has lost both matches so far this campaign and failed to quality for this season’s European Champions League.

The Daily Mail reported Wednesday that Apollo was in exclusive talks with the Glazers after Bloomberg News reported they would consider selling a minority stake. More than half of the 20 Premier League teams are owned in full, or in part, by US entities. 

While Apollo hasn’t publicly disclosed a direct holding in any soccer club, it’s been involved in debt financing for at least one team -- it was part of a deal with Sporting Lisbon last year, Bloomberg reported.

Source:
courtesy of BLOOMBERG

by David Hellier

If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]