Ed Woodward Set For Millions If Qatari Bid Wins

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Amid the excitement of the start of the season, Manchester United’s takeover saga has been pushed into the background with no sign of a clear frontrunner as yet.

However, it looks like Ed Woodward, the former CEO of the club, would be helped more by one bid over the other, if recent reports are to be believed.

The Times’ Martyn Ziegler reports that Woodward would earn millions if Qatar’s bid to buy the club is successful over Sir Jim Ratcliffe’s offer.

This is because he still owns 551,486 Class A shares of the club.

There are two types of shares at the club- Class A and Class B. Class A shares are publicly traded on the New York Stock Exchange but have no voting power.

Class B shares are wholly in the hands of the Glazers and have all the voting rights. They are not available for purchase on the stock market.

Qatar’s bid is to buy 100% of the club and as a result, take it off the stock market and completely in the hands of Sheikh Jassim bin Hamad al Thani.

This means that all the shares of the club that are floated on the New York Stock Exchange will be bought out. The current trading price of the stock is about $23.

When 551,486 Class A shares will be sold, the price for those shares will rise due to the demand. The Times reports that with a share price that might rise as high as $26, the windfall for Woodward will be nearly £14 million.

On the other hand, Sir Jim Ratcliffe’s offer is to buy only the Glazers’ shares which have all the voting power, the Class B ones.

That is only 69% of the club, leaving the club on the stock market, and Class A shareholders with no windfall.

The news will hardly be a welcome one for United fans, who celebrated the occasion of Woodward leaving the club. He arguably saddled the club with exorbitant contracts. It has led to scenarios like the most recent one being Harry Maguire paid to leave.

However, if this is the price it would take to get United off of Glazers’ hands, one can’t imagine too many fans would bat an eye.