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JD Deitch Profile picture
JD Deitch
@MUSTChair
Elected Chair of @MU_ST, the official supporters’ trust of @ManUtd & largest independent representative voice of #MUFC fans around the world. Stretford Ender.
Jun 12, 2023 • 15 tweets • 5 min read
Early today, I asked @andersred, @MU_ST's finance director (whose day job is in the world of investment), when the @premierleague will wade in with its Owners and Directors test... 🧵

#MUFCTakeover #MUFC #UTFR Image The Owners and Directors test is mentioned Section F of the PL Handbook. You can see the Handbook in its entirety at the link below. Section F starts on page 71 of the PDF (the page number in the doc itself is 141).

resources.premierleague.com/premierleague/…
Jun 12, 2023 • 7 tweets • 2 min read
Every sale is different. Some go quickly, some don't. In my experience, they've followed a 3 step process:

1. There is an indicative offer pending further discovery and information. At this stage, the buyer gives a price that is contingent on finding out more info. 2. Due diligence.

Here, the buyer asks questions and tries to find out as much as they can. It's important to note that there is no set format for DD. It typically covers a range of financial, legal, personnel, customer, and other stuff.
Jun 11, 2023 • 5 tweets • 1 min read
I've personally been though four complete M&A processes as buyer or seller. I've been through another dozen more that went through the motions without getting to a purchase agreement. There is ALWAYS a diligence process, however short it may be. United will not have shared everything already. They will have shared the absolute minimum. INEOS and Q will have people they need to answer to. In any normal process, there will be a total amount that is agreed, contingent on no surprises during due diligence.