Glazers Amend United Share Plans
The Glazer family, owners of Premier League club Manchester United, yesterday announced their intentions to sell just over 10% of the club on the New York stock exchange.
The powerful American family issued a notice of intent on Monday evening confirming their plans to raise around $300 million, but there has since been controversy over how the profits will be spent.
It was originally suggested that the entire sum would be used to pay off a sizeable chunk of United’s massive $400 million debts, but the prospectus released to accompany Monday’s announcement indicates that only half of the money will in fact be used, with the rest going directly to the Glazers.
If that does indeed prove to be the case, the decision will no doubt provoke outrage among United supporters who have endured a turbulent relationship with the Glazers since they took over in 2005, with fan relations being soured by vast amounts of cash disappearing in charges since their arrival.
The news comes on the day that Manchester United unveiled a new sponsorship deal with US car manufacturer Chevrolet – rumoured to be one of the biggest endorsements in league history – but cynics will argue fans should not get carried away until the club has released end-of-year accounts reflecting how much their disastrous Champions League campaign cost them in TV revenue.