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Glazers’ Disgraceful IPO U-Turn

The Glazers have revealed a massive u-turn in their IPO proposals in a revised filing of the IPO last night. In the original filing it was made absolutely clear that ALL of the proceeds of the IPO would go to paying down debt the Glazers have loaded onto Manchester United. The revised filing reveals they now plan to take half the IPO proceeds for themselves! This can be seen in the red section in white text. The Glazers are selling the same number of shares as MU Ltd but costs are being loaded onto MU Ltd so Glazers will take more then 50% of net proceeds for themselves.

Furthermore the amount raised to pay down debt will be relatively insignificant (£75m) leaving £350m of their debt still on our club.

Duncan Drasdo, chief executive of the Manchester United Supporters Trust said: “The Glazers have already cost United more than £550m in debt related fees and now another slap in the face as they help themselves to half of the proposed IPO proceeds. Each of the 6 lineal descendants of Malcolm Glazer will claw out $25 million for themselves. Clearly this has nothing to do with benefits for Manchester United and is all about giving the Glazers quick access to desperately needed cash at the expense of our football club. What is the sudden reason for this desperation for cash now? There is now no doubt that this IPO is bad for Manchester United supporters, Manchester United Football Club and any investors gullible enough to pay the inflated price they’ve attached to inferior shares which have just 1/10 of the voting rights of the Glazers shares and no dividends. Their bare faced cheek is almost unbelievable.”

The Guardian report
The Independent report
The Telegraph report
Sky report


 

262 Comments

  1. Pav1878 says:

    @ zibbie

    With respect, I think your opinions are a little shortsighted and are exactly the polarised views that you claim to be against.

    As with anything people the truth lies in the middle.

    The glazers have crippled our beloved club with their debts and their sole aim should be (like anyone or business with massive debts) to pay them ASAP, and. It taking this opportunity to do so is everything that has ready been said in this thread.

    But they are, in effect, stable owners, for they are in control of the dent and it has been steadily decreasing. Sure it has limited us in the transfer market ( and that is where most fan anger lies) but it is not in danger of turning us into rangers.

  2. Park Life says:

    Oh yeah Goat, I remember your “sling slaves on ships..’ racist tirades very well.. Interesting debate up there. I’m not a fan of debt, but who in this capitalist day in age isn’t in it??? Morgage? Rent? Car? Credit Cards? Students? I’m just saying, being £360m in debt and valued circa £2-3BILLION ain’t fucking half bad!

  3. Louis says:

    They will get more cash out of the equity sale than the equity is worth. Therefore, the higher the amount realized the better. The Glazers obviously need cash for some reason, hence 1] the higher sale amount and 2] that part of the proceeds they take. Its better than them taking more money out of our revenues.

    I’ve been reading some of the comments here, and in my opinion, they’re wide of the mark. The Glazers are businessman, not sugardaddies. They are in this to make money. And it’s their right, unfortunately, because they own the club. They own it, its theirs just like their bathtub at home. The difference is that we arent fans of their bathtub, and we dont go to games there etc.

    MUFC are unlike nearly any club in the world. We make a profit. So our owners are unlike nearly all others, they can afford to run it like a business. But do any of us think that were Everton in the same position, that their owners would run Everton in a vastly different way to the Glazers.

    I think that when all is said and done, that the Glazers have been quite good owners. They havent interfered with Fergie or with day to day management ala Abramovitch, they have allowed him a certain amount to spend on transfers each year, and they have overseen probably the most successful spell ever for us.

    If we win the season with 25million spent on transfers each year, why should they spend 100m? It would be a waste of money. LAst season showed that despite our continued success in the Prem, we need to spend more to catch up with Citeh and in Europe, and so we are spending. I guarantee you that we’ll still get a midfielder, and I feel like we’ll get RVP too.

    OH, and the debt is coming down. Whats the big issue?

  4. mara says:

    Hahahhaha….do.you remember what i said about that IPO…that on the end of the day…they will take money from IPO for themselfs, not for debt. I WAS RIGHT! How i knew that? All Capitalist think the same way….but Glazers are the worst kind of capitalists…

  5. chrsprk26 says:

    @goatinaunitedshirt.

    If you believe for whatever reason that Glazer’s profits will somehow trickle down and benefit United in the long run, you’re absolutely clueless and completely out of touch with how our rich run things.

    Or maybe you’re an American, in which case you’re probably Republican, one of those nitwits that believe right-wing policies will rescue our country from the very assholes that fund the said policies.

    @giggs12

    Yeah, as an American, I am very familiar with this kind of big company maneuvers. It disgusts me no less.

    And to see it happen to a club I have loved and followed for over 15 years, is abso-fucking-lutely heart breaking.

    I look at the whole SAF situation this way, if it wasn’t for the Glazers SAF wouldn’t still be with United. If it wasn’t for SAF’s genius keeping things ticking along, Glazers would literally have been lynched by United fans by now. It’s sad, but that’s how it is.

  6. 911_DEVIL says:

    Good morning all…
    Up already for work
    GGM!!!!

    Ask me about the glazers, and I’ll answer you with a </3
    Ask me about the team MAN UTD and I'll sure answer you with a :)

    Only 17 more days until the serious thing kick start
    19 going for 20 glory glory man united!!!!!

  7. Eric L'edieu says:

    @ WAKEY.
    OK, so Im 5 billion times worse than the Glazers by wishing fans would stay away for a couple of games in the hope it would drive them out, cos that would damage the club.
    Cos the glazers, 500 mill & all the excellent, genuine heart felt life long fans who passionately care about the club who’ve been driven away hasn’t damaged the club.
    Or in the words of Fergie, do you agree they should all just fuck off & support chelsea.
    As somebody has already posted here, the way the club is run is more than just about trophies.
    As you’ll find out when Fergie leaves & no other manager can compete genuinely with the Glazers terms.

  8. Alec says:

    I can’t believe this! I have been a united fan since i was 8 years old. Unfortunately not much i can do to protest this locally. But I wonder what do local fans who have access to the stadium daily do for protest other than banners! Obviously they are immune to banners when they know they will be making millions!

    can’t the majority come to an agreement and simply boycott games? Ok its not the best solution, but its a short term problem creation in order to bring the shit to the surface as this way the glazers will keep the problem and make it long term.

    people should not go to games until their demands are completed !

  9. markynorbs says:

    The great Sir Matt will be turning in his grave.
    Sad sad days. LUHG!

  10. Louis says:

    I think we all need to take a few deep breaths. In my honest opinion, the business side of things isnt affecting the club too badly. The Lucas Moura situation is a perfect example. If the Glazers werent in charge, we would probably be able to get him [although not for certain because we have never overspent, even before the current regime, and SAF's reluctance to spennd seems self-imposed: somewhat like Arsene Wenger's...].

    But we still might, and we did put in a 26m pound bid after buying Kagawa for 17m, so its not as if we’re not spending at all. So it seems like its a fairly small difference between what we would like to spend and what we can spend.

  11. 50 Shades of WillieRedNut says:

    Glazers have no shame. That’s where our focus should be, and not on the man who took us out of Liverpool’s shadow. 19

  12. Mubeen says:

    this is Zionism in football… they are raping a football club which is about football… Zionism is ruining football too now

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