The Glazer family has pulled over $1 billion out of Manchester United. It is time for them to go! Love United, Hate Glazer!
From 2003-2005, Malcolm Glazer began purchasing shares and building his ownership stake in Manchester United. At the end of those two years, the Glazer Family took over Manchester United and paid roughly $790 million for 90% of the club. As part of that purchase $575 million in debt was raised to fund the clubs takeover, which required large interest payments to service. These interest payments along with dividends have cost the club over $1 billion since the takeover. The Glazer’s ownership was always about one thing, making money for the family. They have never cared about results on the pitch or trying to win titles.
The Glazer Family took Manchester United pubic on the New York Stock Exchange on August 10th, 2012. Usually, when companies go public it is to raise large sums of capital to grow a business. Not this ownership, going public was about cashing in. Manchester United was listed on the NYSE at $14.00 a share and the offering raised a total of $233M. What did the $233M get used for? Half went towards paying down existing debts and half went straight into the Glazer’s pocket. Manchester United fans had hoped that the proceeds would go towards eliminating the debt, but the Glazer’s preferred to take a $110M payday.
Today Manchester United has an eye-watering £660M in debt on the books, and with a global pandemic there is no end to the Glazers in sight. In Q2 FY2021 they drew down an additional £60M in debt to cover their losses while still paying out a dividend to themselves. This club is drowning in debt and this ownership is strangling the aspirations of the number one club in world football. It is time to protest this ownership and demand change! We need owners that invest in Manchester United not bleed it dry. Enough is enough #GlazersOut.
