Glazers Out – Part 3
Welcome back, friends and fellow Glazer haters alike. Excuse my hiatus, but I was coming up with a new direction to steer this series. In the last edition, we learned how crippling debt and interest payments can be on a club. It perfectly set up the next installment to discuss the Initial Public Offering of Manchester United, but little did I know, John, wrote every intricate detail here. No seriously, he went IN on how greedy the Glazer’s are for pulling off a sale previously unheard of. Give it a read if you have time. In lieu of discussing the IPO, I am free-handing this piece. This is straight off the top, and will likely be an incoherent rant chucking missiles at the worst owners in the history of sports. Part three of why every United fan should be Glazers out.
On August 9, 2012 Ed Woodward found a new way to raise capital given the over-levered debt monstrosity created. Manchester United PLC filed for an Initial Public Offering on the New York Stock Exchange and raised $233 million by selling shares at $14.00 per share. At first, this sounds like a wonderful idea to the average fan and investor, however the reality is much more sinister. As with most instances, corporate greed dictates the owner have the best interest of the company in their mind, rather than individual shareholders. Because of this dumb idea, owners protect their rights, but raise capital in equity markets by selling off different classes of shares to the public.
In the case of Manchester United, the Glazers sold 42% of the outstanding Class A shares, which can cast only one vote. On the other hand, the Glazers owned all of the 124,000,000 shares of Class B shares, which hold 10 VOTES PER SHARE! But I won’t stop just there. Back to the proceeds. Manchester United received $233 million dollars, surely that went into operating and investing in the club right? Wrong. So fucking wrong you couldn’t believe it. Half the proceeds went to pay off existing debt the Glazers put on the club, and the second half was received by the selling shareholders (aka the Glazer Family)! Those losers are so greedy its shameful honestly. Also, If you’re a billionaire club owner who needs to sell shares to make money, are you even a billionaire in the first place? Thats Small Dick Energy if I’ve ever seen it.
Glazer’s Greed Continues
Y’all thought taking a cool $110 million and splitting was fucked up? Not even the tip of the iceberg. John and Alex constantly refer to the Glazer’s siphoning cash out of the club, and some may not understand what that means as it pertains to equity offerings. Ever since going public, the Glazer family has continually sold off Class A shares like its going out of style. Sec.gov is a boring place for about 99% of the world, but it presents unbiased facts. If you clicked that link, you are part of the 1%. The Glazer family, including the IPO, have sold shares totaling a whopping $455,980,000.00 without Manchester United seeing a single penny from that! Let that sink in. That is why I fucking hate the Glazer family. I cannot believe how greedy and self-centered you have to be to run your company into the ground like that.
Loser talking heads on TV shows want to downplay the ownership and say its not that bad. They truly don’t understand the issue then. Who takes out half a BILLION dollars and does not reinvest not even $1 into their company? It’s bullshit, and downright disgusting what the Glazers have done to this club. No owner has ever done this, because they usually care about what they’re investing in. Do not underestimate how lowly the Glazer family thinks of this club that they use it as a blank check to fund Avram’s shitty hairstyles.
A Short Conclusion
I am cutting myself off. I was getting too heated writing this article, and Alex is probably having a nightmare editing all this NSFW language in here. Ed Woodward, who is the Glazers little puppet sanctions all of this just so he can keep his job and his massive salary that he has no business earning. It is nothing short of remarkable United have found a way to stay even remotely relevant in world football. Ever since the Glazers took over, the Club has been fighting relevancy with one hand tied behind their back!
There is only one answer, and it is oh so simple. #Greenandgolduntiltheclubissold