GLAZERS MUST BE DESPERATE FOR REDDIES!
A LEADING Man United fans group has launched a stinging attack on the Glazer family’s plans to float 10 per cent of the club on the New York Stock Exchange.
The Glazers had indicated they would use all the proceeds from the sale – likely to be more than £150million – to reduce the club’s debt, which presently stands at £437m.
But it now appears only half the money will be used for that purpose, with the rest remaining with the family – a move which has angered the Manchester United Supporters Trust.
The Glazers been silent on intentions.
MUST chief executive Duncan Drasdo has filled the void with his own assessment of the situation.
“Supporters are going to be very angry about this,” he said.
“The Glazers have already cost United more than £550m in debt-related fees and now there will be have their another slap in the face as they help themselves to half of the proposed IPO proceeds.
“Each of the six descendants of Malcolm Glazer will claw in $25m for themselves.
“Clearly this has nothing to do with benefits for Manchester United.
“What is the sudden reason for this desperation for cash now?”
MUST are unlikely to ever get an answer to that question, nor questions that have been raised by critics about whether chief executive David Gill and manager Sir Alex Ferguson are to profit directly from the IPO.
Drasdo added: “There is now no doubt that this IPO is bad for United supporters, the club and any investors gullible enough to pay the inflated price.”
Supporter sentiment has never had any influence on the Glazer family’s thinking.
The shares plans came just hours after it was confirmed a huge new shirt sponsorship deal with US car giant Chevrolet had been agreed, which will take effect from 2014.
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with Joel and Bryan Glazer