GLAZ­ERS MUST BE DES­PER­ATE FOR RED­DIES!

Midweek Sport - - THURSDAY AUG 1 - By FRANK MCCAULEY

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.

Crit­ics

“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.

MONEY MEN: Sir Alex Fer­gu­son is pally

with Joel and Bryan Glazer

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