Are the Glazers Playing Fantasy Football With Manchester United?

Each day more and more revelations about the proposed flotation are being disclosed and it seems that the biggest beneficiaries of the flotation will once again be the Glazers, and some high end executives, which could include Sir Alex Ferguson.

At first it seemed as though the flotation was good for the club and was initially welcomed by fans, then as details emerged, it became more apparent that this was not the beginning of the end of the Glazers control.

The worst thing about this issue is that there are no dividends on the shares for at least five years, and that the shares carry virtually no voting rights, as the Glazers personal folio is worth 10 votes to 1.

So what is there to actually attract a large investor to buy a lump in the club, to literally give the club an interest free loan for five years.

The answer to that is there is nothing, nothing whatsoever to attract even a small investor.

There is now news that the issue contains an Employee share incentive scheme,worth $204m, at the lower end that would คู่บอลสเต็ป ufabet leave only? $80m to reduce the clubs debt, not that significant an amount, either for the reduction of interest, or capital debt.

Nils Pratley of The Guardian sums it up like this:

From an investment point of view, the only reason to take a punt on Man United at the proposed price is the hope that one day a zillionaire will make the Glazers an offer they can’t refuse. The trophy asset argument, in other words. But it rests on wishful thinking, rather than sound investment logic.

He also indicates that the more the Glazers milk this club of millions of pounds the less likely we are ever going to find a super rich buyer to get us out of this mess.

Since the Glazers took over the club in a leveraged buyot in 2005, their tenure on the club has been one of continually taking profit from the club, including loans at reduced interest rates, the debts of the initial purchase were loaded onto the club almost the day after Manchester United PLC was de-listed on the London stock exchange.

Since that time there has been strong supporter backlash, and a long running anit-Glazer campaign.