LONDON, July 31 |
LONDON, July 31 (Reuters) – A group of Manchester United
fans accused the American Glazer family of milking the English
Premier League soccer team for cash after IPO terms revealed
they planned to take half of the proceeds of its flotation.
Fans from the Manchester United Supporters Trust (MUST)
questioned why all of the money being raised was not being used
to reduce a debt pile that they say is holding back the team’s
performances on the field.
The club and the Glazers each will be selling half the IPO
shares in an offering that will raise as much as $333 million.
The club’s proceeds from the IPO will be used to reduce its debt
of 423 million pounds as of March 31 to 345.4 million pounds
($664 million to $543 million).
“Supporters are going to be very angry about this,” said
Duncan Drasdo, chief executive of MUST, a group lobbying for
fans to play a greater role in the ownership of the club.
“The Glazers have already cost United more than 550 million
pounds in debt related fees and now another slap in the face as
they help themselves to half of the proposed IPO proceeds,” he
added.
“Clearly this has nothing to do with benefits for Manchester
United and is all about giving the Glazers quick access to
desperately needed cash at the expense of our football club.”
MUST has fought a long campaign against the Glazers, who
bought the club for 790 million pounds in a highly-leveraged
deal in 2005 and also own NFL team the Tampa Bay Buccaneers.
Discontent has grown after United, English champions a
record 19 times, failed to win a trophy last season – their
first barren year since 2005.
They missed out on the title to local rivals Manchester
City, whose owner Sheikh Mansour Bin Zayed Al Nahyan, one of Abu
Dhabi’s ruling family, has ploughed an estimated 800 million
pounds into the club.
A recent survey commissioned by United said it had 659
million followers globally, almost one in 10 of the population,
but it still remains at the mercy of performances on the pitch,
with revenues hit last season by an early exit from the
lucrative European Champions’ League.
However, the club’s global appeal was underlined when it
signed a new seven-year shirt sponsorship deal with General
Motors’ Chevrolet. The deal begins in 2014 and one source said
it could be worth up to $600 million.
(Editing by Mark Potter,









Manchester United and England striker Wayne Rooney has 4.6 million followers on Twitter. The Premier League’s new code of conduct on the use of social media sites is to underline to players the responsibility they have to such a big audience.
Rio Ferdinand is a way behind teammate Rooney but still has three million followers who tune in for his views on everything from fashion to music, with a bit of football thrown in too of course.
Chelsea’s Ashley Cole is a recent convert to Twitter but has already caused controversy, taunting fans from former club Arsenal over how many trophies he’s won since swapping North London for West.











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