Premier League - United fans group angered by Glazers' plans

Tue, 31 Jul 15:13:00 2012

A group of Manchester United fans accused the American Glazer family of milking the club for cash after IPO terms revealed they planned to take half of the proceeds of its flotation on the New York Stock Exchange.

The Independent Manchester United Supporters Association and Shareholders United hold a rally against the Malcolm Glazer takeover of their team at the Apollo Theatre in Manchester, United Kingdom. Monday 30 May 2005 - 0

United lodged their intention to sell 10.2 per cent of the club on Monday evening. It is intended the sale will raise around £150m for the owners, although there have previously been suggestions that interest in the sale has been lukewarm.

However, what has really angered the Manchester United Supporters Trust is that previously, the Glazer family had indicated they would use all the proceeds to reduce the club's debt, which presently stands at £437m.

Now it appears only half the money will be used for that purpose, with the rest remaining with the family. The Glazers themselves have been silent on their intentions.

MUST chief executive Duncan Drasdo has filled the void with his own damning assessment of the situation, saying: "Supporters are going to be very angry about this. The Glazers have already cost United more than £550m in debt-related fees and now another slap in the face as they help themselves to half of the proposed IPO proceeds.

"Each of the six lineal descendants of Malcolm Glazer will claw out $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?"

PA Sport / PA Sport

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