The end of Manchester United as we know it???
American tycoon Malcolm Glazer has purchased another 27% of the shares in Manchester United, and that makes him the owner of over 53% so far – some people say he is already on his way to 70%. If he reaches 75% he is practically in total control of the club, and if that figure rises to 90% he can take the club/company off the share market and make it a private company.
What’s the bad news I hear you say? Why isn’t this great? Didn’t Chelsea just win the league with a tycoon as the owner?
The bad news is that Malcolm Glazer doesn’t have the cash that he needs to purchase all the shares – which, by the way, are valued at around £780 million. He has had to borrow a lot of that money, and the way he intends to make the money needed to pay his creditors is what worries everyone who loves United. He will most likely increase the prices for merchandise, match tickets and everything else related to the club. He could also sell the stadium and lease it back – this is what we danes call the “pissing in your pants effect”: at first it’s warm, but it will quickly get cold! If Manchester United fail to qualify for the Champions League, the income for the club will fall drastically and Glazer will have to find that money somewhere else: selling the best players!
Leeds United were in the Champions League semi final 4 years ago – now they are in the second division, because they had a tycoon as the owner, and when results started going downhill, so did the finances. This must NOT happen to Manchester United!
Oh, and if you are a fan of some other English team and you are happy about this, think about one thing: Glazer is not likely to agree on a tv-deal with the other teams, which means that he wants to own the rights to all Uniteds games, and this leaves the smaller clubs with less tv-money, as it won’t be a collective deal = Bad news for English football.
Today was supposed to be a happy day – instead this could turn out to be the second worst day in the history of Manchester United