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Old 11th January 2010, 17:57   #1
Duncan Drasdo

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Join Date: Mar 2003
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Default MUST response to £500m MUFC Bond Issue Announcement

MUST response to £500m MUFC Bond Issue announcement:


In response to the announcement that Manchester United are to issue £500m of bonds in an attempt to refinance some of the debts imposed on it by the Glazer family MUST - the Manchester United Supporters Trust called on the family to go.

MUST chief executive Duncan Drasdo said "Now is the time for the Glazers to go. This bond issue is just rearranging the deck chairs and still leaves the club with huge debts which they expect supporters to continue to fund. The day the Glazers put the club up for sale you can expect celebration on the streets of Manchester. Most supporters have had enough."

"Under their ownership the club has become liable for more than £260m in interest payments alone and the latest trading statement would have shown a substantial loss were it not for the sale of Ronaldo".

The contrast with Manchester City's owners could hardly be starker.

"If it were a race, then United are dragging their owners behind them like a broken tractor, while City's owners are providing rocket fuel. It just shows what a fantastic job Sir Alex and the players have done that we are still ahead despite the deadweight of the Glazers' ownership."

"It is in everyone's interest for the Glazers to exit and make way for a new investor interested in working with the supporters to build a stronger football club and business together. Manchester United doesn't need a sugar daddy - we just need to get rid of the leeches."

Duncan Drasdo
CEO, MUST - the Manchester United supporters' trust
MUST, Trafford House, Chester Road, Stretford, MANCHESTER M32 0RS
Office: 0161 872 3300
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