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Old 31st July 2012, 09:22   #1
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Default Glazers' massive u-turn on MUFC IPO as they claw off more than half for themselves

Glazers' massive u-turn on MUFC IPO as they claw off more than half of proceeds for themselves

July 31 2012

The Glazers have tonight revealed a massive u-turn in their IPO proposals.
In the original filing it was made absolutely clear that ALL of the
proceeds of the IPO would go to paying down debt the Glazers have loaded
onto Manchester United.

A revised filing tonight reveals they now plan to

Furthermore the amount raised to pay down debt will be relatively
insignificant (£75m) leaving £350m of their debt still on our club.

Duncan Drasdo, chief executive of the Manchester United Supporters Trust
said "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 6 lineal descendants of Malcolm Glazer will claw out
$25 million for themselves."

"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. What is the sudden reason for this
desperation for cash now?"

"There is now no doubt that this IPO is bad for Manchester United
supporters, Manchester United Football Club and any investors gullible
enough to pay the inflated price they've attached to inferior shares which
have just 1/10 of the voting rights of the Glazers shares and no dividends.
Their bare faced cheek is almost unbelievable."

"We call on all the real fans of Manchester United around the world to join
MUST in opposition to this IPO and we're asking supporters to register
through our website if they wish to take action."

We will follow up with further comments and analysis tomorrow. Contact
details at the foot of this message


MUST - The Manchester United Supporters' Trust
Our aim is to provide Manchester United fans with the opportunity for mass
supporter participation in ownership of their club. This could well be the
precursor to such an opportunity and we’d urge every Manchester United
supporter who cares about the club to register with the Manchester United
Supporters Trust (MUST) through our website. We will provide information to
supporters as soon as it is available.

We’d like to see at least a million Manchester United supporters sharing in
ownership of their club and it is our role as the official supporters trust
to try to make that possible. Supporters can register for free through for information.

For further quotes or other information :
Duncan Drasdo, MUST chief executive
Mobile: 07883070876
Twitter: @Drasdo
Our lives begin to end the day we become silent about things that matter. Martin Luther King
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