This article was originally written on Twitter: https://twitter.com/mufc_shah/status/1389816067602763777?s=20
Malcolm Glazer was born in 1928. His father died when he was a teenager. To support his family, Malcolm Glazer started selling watches, slowly he turned this into a successful business.
Malcolm Glazer soon moved into real estate where he was dubbed as a ‘slumlord’ after his holding company, First Allied Corporation, was accused by residents of adding illegal extra charges onto trailer park rent payments. He used this money to expand in other avenues.
His interests soon turned to sports as he acquired American football franchise Tampa Bay for 194 million….
n 2003, Malcolm Glazers greedy eyes soon turned to Manchester United football club after his sons advised him to buy our club. The timing could not have been more perfect.
In 2003, the glazers buy a 2.9% stake, over the next few months they keep investing in MUFC shares, In June 2004, this stake reached 20% and around 30% in October. Now comes the timing part.
While the Glazers were slowly trying to buy our club, SAF had a falling out with the ex-owners of our club (John Magier and J. P. McManus) over some horse. This led to legal disputes which made our ex-owners want out of the club.
This made the task of acquiring MUFC, even more, easier for the Glazers. By May 12th, 2005, their stake reaches about 57%. The glazers now make a formal bid (Yes, whatever shares they were buying since 2003 weren’t public)
By the end of May 2005, the glazers have 76% stake. The glazers now delist the company from the stock exchange. The board is now forced to advise the shareholders to accept this bid and the glazers own 98% of MUFC by June.
Shady deal ain’t it? Well, it’s just the beginning.
This is where we fans, get to know where the money comes from: The takeover of MUFC was done through loans, using a system called “A leveraged buyout plan.”
What is a leveraged buyout plan? It is basically the acquisition of another company by using a significant amount of borrowed money. The collateral for the loans is “the company being acquired.” In this care Manchester United football club. Woodward was the mastermind behind this
To put it in layman terms: If the glazers can’t pay back the loans they have taken to acquire MUFC, Its perfectly fine for them as Manchester United will have to…. The club is forever in debt, Glazers don’t have any responsibilities and they can do whatever they want.
Let’s look at the amount of money the Glazers family stole from Manchester United.
In 2010 it has been reported that the club’s debt had reached 716.5 million. On top of it, the glazers took another 10 million out of the club.
In 2012 the Glazers sell some of their shares which makes them 75 million. In 2014 they sell shares worth 200 million and again pocket all the money. In 2017 they make another 70 million by selling shares. In 2019 they pay themselves 23 million in dividends. In 2020 our club debt increases by 127 million which makes our total debt to be 429 million. In 2021 Avram Glazers pockets another 70 million by putting some shares for sale…
According to the Guardian, the glazer's takeover has drained out more than £1bn in interest, costs, fees, and dividends since 2005.
To put that in context, that is:
- 8 Sancho’s.
- 21 Bruno Fernandes
- 18 KDB’s
- 14 Virgil Van Dijk’s
- 28 Mo Salah’s
- 66 Dan James
The glazers are cancerous to Manchester United, and they are destroying something very historic. It is of utmost importance that they leave them immediately.
Thank you for reading!
