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New York Stock Flotation

The capitalist market continues to drive a wedge between our football club and the working man.

With the club saddled with a huge debt, courtesy of the Glazer family, the press reports this morning that moves are afoot to reduce the debt that the press report stand at something like 423 million.

It looks like some shares are going to be floated on the New York Stock Exchange, a move which it is hoped will brig in a cool 64 million.

But any flotation, on the New York market would still leave the Glazers in control with a two-tier share system whereby they`d retain control through something called Class B shares which will have 10 times the voting power of the shares sold to the public.

As a result of the impending New York stock flotation, it`s also being suggested that the club will now become a wholly owned subsidiary of Manchester United Ltd, a company registered in the Cayman Islands.

Not sure what it all means for those who support the team but there you go!


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The Journalist

Writer: Red Boy Mail feedback, articles or suggestions

Date:Wednesday July 4 2012

Time: 4:57PM

Your Comments (oldest first)

Change to most recent first
Being registered in the Cayman Islands is basically the Glazer's way of avoidin paying UK Corporation tax. I'd be ashamed of the way your club is run if I were a red. Fortunately I'm not :D
fifthcolumnblue
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04/07/2012 18:16:00

The whole two tier thing is bollox and there just to ensure the glazers rule passes, smart by the glazers though. Interesting to see they're not looking to sell the 25% they were originally going to sell. I wonder if the money will go into providing more transfer funds (which I doubt, I can only see Fergie making 1 more recognisable signing then just a couple of youngsters if that), servicing the debt surrounding the club, servicing the Glazers others businesses or straight into the glazers pockets. They might want to choose wisely or risk invoking a backlash from the fans.
TheFamousNo7
Report Abuse
04/07/2012 18:24:00

I am ashamed fifth ashamed our great club is even associated with the money grabbing bloody scum. Never mind owned by them would love to see the official figures just to find out our true financial position. Not the numbers bandied about by the red tops. Hopefully the day will come when we're rid of them and the debt but think it's a long way off.
MotorMad
Report Abuse
05/07/2012 08:21:00

Well debt is down to 400 mil whilst the club value has gone up by 700 mil. They're bloody sucking money grabbing scum yeah but isn't that you're everyday businessman, politician and banker?
TheFamousNo7
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05/07/2012 09:36:00

Indeed it is famous. Rather than concentrating on your scumbag owners however, perhaps it's time for the FA to step in and prevent this sort of leveraged buy-out scheme from happening in the first place. Our owners kindly paid up front for our club (they could afford to), but for the Glazers to come in and saddle a huge debt onto your club simply to buy it in the first place is an utterly ludicrous scenario. Clubs should not be like houses, ie they should not be subjected to "Mortgages", and although this sort of practice is just one of the many arcane methods businessmen use to make money, Football Clubs are not ordinary businesses!
fifthcolumnblue
Report Abuse
05/07/2012 11:15:00

How the Glazers bought the club is the biggest load of bollox i've ever seen. How on earth they got away with taking out personal massive loans to buy the club then put their personal debts onto the club is beyond me and yes, you're right, preventing this from happening ever again should be the priority of the FA. That anyway and perhaps start preventing clubs from doing a Leeds or Portsmouth.
TheFamousNo7
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05/07/2012 15:37:00

 

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