United fans fume over Glazer plan to sell stake on New York Stock Exchange... and keep half the money for themselves

Posted Wednesday, August 01, 2012 by Dailymail

The Glazer family faced mounting criticism last night over their plans to sell off more than 10 per cent of Manchester United on the New York Stock Exchange.

Rebel supporters have seized on the proposals as a fresh opportunity to force the unpopular American owners out of Old Trafford after seven years in power.

It follows confirmation on Monday night of United’s intention to float 10.2 per cent of the club through an Initial Public Offering (IPO) in New York that could raise as much as £210million, having previously abandoned similar plans in Hong Kong and Singapore.

There is anger and concern as the Glazers initially said they would use all the proceeds to help clear the club’s £437m debt, but now intend to keep half for themselves.

In addition, flotation and underwriting fees of £15-20m are expected to be paid for out of the club’s half — leaving United with as little as £73m.

United fans fume over Glazer plan to sell stake on New York Stock Exchange... and keep half the money for themselves
Announcement: The Glazer family said they will sell 10 per cent of Manchester United on the NYSE

City insiders have questioned the Glazers’ motives and asked why investors would want to pay for inferior new Class A shares — at around $20 each — that would give them no say in the running of the club.

One expert said: 'It's astonishing they can get away with it. This is about getting part of their ownership converted into cash with no loss of control, and the cost of it is down to the company.

'This type of dual share structure hasn’t been acceptable in London for a very long time. I’m surprised New York have put up with it — they’ve only aimed at the US investors because they’re taken in by the lure of Manchester United.

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