Glazer’s continue to milk the Manchester United cash cow with New York IPO
MANCHESTER United fans know their club is the biggest in England. So. Why don’t United buy the biggest and best names for the most money? The ruling Glazer family intend to list Manchester United on the New York Stock Exchange. The floatation would raise funds to reduce the club’s £423m debt. The interest alone costs £45m a year. The Glazers want to raise a maximum of $100 million.
They make an announcement:
“Our indebtedness could adversely affect our financial health and competitive position…Our indebtedness increases the risk that we may be unable to generate cash sufficient to pay amounts due in respect of our indebtedness. It could also have effects on our business.”
Oh? United fans may recall different opinions offered before. On December 22,. 2006, Sir Alex Ferguson told one and all:
“It is nonsense. There is no figure from the Glazer family. We are operating the same way as we always have done.:If we are after a player we present the case to David Gill and the Glazers as I would have done in the past with Martin Edwards or the PLC board. The process is exactly the same as it always has been”
Chances are he probably believed it…