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Glazer Out!
I don't think petitions are the right way to go.

I want the club to stay at the top, I want to win every game, I want to win every title.

If they can refinance the club and in 2 weeks we have little debt and are strong again I am sure you will change your mind.

Imagine if we had not won so much the last 3 years. It has been our most successful period in years and it has been under Malcolm.
Look i want to win every league,game,cup too but the glazers were not wanted when they first came either were they???
(12-01-2010, 08:29 PM)DaleOD Wrote: Look i want to win every league,game,cup too but the glazers were not wanted when they first came either were they???

They were not welcome.

But you can not ignore the fact since they have been at the club we have had the most amazing 3 seasons. Wink

I don't want to continue this talk mainly because I have to go Tongue
i want to talk about future no history!
Sorry to jump on the bandwagon with this, but the debt is being re-financed, NOT the club. This is different. It doesn't necessarily mean that there will be any more money left for the club.

Surely, although I agree that we have done well since they came, you can see that we have a squad that is not quite as competitive as previously and needs a boost from somewhere. This money that they 'gave' actually came from the group operating turnover over the past 3 years and was largely funded by the sale of other players. We have seen the profit reduce over the time and if United had not sold CR7 last year, we would have made a £41m loss.

That includes all the money that the Glazers have 'borrowed' from the club, instead of paying off the debt. Their PIK, which they are personally responsible, has an annual interest of 14.9%, which equates to £47,000 per hour! If they allow that to run to 2017, the full term of the loan and lump it on to Red Football, as they legally can do, the debt could equate to in excess of £1BILLION! Scary thought.

These are not football people. They are businessmen, though from where I sit, not particularly good ones. What other business would be allowed to operate with £509m debt PLUS £115M PIK debt, while turning over only (I say only) £278m?

Think on those that say they are good for the club. Seriously!

Anyway, 'nuff said for now.

Petition signed:

Mick B
As they say in life you cant have it all and i think as fans we're going to be realising that sooner rather than later.
Andrew Coll
I was reading a little bit more about the bonds issue. The expected return on investment for someone looking to get on board with the Glazers would be around 9.5%. I'm not sure if that would be per annum, but the group turnover is diminishing over each financial year, meaning that, unless they have some magic wand or great scheme to make more money, then investors are going to be hard pressed to find a reason to invest.

Manchester United Plc may struggle to sell 500 million pounds ($806 million) of junk bonds because it isn’t rated and investors have other options, said Jonathan Moore, high-yield analyst at Evolution Securities Ltd.

The 18-time English soccer champions plan to issue seven-year bonds in pounds and dollars. Management is meeting potential investors in Asia and Europe this week, and in the U.S. next, in an effort to interest the widest possible circle of buyers, said Tatjana Greil Castro, who manages about $1 billion of high yield debt at Muzinich & Co. Ltd. in London.

“Most traditional high-yield investors won’t touch this,” said London-based Moore. “It’s unrated, so some investors can’t take it, and there’s a very busy new-issue calendar so there are plenty of alternatives. Most people just won’t focus on something with far too much leverage, limited free cash flow and lumpy earnings.”

A spokesman for the U.S.-based Glazer family, which owns the club, declined to comment.

Manchester United is seeking to woo investors as high- yield borrowers attempt to raise as much as 45 billion euros in Europe this year, according to Barclays Capital. Fresenius Medical Care AG & Co. KgaA is seeking to sell 250 million euros of junk bonds and Virgin Media Inc. is offering 500 million pounds of notes denominated in pounds, euros and dollars.


Red Football Ltd., the Glazer’s holding company, still has debt of about 608 million pounds stemming from the family’s 2005 buyout of the club, and interest payments have caused losses.

“This will be a difficult sale,” said Greil Castro. “My first reaction is that I’m skeptical. It’s a sector thing, all based on how well they’re doing on the pitch and other things they can’t fully control.”

Red Football had net income of 25.6 million pounds for the year ending June 30, 2009, after the club sold star player Cristiano Ronaldo to Real Madrid for 80 million pounds, according to the offer document. The club also got an advance payment from Aon Corp., the insurer that puts its name on players’ shirts, of 35.9 million pounds.

The club “seems to assume” it will pay about 9.25 percent interest on its new bonds, based on so-called pro forma figures in the offer document that outline what its finances would look like if it currently had the bonds, said Moore. These show pro forma gross indebtedness of 512 million pounds and an interest bill of 46.3 million pounds a year, or 9.04 percent.

European borrowers with comparable debt profiles are in the B category, according to Moore. Investors currently demand yields of more than 9.5 percent to buy their debt, Merrill Lynch’s Euro High Yield, B Rated Index shows.

Manchester United Finance, the company selling the bonds, hired Bank of America-Merrill Lynch, Deutsche Bank AG, Goldman Sachs Group Inc., JPMorgan Chase & Co., KKR & Co. and Royal Bank of Scotland Group Plc for the deal.

Source: John Glover - Bloomberg
There are a few of us on here that are already members of the Manchester United Supporters Trust, or MUST for short. They introduce themselves thus:

MUST is the independent Manchester United supporters' trust, an industrial and provident society composed of Manchester United supporters. We are recognised as the official Manchester United supporters' trust by Supporters Direct. Supporters Direct was up by Her Majesty's Government and funded by public money to encourage and facilitate supporter ownership of football clubs at every level of League football.

It is the convention of the groups of supporters which organise under this aegis as community-based, not-for-profit Industrial and Provident Societies, to call themselves by the names of their clubs. Hence, 'Wrexham Supporters Trust', 'Exeter City Supporters Trust', and so on.

Given the potential for confusion, we wish to make perfectly clear that although we are the Official Supporters Trust for Manchester United FC, we are not officially sanctioned, approved or supported by Manchester United Ltd.

To investigate further, please see

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