Back in May 2005 the Glazer family brought Manchester United for £810m, paying £270m themselves and borrowing the remainder since then the dept they’ve loaded on to United has increased to £700m.
Now imagine how United might look without the Glazer debt. True, as a plc – the Stock Market listing which football executives now agree was a failed experiment, despite defending it zealously at the time – United paid dividends to shareholders. Yet even allowing for the increase in turnover, from £171m to the most recent £278m, the 2004 dividend was £7m, nothing like the mountain of interest, £42m to banks, £25m to hedge funds, with which the Glazers have burdened United.
Had the takeover never happened, how fearsomely United could now be swaggering. Three times Premier League champions and European champions in 2008, with a record income of £278m (although it would probably be lower, because without the Glazers, ticket prices would not be so high), with a £91m operating profit, not plundered to meet the interest. On top of that, £81m from selling Ronaldo.
Would the manager, in those debt-free circumstances, really spend the autumn years of his brilliant career grumbling about the price of players? Can he be pictured allowing Ronaldo and Carlos Tevez to depart, leaving him to admit that United’s thinner strike force is seriously reliant on one player, Wayne Rooney?
For those who still believe that United are untouched by the financial chicanery the Glazers have visited on them, the fullest answer so far is contained in an unlikely place – United’s bond prospectus itself. That piece of work, arguably the most dispiriting document ever produced containing the word football, seeks to persuade investors to buy a piece of the Glazers’ latest debt restructuring. David Conn, The Guardian.
We really have to thank our lucky stars that the Glazier’s are in charge at Man United, if it wasn’t for Alex Ferguson the crisis would have already happened, he’s a brilliant manager and this season without key players there’s every chance of United winning their fourth straight Premiership title.