Updated: 04/07/2012 21:43 | By pa.press.net

United flotation 'may lead to sale'

Glazer family apply for Manchester United to be listed in the US

Glazer family apply for Manchester United to be listed in the US

Manchester United's proposed flotation on the New York Stock Exchange could be a precursor to the club's eventual sale, according to a financial expert.

United have applied to be listed in the US in the hope of raising US dollars 100 million (£64million) from selling shares in the club. But while the Glazer family have structured the plan to ensure they retain priority voting rights over any new investors it could ultimately open the door to the Americans relinquishing control.

"Most clubs are available at a price if the truth be told," Karish Andrews, senior associate in the Sports Group at Lewis Silkin LLP, told Press Association Sport.

"There is only possibly Manchester City and Chelsea where there is no amount of money when the owners would be inclined to sell."

Andrews believes the decision to list on the New York Stock Exchange is finally an admission by Malcolm Glazer that he saddled the club with too much debt.

Proceeds from the sale will go to pay off an unspecified portion of United's £423million debts which were loaded on to the club when the Glazers bought it in 2005. Interest payments and associated costs on those loans have amounted to more than £500million in interest.

"It is an admission by the Glazers," said Andrews of the decision to float the club after a similar plan in Singapore last year was halted because of the volatile global economy.

"They have always not taken responsibility for admitting their takeover saddled the club with debt and massive interest payments. From what I have seen in the risk factors they have admitted that has been the case."

Andrews said supporters, who have been opposed to the way the club's debts have risen since the takeover, should welcome the latest move.

"I think Manchester United fans will appreciate that the Glazers have come clean and admitted that has been an issue for the club," he said. "I think they should see it as a positive step. They (the club) have said the sole purpose of raising the money is to pay off the debt simply because of high interest payments."

04/07/2012 10:39

very board of reading all the man utd haters comments on every thread on msn :(



04/07/2012 13:53
what i would like to know is ,,, why a perfectly good post of mine gets blocked ,, but a lonely biker is able to spill so much crap on here ,,, wake up msn,,,,,
04/07/2012 10:15

I just want the the title back,we cant have City keeping it, Chelsea will want a closer look at it,Arsenal will be up there as usual, Spurs : sorry lads but keep plugging away, Liverpool : should finish in top 7.

04/07/2012 16:02
One has to say those Glaziers are not stupid. They buy a football club for big money, then put the debt back onto the the football club, just in case it goes under, then sell bits of it off to other people. I wonder whose back pocket the money is going this time ? All those loyal supporters donating their season ticket money to keep the Glaziers in pocket money. Time to get the green and yellow scarves back on.
Actually Matty, if the Glazers have put up their shares as security for the debt [which I'd have thought unlikely] the banks would have  an element of financial control and if the debt wasn't refinanced at the end of its contract period, they could foreclose. The Forbes valuation is a notional figure based , I think, on the brand value rather than the market value of its assets.

At the end of the day anything - Football Club, Classic car, antique, property of any kind, is worth what someone is prepared to pay for it. With United's debt levels and interest payments  you'd be getting a lousy return if you paid £1.43billion for them.  But unless you're the Glazers or Arsenal's directors, that doesn't seem to be why people buy football clubs so maybe its irrelevant

And as Duncan Drasdo said, why anyone would want to invest in shares that have lnferior voting rights and paid no dividends is beyond me. This looks like a device to get someone else to reduce the level of interest so the Glazers can pay themselves more. Another Glazers win, United loses move.

04/07/2012 15:29
The same old people spouting the same old tripe! We might be in debt but it's managed well and has shrunk a great deal. In the last 7 years since they took over, Manchester United has still competed at the highest level and has more honours in those 7 years than any other English club, we also spend money every summer. Basically all you people can joke all you want, its only because we have been more successful than you, simple.
Glad to see the anti man u retards are back lol, no life.
04/07/2012 10:49

I wonder when Cayman Island etc. holding companies will become publicly immoral, they are not illegal (just like manipulating rates is not illegal) just a way of generating more money (just like playing with interest rates) by paying less money in tax. Is this right?

04/07/2012 12:20

pee wit

will you be debt free then if the glazers raise 64 million  ,thought the debt was 578 million ?


most of this money they hope to raise will end up in the hands of the Glazer familey . they would say they are owed the money but in truth they have never used a penny of the own to buy united.

all they do is get mutc into a bigger hole . they dont give a s--t as long as they can cream off millions every year, they are jewish bankers and thats what they do..

04/07/2012 11:59

according to uniteds accounts their debt stood at 578 million ,and with the glazers latest money reducing wheeze will shift the debt to just over half a billion ,,but is it reducing the debt ,,or just putting it into the hands of some other investors to massage the figures ,

04/07/2012 18:32


when a club goes chasing the doller as united have for more than 20 years now ,theres always a chance it can go wrong and  with the glazers in charge  its not looking to good

04/07/2012 17:06
Mounting Debts, Cayman Island? This is just another example of why this country and many others are in trouble. Forget blaming the poor bugger on benefit. Only £56 from every £6000 of tax is spent on benefit. We are in the Sh1t because people like the Glaziers take on businesses they cannot afford, with a loan which is put back into the business, not back to the glaziers. Then with a bit of "Jiggery Pokery" shares are issued to buyer on the stock market (USA - whats wrong with UK Stock Market?) Then the player are put into a "Subsidiary Company" in the Cayman islands? Why if not to avoid tax.
United may be good at winning Trophies, but they are better at feathering the nest of the owners at the tax payers expense. But thats not new at Utd as the former chairman and Butcher chain owner was found to be payin only £10 per year tax.
Disgraceful MAN UTD absolutely DISGRACEFUL.

64 million wont even make a dent in what they owe . there just silp a chunk of it in there jew back pockets and look for the next payday

04/07/2012 11:59
tut tut tut just look at the glasgow rangers and see what hapening to them the tax man is going to get ivry one out there trust me world football is ****t not just scotish game.
04/07/2012 15:36

well said lee.  :D

but you know its falling on deaf ears. cant teach some people nothing.

I see Lozza and kebab ie  (beavIs and butthead) are talking complete b0ll0cks AGAIN.
04/07/2012 20:25

And if that doesn't work, go for the Japan stock exchange.

Failing that there is good old Aus.

04/07/2012 15:45
what i was taught was the most valuable was the most precious....need i say more...can i say more
not really your jealousy speaks volumes.....sad has beens and never was
04/07/2012 21:02
why dont they sell shares on ebay? pmsl
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