Manchester United’s debt

23 04 2010

 

 

 

English Premier League side Manchester United is owned by Malcolm Glazer who resides in Florida, USA. He owns 75% of the club and his brothers take up 50% of the Board of Directors. Manchester United is therefore owned and run by one family residing in another country.

Malcolm Glazer is the President and CEO of the First Allied Company, a food processing company. He, along with his family, has an estimated net-worth of US$2.2 billion.   

Manchester United’s parent club, Red Football Joint Venture, which is owned by Glazer, is said to have debts in excess of £716.5m. Yet Glazer has over $2.2billion in other companies which he could easily transfer to pull the club out of the hole. Unfortunately he does not do this.

Green and gold scarves have become a more common vision at United’s games throughout the year. These are in the colours of the ‘Newton-Heath Football Club’ which changed names to become  Manchester United in 1902. Various signs and banners are also erected during home games to show their  disgust towards the American based Glazer. The fans want their club to win and you can’t win with massive amounts of debt or a president who does not care.

Although Malcolm Glazer says the club is not for sale and the Chairman says he is “running the club the right way”, I think he should invest in the club and pull them out of debt or give up his position and go away.

Sasha

 
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