Football

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United owners face share backlash

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Manchester United's owners suffered a fresh wave of criticism on Monday night after indicating only half the proceeds of their planned IPO will be used to reduce the club's massive debt.

Previously, the Glazer family had indicated they would use all the money to reduce United's borrowings, which presently stand at £437million. However, within the prospectus that was released through a New York Stock Exchange announcement of a planned sale, the Glazers have indicated only half the sum will be used.

It drew a stinging rebuke from fans, who took to Twitter to express their disgust - not that supporter sentiment has been a significant influence on the Glazer family's thinking. And, with shares set to be launched at between 16 US dollars and 20 US dollars, the Glazers, who also own the Tampa Bay Buccaneers NFL franchise, hope to net around £150million in total.

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Topics:
Football
Premier League
Manchester United

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