Fans anger at Glazer share sale

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Football News

Manchester United fans have stepped up their criticism of the Glazer family after it emerged the Glazer's plan to keep half the proceeds from the sale.

The Glazer family plans to float 10.2% of the club through at Initial Public Offering in New York, raising as much as £210m, which was initially thought to be earmarked for the paying down of United's £437m debt.

But it has since been revealed that United's owners only plan to use half the proceeds to clear the club's debts, pocketing the other half for themselves.

The Daily Mail reports that flotation and underwriting fees associated with the share issue will cost the club between £15-20m, leaving the club with just £73m to pay down their mammoth debts.

And the Manchester United Supporters Trust chief executive Duncan Drasdo called on United fans around the globe to put pressure on the Glazers to try and force a full sale.

"The Glazers are in a desperate situation and have a major requirement for quick cash," said the MUST CEO. "If they can't get the IPO away then it opens up the possibility for a full sale.

"It's the duty of every United fan around the world to put pressure on the banks not to back this IPO. We're co-ordinating a campaign through our webiste and inviting fans to be a part of it."

Reports in the Guardian have also questioned whether senior Manchester United staff - possibly including Sir Alex Ferguson and United CEO David Gill - stand to profit from the share sale.

The "2012 Equity Incentive Award Plan" described in the IPO prospectus has been questioned by some fans who fear it could be used to distribute the proceeds between staff, although Manchester United have refused to comment on the situation.

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