A SUPPORTERS’ GROUP has accused the Glazers of taking £1 billion ($1.5 billion, 1.4 billion euros) out of Manchester United in the decade since the American family took over the English Premier League giants.
The Manchester United Supporters Trust launched its latest attack on the Glazer’s stewardship of the club on Tuesday, the 10th anniversary of their controversial £790 million leveraged buyout of the side.
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Now 10 years on, many fans are still unhappy with the way the Glazers borrowed against the club to finance the takeover.
“Not investing a single penny might be considered an ‘ownership crime’ by fans at most clubs but far worse than that they (the Glazers) have actually extracted colossal sums from Manchester United,” MUST said in a press release.
“When all interest and charges on their leveraged buyout is added up, plus money they’ve paid themselves, plus related debt still on the club, they’ve taken more than £1 BILLION and it’s still rising.
“No owner in the history of football in any country, ever, has taken so much money from a club.”
Yet for all the controversy, United have been successful under the Glazers, winning the Premier League five time and the 2008 Champions League — the third time the club had been crowned champions of Europe.
But MUST added that had it not been for mismanagement by the Glazers, United would have eclipsed Liverpool’s British record of five European Cups.
Fans group accuses Glazers of 'draining' £1 billion from Man United
A SUPPORTERS’ GROUP has accused the Glazers of taking £1 billion ($1.5 billion, 1.4 billion euros) out of Manchester United in the decade since the American family took over the English Premier League giants.
The Manchester United Supporters Trust launched its latest attack on the Glazer’s stewardship of the club on Tuesday, the 10th anniversary of their controversial £790 million leveraged buyout of the side.
Now 10 years on, many fans are still unhappy with the way the Glazers borrowed against the club to finance the takeover.
“When all interest and charges on their leveraged buyout is added up, plus money they’ve paid themselves, plus related debt still on the club, they’ve taken more than £1 BILLION and it’s still rising.
Yet for all the controversy, United have been successful under the Glazers, winning the Premier League five time and the 2008 Champions League — the third time the club had been crowned champions of Europe.
But MUST added that had it not been for mismanagement by the Glazers, United would have eclipsed Liverpool’s British record of five European Cups.
United refused to comment on MUST’s statement.
- © AFP 2015
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