Glazers “will sell” as exec box list leaked

April 21, 2010 Tags: , , Shorts 8 comments

Duncan Drason, the Manchester United Supporters’ Trust (MUST) chairman, insists that the Glazer family will sell admin uncertainty over the club’s finances. Drasdo, who has led the campaign against the Glazer family in recent months, insists that the Glazer family will not walk away from a profit if the Red Knights bid comes to fruition this summer.

Meanwhile, another group self-dubbed United Supporters for Change (USC), has posted the names and addresses of executive box holders at Old Trafford on the Internet and is encouraging non-renewal of facilities until club ownership changes.

“If I was in the Glazers’ position and I was offered a profit, with all the different factors that are creating uncertainty for the future, it would seem like a pretty sensible option to take,” Duncan Drasdo told PA.

“When you look at all the graphs that were showing growth in ticket revenue, hospitality revenue and general matchday revenue, they are all dropping now.

“Their own advisors have said that in advice to the bond holders and they will drop next season as well. That suggests a decline in the value of the whole company, unless that revenue is replaced from somewhere else.

“With all the pressures of squad reinforcement, profits are going to drop further. It would be surprising if they weren’t willing to take something that gave them a profit.”

USC, which describes itself as a non-violent group, published an edited list of companies owning box facilities, asking firms to “recognise their responsibilities” when it comes to renewal amid concern that United’s £716 million debt will not allow Sir Alex Ferguson to strengthen the playing squad this summer.

“Executive and hospitality income represents around half of all “Matchday” revenue at MUFC,” said a USC statement.

“This gives the companies on this list huge potential influence over MUFC and its current owners

“The great majority of companies with facilities at Old Trafford are from the north-west, they are essential parts of our community, providing employment and driving our economy.

“We believe the vast majority of the individuals who purchase these facilities for their companies or who use them are supporters of MUFC and wish the best for the club.”

USC also encourages box holders not to renew until the Red Knights have made an offer for the club this summer. The £700 million bid, which will reportedly not include the £504 million bond, is now expected in June.

Although the club is yet to comment, direct action against sponsors and executive facility holders is cause for concern at senior levels. USC may spark the kind of pranks and direct action taken against United’s commercial partners in the past.


Zi Indefatigable - April 21, 2010 Reply


Chris - April 21, 2010 Reply

No! The “Red Knights’s” bid looks like a damp squib. They can’t even raise enough to pay off the bond and they still expect some return on their investment. We’d be no better off.

We will have gone from ownership by one familly who can’t really afford it to ownership by a bunch if 50 squabling financiers who also can’t really afford to own the club.

The problem isn’t the Glazers as such, the problem is the debt they have put on the club. We need a solution that gets rid of it.

Wakey - April 22, 2010 Reply

When you say won’t include the bond, you are meaning that the it’s 700mill + the bond right? Because everything coming out of the red knights indicates the bonds will remain.

I do wish people would stop undermining the club with actions like this. What’s the point in damaging the club without a viable option. If the red knights want the supporters to get behind them they need to put in a offer and need to not only be fully open so we know it is better and that there’s legally binding conditions that don’t allow them to go back on promises. Otherwise common sense suggests that they can do nothing but make the clubs situation worse and that doesn’t deserve supporters blind faith just because the glazers are hated.

MUST especially annoy me as they seem only to be concerned about the position it puts them in and the status and power rather than actually looking after the fans interests. They should cut their blind faith of the red knights out and stop letting their glazer hatred cloud their common sense

RedShirt - April 22, 2010 Reply

I agree with you Wakey, that the Red Knights need to totally lay bare their proposals and give facts about the finance they are prepared to offer so that ALL who support or who are employed by Manchester United FC can see exactly what their bid will compose of.
There is little point in changing ownership only for the same situation to still exist but if the Red Knights can settle the debt in full and return the club back to being financially solvent then they will no doubt receive 100% backing from everyone whose heart and soul lies with United.
I also agree that the potential financiers need to sort themselves out as to whether they will seriously make a bid or not because at the moment the Glazers are surely laughing their American socks off at the amateurish goings on which will only strengthen their resolve to hold onto the club.
I am aware the club is itself solvent and that the holding company is the 1 which is in debt but the possible selling of both Old Trafford and the Carrington training ground by the holding company could become a reality under the Glazers and surely will if the debt continues to gather unrealistic interest payments.
Finally may I add, that whoever is causing viloence to AIG or the various sports shops selling United merchandise, is not doing the cause any good at all and it must stop!
UP the Reds but DOWN the Glazers!

Daddy J - April 22, 2010 Reply

Are we really expected to believe MUFC have almost 500 exec boxes. With an average occupancy of 10, that would represent 2/3 of the average crowd

Ed - April 22, 2010 Reply

Not sure that’s good maths and pretty sure this list includes seats in executive areas.

john - April 22, 2010 Reply

Keep on winding up the owners and they will just go the other way these are the guys at the end of the day that buy the new players for the club. If I was them and heard all this nonsense then I would just start a fire sale of the players and then sell up debt is registered to the club not the family so they will walk away free!

Chrisw - April 22, 2010 Reply

This is probably a crazy idea but I’ll throw it out there anyway:

The stadium is listed in the accounts as being worth £250m. So, why don’t the Red Knights offer to buy the stadium (they can easily afford that) and then lease it back to the club at a nominal rent on say a 100 year lease. They can then let fans buy shares in it so we all get to own Old Trafford, thus securing the future of the club, whatever the Glazers do.

The club gets a big cash injection to pay off debt, buy players or whatever. So everyone benefits.

I guess the stadium is part of the security on the bond and this might prevent such a deal from being done. But in practice it isn’t worth much if the club goes bust. You would not get anything like £250m for the land and the stadium would be a white elephant without a Premiership football club.

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