Manchester United’s planned floatation on the New York Stock Exchange is back on – but fans are furious as the Glazers will only use half the cash to reduce club debts.
The Glazer family issued a statement last night confirming their intent to sell 10% of the club, and they had previously indicated the money would be used to reduce the club’s £437million debt.
The floatation is expected to bring in around £300million, however a Stock Exchange prospectus indicated only half of this would be used on the debt.
A spokesman for the Manchester United Supporters Trust (MUST) said: “Supporters are going to be very angry about this.”
They described the move as another ‘slap in the face’ for fans, and they claim that each of the six lineal descendents of Malcolm Glazer will ‘claw out $25million’ for themselves.
The spokesman said: “Clearly this has nothing to do with benefits for Manchester United and is all about giving the Glazers quick access to desperately needed cash at the expense of our football club. What is the sudden reason for this desperation for cash now?
“Their bare-faced cheek is almost unbelievable.”
The club’s shares will trade under the symbol ‘MANU’ when listed on the New York Stock Exchange.
“Manchester United today commenced its initial public offering of 16,666,667 Class A Ordinary Shares,” read a statement by Sard Verbinnen & Co, the public relations firm enlisted by United for the IPO.
This comes after news yesterday that Manchester United signed a seven year deal with General Motors that will see Chevrolet become the club’s shirt sponsor, beginning with the 2014/2015 season.
On announcing the new deal, which was signed for an undisclosed amount, Manchester United’s Commercial Director Richard Arnold said: “This is a fantastic, long-term deal for the Club.”