Manchester United's American Owners Treating The Club Like A Toy
Posted by samyomsan on September 7th, 2023
Gary Neville voiced his concern over Manchester United's American ownership following its 3-1 defeat to Arsenal on Sunday, calling out the Glazer family over reports that they have pulled it off the market.
The Glazers initially placed United up for sale in November and received bids from Sheikh Jassim and Jim Ratcliffe; however, they reportedly believe they can receive an even higher offer in 2025.
The Glazers are desperate for money
The Glazer family's takeover of Manchester United plunged the club into debt. Since taking control, they've borrowed almost PS790million against it and currently owe around PS500million - leaving an enormous mountain of debt behind them.
That's despite generating annual revenues of more than PS8billion and paying out dividends, fees and share sales of more than PS500million already this season.
After years of mismanagement and corruption at Old Trafford, it should come as no surprise that the family is taking such drastic measures to maintain control. Unfortunately, such action have only compounded an already toxic atmosphere there.
Gary Neville lashed out at Arsenal's American owners after they were defeated 3-1 by them on Sunday, but it wasn't just their performance that caused offense - reports indicate they have now taken the club off the market until 2025 and this further compounded Gary's frustrations with them.
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They’re messing around with FFP
Manchester United's American owners, the Glazers, have been accused of dampening ambition and manipulating the club as they attempt to find a buyer. A strategic review was announced last November and since then sale negotiations have dragged along slowly; further complicating matters is Sheikh Jassim bin Hamad Al-Thani as well as lifelong United supporter Sir Jim Ratcliffe having their own offers on the table.
According to reports, it has been suggested that Glazers may take the club off the market until 2025 when they believe their valuation of between PS7bn-PS10bn will be met - however this could force Financial Fair Play rules onto them and Neville believes the US family are wasting time by doing this.
They’re talking like a mid-table club
Since taking control of Manchester United, American owners the Glazers have come under intense criticism by fans, especially regarding their financial handling of the club. Their family-owned US firm is saddled with debt from taking over and is using revenues generated from sales to pay down that debt and generate profits.
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Fans are understandably outraged over how management has handled the club and are keen on seeing them depart.
Gary Neville has lashed out at Joel Glazer following Manchester United's Champions League loss to Arsenal, alleging the co-owner is desperate for money and is fearful that Sheikh Jassim and Jim Ratcliffe may submit rival bids for United. According to reports, The Glazers may remove United from sale temporarily before offering it again around 2025 when they expect close to PS10bn for it, in an attempt to increase bidder interest and boost their own holding value by doing this.
They’re trying to take the club off the market
Last November, the Glazers put Man Utd up for sale, offering to either sell all or part of it to interested bidders. Sheikh Jassim of Qatar and Jim Ratcliffe of INEOS were two primary bidders but both fell well short of meeting the American moguls' PS10billion asking price.
However, recent reports indicate that the Glazers will now take the club off of the market in hopes that they can resell them at a greater profit in 2025, when factors like an increase in TV rights revenue and FIFA's Club World Cup may attract a larger pool of US billionaires to buy up the club.
Neville spoke on Sky Sports following United's 3-1 loss against Arsenal and dismissed reports that its owners have reconsidered selling. 'This is just a game for them; they think FFP is just a toy; Chelsea, Arsenal and all these clubs can sign players more easily while United is left scrambling around with FFP while suffering losses due to Covid.'
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Joined: March 10th, 2020
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