28/08/2011

Media Release: Fans message to Glazers - clear the debt with the IPO

Photo Jeremy Knowles

MUST media release:

GOLDEN OPPORTUNITY TO DO THE RIGHT THING – BUT ALSO THE LAST CHANCE

“Despite all previous denials this is clearly the first phase of the Glazers’ exit from Old Trafford and this point in time is probably the most crucial in United's recent history. What the Glazers do now with the proceeds of the IPO will set a course for the long term future of the club. The IPO is not only the perfect opportunity for the Glazers to clear the debts (their debts) on the club but it is also the last opportunity. Post-IPO all residual debt will become the responsibility of Manchester United forever more and our football club will have to bear the cost of those debts.”

“Clearly they should do the right thing and ensure all of the proceeds of the flotation go into the football club to clear all of the debts. The Glazers shouldn’t take another penny until they’ve put right the outstanding damage.”

CLEAR ONLY PART OF THE DEBT? IT IS TAX EFFICIENT – NONSENSE!

“We expect they will try to spin the notion that holding debt on a business can make sense for tax efficiency reasons. Of course it can – provided it is your debt and not someone else’s. The IPO should be used to clear ALL of the Glazers’ debt placed on Manchester United and then if the club management feels it is beneficial to take out modest loans, with the capital invested for the benefit of the club and the business, then that is sensible but it can’t make any sense to take on someone else’s debt for them. So clearly the Glazers must pay their own debts first and given the ambitious valuation being promoted they must be prepared to release more shares to do so if necessary.”

GLOBAL FANBASE MUST COME TOGETHER AND SPEAK WITH ONE VOICE

“More so than ever, every Manchester United supporter around the world - along with all the management, players and staff - needs to come together and be united in their desire to see the Glazers do what's in the absolute best interests of  Manchester United. Clear the debt. If every United supporter around the world joined together to speak with one voice the Glazers would be left in no doubt – they must take responsibility for their debt now. A debt free United is the only solution.”

OPPORTUNITY FOR SUPPORTER OWNERSHIP

“The flotation will of course be a potential opportunity for every supporter to own a share in Manchester United and we will be providing information, assistance and advice to all those fans who’ve registered (free) through our website www.joinmust.org so that every supporter worldwide has a chance to own a stake in their club armed with information to make an informed decision. We missed our chance in the past because not enough fans bought shares so the time is now for every United supporter in the world to stand up for the best interests of their club and seize this opportunity while we can. However a note of caution is also essential especially given the Glazers track record so we need to see the detail contained in the IPO prospectus before we can provide an informed view to all supporters who've registered with MUST.”