28/05/2010

MUST response to David Gill's comments and the Glazer PR offensive

A spokesman for the Manchester United Supporters Trust (MUST) said:

"The massive PR offensive currently being conducted by the Glazers' people is a clear indication that they are in trouble. We know their US businesses are in major financial difficulty and there is huge unrest at their American Football franchise too with Buccs fans up in arms refusing to renew season tickets due to lack of investment by the Glazers. Sounds familiar? The Glazers have said almost nothing for the last five years but all of a sudden with a supporter friendly takeover bid being assembled and supporters threatening not to renew season tickets they are in a real panic."

"Of course they won't say anything in person - they hide behind their PR people and club employees. David Gill wouldn't be defending them if he wasn't an employee. When the Glazers go perhaps we'll hear his true feelings. He can't possibly believe that the Glazers ownership has been good for Manchester United and the supporters. Is there anyone who isn't on the Glazers payroll who is saying the Glazers have been good for the club?"

"We don't need to listen to any spokesperson for the Glazers. The only way to judge their ownership is to strip away all the PR spin and look at the simple facts - what has been their net effect - how much money have they actually put into the club?"

"The fact is they've put no money in - not a single penny. The very opposite - they've taken huge amounts of money out. The money used to purchase the club went to the shareholders not the club and of course they borrowed the vast majority of that money and then transferred the debt to the club - effectively taking more than 500m of our club's money at a single stroke with a further more than 200m in PiKs debt growing year by year."

"But is doesn't stop there - during the period of the Glazers' ownership they have wasted £443m in fees and interest - more than the total ticket revenue (£398m) for the full 5 year period. In other words, without the Glazers' takeover, that money could have paid for every supporter to attend Old Trafford free of charge for the last 5 years and in addition pay every season ticket holder £800 cash lump sum each. But instead, under their ownership all that money has gone out of the club."

"That is the problem with the Glazers’ ownership. They have wasted every single penny supporters have paid for tickets over the entire 5 years of their ownership. Every single penny of OUR money which we paid to OUR club."


ENDS
MUST - Manchester United Supporters Trust
http://www.joinmust.org/blog

NOTES TO EDITORS
1. Figures courtesy of "Andersred blog" http://www.andersred.blogspot.com


GLAZER COSTS SINCE TAKEOVER
Professional fees £80m
Loss on closing interest rate hedge £41m
Cash interest paid £216m
Management and consultancy fees £13m
Loans to Glazer family members £10m
Rolled up PIK interest £83m

Total £443m

TICKET REVENUE SINCE TAKEOVER
Ticket revenue 2005/06 to 2009/10

Total £398m

Total wasted £443m - total ticket cost £398m = £45m

£45m divided between 56,000 Season Ticket holders = £803