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Withdrawable Share Capital (WSC)
Board & Executives
MUST statement following letter from Joel Glazer
Joel Glazer today replied (copied below) to the open letter sent to him last Monday 3rd May by MUST. This followed on from the letter read out at the emergency Fans’ Forum on the 30th April.
The response could in theory - and we emphasise in theory only - be a change in direction and approach by the owners versus their silence and disregard for communication over the last 16 years.
We will, however, determine our position based on the resulting actions rather than these words alone. We have seen empty words too many times previously. We will seek a mandate from our members and from the wider fanbase before proceeding. We only wish to engage in this process should our supporters want us to.
The onus remains on the club to put right the problems of the past, not just the European Super League but the overall lack of communication and consultation by the owners.
Our primary objective remains to ensure a supporter share scheme is put in place which carries equal voting rights to the shares held by the Glazer Family. This scheme would be promoted to the global fanbase and should in turn build a notable stake in the club.
Through all this, our goals remain the same and as set out in the Open Letter to Joel Glazer. We want a new Manchester United, with a meaningful shareholding for supporters and a meaningful say in key areas. This is our objective, and there will be no let up until we get there.
LETTER TO MUST FROM JOEL GLAZER - 7th May 2021
I am writing in reply to the open letter from MUST dated May 3rd, which mirrored many themes of the letter from our Fans Forum. Their letter clearly spelt out that our initial support for the European Super League left fans feeling angry and let down. I would like to reiterate my sincere apology for the mistakes that were made.
I want to acknowledge the need for change, with deeper consultation across a range of important issues, including the competitions we play in. We also recognise the importance of fan and football interests being embedded in key decision-making processes at every level of the club, and we are open to constructive discussions on how to reinforce that principle.
We remain committed to working with the wider football community to make the game stronger and more sustainable over the long-term, and we will now refocus our efforts on doing this within the existing structures of UEFA and the Premier League.
In addition, I want to reassure you that my family and I care deeply about Manchester United and feel a profound sense of responsibility to protect and enhance its strength for the long-term, while respecting its values and traditions.
Our top priority is, and will always be, competing for the most important trophies, playing entertaining football with a team comprised of top-quality recruits and some of the world’s best homegrown talent. Under Ole, we feel we are absolutely on the right track.
Success on the field must be underpinned by solid foundations off it. We have supported sustained investment in the team over many years, and that will continue this summer. We recognise that we will need to significantly increase investment in Old Trafford and our training complex to ensure that the club’s facilities remain among the best in Europe. As part of this, we will consult with fans on investments related to the stadium and the matchday experience.
Indeed, one of the clearest lessons of the past few weeks is the need for us to become better listeners. To this end, I can commit the club will engage across all of the issues raised in your letter.
To highlight some specific points, as one of the few European football clubs listed on the public markets, we believe in the principle of fans owning shares in the club. We have previously engaged with you on fan share ownership and we want to continue and accelerate those discussions, together with provisions to enhance associated fan consultation.
We recognise that the Government-initiated, fan-led review of football is a positive opportunity to explore new structures for fan engagement and influence. I can assure you that we will willingly and openly engage in the review, with the aim of putting fans at the heart of the game and ensuring their interests are advanced and protected.
These commitments are a starting point for further dialogue, including all the specific points in your open letter, rather than final proposals. We want to work together to come up with an ambitious package of measures which will transform our relationship with fans and strengthen the club for the long- term. In this spirit, we will reach out to you to discuss next steps.
Thank you again for your work and your passion for the club. I look forward to a new level of engagement between MUST and the club.
With best regards,
Executive Co-Chairman and Director
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