United fans fear stadium sell-off

14 April 2012

Manchester United fans today expressed fears that Old Trafford could be sold off as they digested the estimated £650m debt amassed by Malcolm Glazer to acquire their club.

In his offer document to shareholders released last night, the American tycoon did not give any details of his business plans for United following his £790m takeover.

Fans hoping for more information on player investment or on plans to increase profits by capitalising on United's brand were disappointed.

But the Glazer family gave details of the huge borrowing which United fans fear will lead to a hike in ticket prices and to cutbacks in player investment and ramifications over the ground.

Shareholders United chairman Nick Towle said: "This document is frightening and nightmarish. No one has a clue how this will work. It seems impossible and ridiculous. He could find someone else to borrow money from, but who would lend him more money? The other option would be the sale and leaseback of the ground."

The document includes £275m financed by three large American funds and £265m from bank loans.

Glazer has also secured an £18.9m bridging loan plus a £90m credit and capital expenditure facility, which had not previously been mentioned and could be used to fund stadium expansion.

The debt is more than six times the amount which almost sent Leeds United to the wall. It would buy almost two teams full of players of the class of Wayne Rooney who moved from Everton for £30m.

Glazer plans to take United off the Stock Exchange as early as 22 June, bringing a halt to his two-year battle for the club.

United chief executive David Gill has described Glazer's business plan as 'aggressive' and 'potentially damaging' to the long-term interests of the club.

Yet, astonishingly, Gill is likely to be charged with delivering the massively increased profits Glazer is convinced are available.

The offer document said the Glazer family wanted to work with the current management.

Glazer's son Joel, 38, looks likely to emerge as the new key figure at Old Trafford. It had been anticipated an informal statement to supporters from him would be incorporated within the offer document, but those rumours proved to be unfounded.

Meanwhile, Ruud van Nistelrooy today admitted he had been in poor form after scoring only four goals in 14 games. He said: "Before my injury scoring lots seemed normal, but now it seems super-extreme. It has not been my season, we scored too few goals and I am responsible."

MORE ABOUT

Business Plan

Investment

Manchester United

Stock And Equity Market And Stock Exchange

United fans fear stadium sell-off

Read More