Scrutiny intensifies on US owners after English giant’s latest humiliation

A Twitter thread has revealed the extent of the Glazer family's purported mismanagement at Premier League football club Manchester United Read Full Article at RT.com

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Aug 18, 2022 - 01:01
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Scrutiny intensifies on US owners after English giant’s latest humiliation

The Glazer family have long been the topic of protests from angry Manchester United fans

Manchester United's controversial owners, the Glazer family, have sucked an estimated £1.1 billion ($1.33 billion) out of the Premier League club since taking over in 2005, according to a Twitter thread detailing the club's finances. 

Given the Red Devils' lackluster start to the 2022/2023 season that has contained humbling defeats to Brentford and Brighton, the club's American ownership has come under increased scrutiny with protests taking place before the team's first home fixture. 

On social media, respected football finance account Swiss Ramble has put together a thread on the extent of the Glazers' work at the Mancunian club, as he did in the past with FC Barcelona's financial crisis.

Swiss Ramble estimates that since taking over the reins, the Glazers have taken ($1.33 billion) out of the Old Trafford outfit, including £743 million ($900 million) in interest payments on cash they borrowed in order to purchase the club.

Another £147 million ($178 million) is made up by debt repayments, while the Glazers have also reportedly helped themselves to dividends of £166 million ($201 million), which includes £133 million ($161 million) over the last decade alone.

United are the only club to pay dividends to their shareholders, it is noted, and directors have also been paid £55 million ($66.5 million) on the Glazers' watch while a further £23 million ($27.8 million) left the club in "management fees".

Over the past ten years, United's spending has not once outweighed the money that has been brought into the club, it is argued. 

While the Glazers' defenders, or those looking to put the blame on underperforming players and managers for the fact the club has not won the English top flight since 2013, point to the fact that £1.4 billion ($1.7 billion) has been spent on transfers in this period, it is money that has been generated by revenue rather than spending by the owners.

The £154 million ($186 million) in dividends and share buyback taken out of the club by the Glazers in the last 10 years is more than that seen elsewhere at any other Premier League club, and it should also be compared to the £684 million ($827 million) that cross-town rivals Manchester City's owners have pumped into the Etihad giants on the way to six Premier League titles.

When Roman Abramovich was still in charge, he stumped up £516 million (£624 million) of his own cash to help Chelsea win a pair of Champions League crowns, and even much smaller Aston Villa have seen £506 million ($612 million) come in.

As their 'Theater of Dreams' ground crumbles and is badly in need of a facelift, United's £136 million ($164.5 million) net capital expenditure is less than Manchester City, Leicester, Liverpool and Fulham while ten times less than Tottenham's £1.4 billion ($1.7 billion) which has also allowed the north Londoners to move to a new state-of-the-art stadium.

Discontent with the Glazers is not just being voiced by fans, but also by respected figures associated with the club such as legendary former right back Gary Neville. 

Following the 4-0 humbling by Brentford on Saturday, Neville, in his role as a Sky Sports pundit went on a passionate seven-and-half-minute rant that saw him rip the club and its owners apart from start to finish.

"At this moment in time, it is really, really desperate. There is no leadership, there is no voice. You can't blame an individual player or the manager; you have got to look above and look to the very top now," Neville demanded.

"This week, honestly, they are going to get peppered, those players, the coach, the sporting department and the new CEO. But there is a family over there in America that is literally letting their employees take all the hits for them and that is unforgivable.

"Joel Glazer's got to get on a plane tomorrow, get over to Manchester and he has got to start and divert the issues away from the club, and tell everyone what the hell his plan is for the football club. What is he doing?" Nevile asked.