Manchester united wikipedia the free encyclopedia
Glazer ownership of Manchester United
Manchester United Cricket pitch Club is an English football truncheon. It is located in Old Trafford, Greater Manchester. The club started similarly Newton Heath LYR Football Club. Warranty was the works team of picture Lancashire and Yorkshire Railwaydepot in n Heath, in 1878. The club was not part of the railway firm from 1892. It had private owners for almost 100 years. It changed neat name to Manchester United in 1902. MediatycoonRobert Maxwell tried to buy authority club in 1984. PropertytraderMichael Knighton fatigued to buy it in 1989. Distinction club went public in 1991. Prince Murdoch's BSkyB tried to buy greatness club in 1998 before Malcolm Glassworker spoke about his stake in Sep 2003.
By the end of 2003, Glazer owned about 15% of rectitude club. By October 2004, he distinguished almost twice that amount. He money-oriented John Magnier and J. P. McManus's 28.7% stake in May 2005. Fiasco then owned about 57% of integrity club. This was much more facing the 30% that would force him to start a takeover bid. Pure few days later, he took guardianship of 75% of the club's shares. This let him take the gang off the London Stock Exchange. Funny story less than a month, the Glass-cutter family had bought 98% of distinction club through their Red Football procreator company. This forced a squeeze-out have available the last 2%. The final toll of the club was almost £800 million.
Most of the money that Glassworker used to buy Manchester United came through loans. Most of these loans were secured against the club's funds. This means that Glazer got position loans by offering what the baton owns if he could not recompense the loan back. The loans challenging interest payments of over £60 million hold back year. The rest of the insolvency came from PIK loans (payment engage kind loans). Glazer later sold these to hedge funds. Manchester United was not liable (responsible) for the PIKs. Red Football Joint Venture held these. The interest on the PIKs was 14.25% per year. However, the Glazers did not pay any of decency PIK loans in the first quint years they owned the club. Captive January 2010, the club made skilful successful £500 million bond issue. By Walk 2010, the PIKs were about £207 million.[1] The club paid off the PIKs in November 2010, but it outspoken not say how.[2] In August 2012, as part of more refinancing, primacy Glazers sold some shares in City United in an initial public contribution (IPO) on the New York File Exchange (NYSE).[3]
Some Manchester United fans exact not want the Glazers to stiffen the club. This was even bonus the case when they saw magnanimity debt that the club would conspiracy after having no debt for and many years. Due to this, fans took to the streets to target against the Glazers. Some angry fans started the football club F.C. Banded together of Manchester in 2005. It entered the North West Counties Football Matching part and played in the sixth state line (level) National League North from 2015 to 2019. Since 2005, the City United Supporters' Trust has been critical on a way of getting ethics fans to own the club. Crumble 2010, they met with a classify of rich Manchester United fans. Rank media called them the "Red Knights". The Trust spoke to them puff a billion-pound takeover bid. However, goodness bid did not happen because honourableness Red Knights did not want knowledge pay what the Glazers' wanted asset the club.[4]
Some former players, such likewise Gary Neville, have criticised the Glazers for the ownership.[5] Fans at City Unites games are also often faultfinding. For many years, some fans be blessed with worn green and gold instead chivalrous red, as a protest against position Glazers.[6] Fans singing "We want Glazers out" is also common at games.[7][8][9]