Manchester United's Glazers' downfall

Manchester United's Glazers' downfall

For years, the protests of Manchester United fans against the Glazer family were ignored; however, when the controversy surrounding the European Super League arose, things started to change.

The Glazer family has ignored years of complaints and protests from fans regarding their ownership of Manchester United. These complaints and protests have been going on for the better part of sixteen years. At Old Trafford and beyond, green and gold scarves were waved and chants were aired as millions of dollars were drained out of the club's coffers since 2005; however, none of it was heard by the club's leadership or management.

When other top clubs, including the Glazers, tried in April 2021 to form a breakaway European Super League, the level of anger among the other clubs increased. United was revealed to be one of the founding members of the proposed ESL before the plans for the league were scrapped in the face of widespread opposition from fans, football figures, and government officials all over the world.

Many fans of United were incensed by the initial choice made by the Glazer family, which sparked a new round of the debate regarding ownership in football. The scandalous betrayal of supporters rekindled the discussion about who owns football teams. New demonstrations took place, one of which involved breaking into Old Trafford, which ultimately resulted in the postponement of the Reds' game against Liverpool.

The Glazer family was one of the ownership groups that issued an apology for the move in an effort to smooth over the always tumultuous relationship that exists between ownership and fans. However, with the exception of some sporadic interactions with the club's Fan Forum, it appeared that not much had changed, and interest payments and dividends continued to be deducted from the United coffers.

This changed after the ESL debacle, and it may have been the first signal that even those financially invested in the Glazers' ownership were becoming dissatisfied with the situation. The regular financial statements and the accompanying investor calls had been notable for years for the complete absence of dissent or questioning from investors.

Nick Train, an investor whose Lindsell Train UK equity fund owned 27 percent of the available A-shares in United on the New York Stock Exchange, which is equivalent to 7 percent of the club, disclosed that after the ESL revelations he demanded a meeting with club executives and was "considering the implications for our investment."

"The announcement of the breakaway European Super League in April came as a surprise to us," Train said in his monthly update to investors. "The announcement of the breakaway European Super League in April came as a surprise to us."

"In response, we requested meetings with all three clubs, and we have now had those meetings [including Celtic, even though they were not a member of the ESL].

"During these meetings, we expressed our disappointment about the damage to Juventus and Manchester United's reputations that they have inflicted on themselves. We inquired about their stance on the English as a Second Language moving forward and asked for clarification.

"We strongly urged them to resume respectful negotiations with all members of the football community in order to work toward outcomes that are beneficial to both parties," We are continuing to keep a close eye on the unfolding of events while simultaneously considering how they might affect our investment case.

It was an unusual instance of criticism coming from investors, who were the people the Glazers cared about the most in terms of their ownership. And the fallout from the ESL debacle, which was not helped by poor performance on the pitch, was followed by reports of dissatisfaction from significant sponsors such as Adidas and Teamviewer.

Now, a little more than a year later, the Glazers have decided to change their strategy and will finally consider offers from those who are willing to fork over the billions of dollars necessary to take over the club.


Ojike Stella

1727 Blog posts

Comments