The Glazer family
has been accused of draining £1 billion from Manchester
United and wrecking the club's chances of dominating Europe.
The Glazer family has been
accused of draining £1 billion from Manchester United and wrecking the club's
chances of dominating Europe. The Manchester United Supporters
Trust (MUST) chose the 10-year anniversary of the Glazers' takeover to launch a
fresh attack on the American family.
The Glazers' £790 million
leveraged buyout of United in 2005 caused uproar among the club's fans and
sparked the creation of breakaway club FC United. Ten years
on, MUST is still unhappy about the way the family borrowed against the club to
FINANCE
their
takeover.
their
takeover.
"Not INVESTING a
single penny might be considered an 'ownership crime' by fans at most clubs but
far worse than that they (the Glazers) have actually extracted colossal sums
from Manchester United," MUST said in a press release.
a
single penny might be considered an 'ownership crime' by fans at most clubs but
far worse than that they (the Glazers) have actually extracted colossal sums
from Manchester United," MUST said in a press release.
"When all interest and
charges on their leveraged buyout is added up, plus money they've paid
themselves, plus related debt still on the club, they've taken more than £1
BILLION and it's still rising. "No owner in the history of
football in any country, ever, has taken so much money from a club."
Despite the controversy surrounding the
Glazers, United have enjoyed success on the pitch under their stewardship. In the
last 10 years they have won the Premier League five times and in 2008 they
lifted the Champions League for the third time in the club's history.
MUST says
had it not been for mismanagement from the Glazers, United would have eclipsed Liverpool's
British record of winning the competition five times.
"When
the Glazers took over in 2005 we already had an exciting young squad including Cristiano
Ronaldo and Wayne Rooney,"
the MUST statement added.
"With
continued INVESTMENT that squad should have gone on to
dominate Europe for years but the Glazer era squandered that golden chance and
although still successful on the pitch it has to go down, in Europe in particular,
as a decade of wasted opportunity.
that squad should have gone on to
dominate Europe for years but the Glazer era squandered that golden chance and
although still successful on the pitch it has to go down, in Europe in particular,
as a decade of wasted opportunity.
"United
should have knocked Liverpool off their European perch too by surpassing their
five European Cups. "It
seems very likely we would have done had it not been for financial austerity
imposed by the Glazers' ownership."
MUST said
the Glazers had "botched" the appointment of Sir Alex Ferguson's
successor and that of chief executive David Gill.
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