Glazers' plans to float Manchester United make the heart sink | David Conn


The US owners hope to entice investors willing to buy Manchester United shares with reduced voting rights and no dividend, then register the company in the Caymen IslandsAfter so many months of testing the flotation waters in Singapore, then New York, we can now see the scheme that Manchester United's owners, the US-based Glazer family, have been paying an army of bankers to orchestrate. United's debt, loaded on in 2005 for nothing more constructive than the Glazers' takeover itself, remains a sorry £423m burden, even after the club has paid out more than £500m interest, bankers' fees and charges, to service it. Now the Glazers have hit on their preferred solution: find other people prepared to pay some of it off, while the family remains in complete control.The 231-page registration document filed with the New York Stock Exchange in prep...

Read the rest of this post (external)