The Glazers' Manchester United float leaves a sinking feeling


Plans by the American owners of Manchester United to tackle the club's huge debt will not ease fans' fearsWith England's bruising disappointments in the European Championship still raw, the Premier League's big news is that Manchester United are to be floated on the New York stock exchange. A pillar of English football is being re-routed to New York, via a holding company in the Cayman Islands, in order to reduce the £423m debt mountain which the American Glazer family loaded on to United to buy the famous old club in the first place.Against heartfelt protests from thousands of United supporters who saw the Glazers' leveraged buyout for what it was, the American speculators borrowed £525m to buy the Old Trafford club in 2005 when United were debt-free, and had gathered the money for the expansion of their stadium to a formidable 76,000 se...

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