MANCHESTER UNITED’S incredible decline under the Glazers has been revealed through their staggeringly slow growth on the stock exchange.
It comes amid reports of a “hostile” takeover attempt by former United director Michael Knighton, 17 years after the Glazers bought United for £790million.
Financial writer Kieran Maguire made the revelation a decade after the Glazers first listed United on the New York Stock Exchange.
The opening share price on that day was $14.
And incredibly, if a person had invested £1,000 in shares back then, today that money would be worth just £814.
The figure looks even bleaker against other sporting institutions, with a grand invested in Juventus now returning £2k.
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With Formula One, you’d have £2,564 in your pocket.
And even American baseball team Atlanta Braves would have returned £1,585.
Maguire adds that the dip in value is a recent one, with share prices at $19.37 last September when United re-signed Cristiano Ronaldo.
But a forward-facing market combined with the team’s poor performances – and a desperate need to upgrade Old Trafford – has resulted in a sharp decline.
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Elsewhere, total interest charged under the Glazer ownership is a staggering £855m.
That in itself would pay for another TEN Harry Maguire’s – the most expensive defender in world football at £80m.
Net debt is at £627m – more than the £590m in 2006.
And United’s transfer debt is also £184m – the highest it has been since 2008.
Meanwhile £154m in dividends has been taken by shareholders – mainly the Glazers – since 2016.
Income did soar from £159m in 2005 to £627m in 2019.
But that fell to £494m last year as United struggled for consistency on the pitch.
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And there is a bleak outlook for unhappy supporters – who are planning an “Empty Old Trafford” protest for the August 22 game against Liverpool – as the Glazers own shares that carry a whopping TEN votes – compared to just one vote for regular investors.
The same structure is seen mainly in tech, with Facebook chief Mark Zuckerberg and Tesla head Elon Musk employing the same tactic.
Source: Soccer - thesun.co.uk
