man utd greatest team on earth untill the jews stole it
13 posts
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Mon Feb 13, 2012 3:16 am » by Icarus1
rooney do you know who your scoring for?
Glazer ownership of Manchester United
Manchester United Football Club is an English football club based in Old Trafford, Greater Manchester. The club was formed as Newton Heath LYR Football Club, the works team of the Lancashire and Yorkshire Railway depot in Newton Heath, in 1878. The club split from the railway company in 1892 and remained under private ownership for almost 100 years, changing its name to Manchester United after a brush with bankruptcy in 1902.
The club went public in 1990 and was the subject of takeover bids from property trader Michael Knighton and Rupert Murdoch's BSkyB corporation before Malcolm Glazer's stake was announced in September 2003. By the end of the year, Glazer had increased his shareholding from 3.17% to around 15%, which he almost doubled in the year up to October 2004. His acquisition of John Magnier and J. P. McManus' 28.7% stake in May 2005 pushed his own up to around 57%, well over the 30% threshold that would force him to launch a takeover bid. A few days later, he took control of 75% of the club's shares, allowing him to delist from the stock exchange, and within a month, Glazer took 98% ownership of the club via his Red Football parent company, forcing a compulsory buy-out of the remaining 2%. The total purchase of the club totalled almost £800 million.
The majority of the cash used by Glazer to purchase Manchester United came in the form of loans, much of which were secured against the club's assets, incurring interest payments of over £60 million per annum. The remainder came in the form of PIK loans (payment in kind loans), which were later sold to hedge funds. Manchester United is not liable for the PIKs. The PIKs are held by Red Football Joint Venture Ltd and are secured on that company's shares in Red Football Ltd (and thus the club). If they are not repaid by 2017, the Glazers will almost certainly lose all their shares in Red Football Ltd (and the club) to hedge funds. The interest on these loans rolls up at 14.25% per annum. Despite this, the Glazers did not pay down any of the PIK loans in the first five years they owned the club. In January 2010, the club carried out a successful £500 million bond issue, and as of March 2010, the PIKs stood at around £207 million.[1]
Manchester United fans opposed Glazer's takeover of the club, particularly once they realised the level of debt that the club would have to take on after having been debt-free for so many years. Since 2005, the Manchester United Supporters' Trust has been working on a way of returning ownership of the club to supporters; in 2010, they met with a group of wealthy Manchester United fans – dubbed the "Red Knights" – to discuss a billion-pound takeover bid.
Manchester United was formed as Newton Heath L&YR F.C. in 1878 by the workers in the Carriage and Wagon Works of the Lancashire and Yorkshire Railway's Newton Heath depot. In 1901, the club was in over £2,500 of debt and facing a winding-up order; however, they were saved by local brewer John Henry Davies, who changed their name to Manchester United in 1902. After Davies' death in 1927, the club fell into financial difficulties once again, but James W. Gibson stepped in as a new financial benefactor. Gibson himself died in 1951 and control of the club passed to his son, Alan.
Meanwhile, a local businessman named Louis Edwards began accruing shares in Manchester United and was eventually made chairman in 1965. His son, Martin Edwards, purchased a percentage of Alan Gibson's shares and became the majority shareholder and chairman when Louis Edwards died in 1980. During Martin Edwards' time as chairman, Manchester United was the subject of several takeover bids; the first came from media tycoon Robert Maxwell, who bid £10 million in February 1984, but the sale fell through before any serious talks could take place. In 1989, property magnate Michael Knighton was on the verge of completing a £20 million takeover, but his financial backers pulled out at the last minute and he had to be content with merely a seat on the board.
Manchester United was floated on the stock market in 1990, and they received yet another takeover bid in 1998, this time from Rupert Murdoch's BSkyB Corporation. The Manchester United board accepted a £623 million offer,[2] but the takeover was blocked by the Monopolies and Mergers Commission at the final hurdle in April 1999.[3] A few years later, a power struggle emerged between the club's manager, Alex Ferguson, and his horse-racing partners, John Magnier and J. P. McManus, who had gradually become the majority shareholders. In a dispute that stemmed from contested ownership of the horse Rock of Gibraltar, Magnier and McManus attempted to have Ferguson removed from his position as manager, and the board responded by approaching investors to attempt to reduce the Irishmen's majority.[4]
Meanwhile, Avram Glazer – the son of Malcolm Glazer – was looking into investment in European football. The Glazer family already owned several businesses in the United States and had purchased the Tampa Bay Buccaneers National Football League franchise in 1995. They convinced the local government to fund a new stadium for the Buccaneers in 1998 and the franchise won its first Super Bowl in January 2003.[5]
Following the Manchester United board's search for new investors,[6] the Glazers purchased their first tranche of Manchester United shares on 2 March 2003, spending around £9 million on a 2.9% stake.[7] On 26 September 2003, it was reported that he had increased his share to 3.17%,[8] taking his shareholding above the 3% threshold that required him to inform the club's management. There had already been considerable speculation about the possibility of a takeover of the club, either by Glazer or by one of several other interested parties.[8] By 20 October, he had increased his shareholding to 8.93%,[9] and on 29 November it was reported that he owned around 15% of the club and had met David Gill, its chief executive, to discuss his intentions.[10] On 12 February 2004, Glazer increased his stake in the club to 16.31% and the following day's Financial Times reported that he had instructed Commerzbank to explore a takeover bid. The club's share price increased by 5% that day, valuing the club at a total of £741 million.[11] Glazer increased his shareholding to over 19% the following June, although he was still not the largest shareholder.[12] His shareholding continued to increase, nearing 30% by October 2004. Upon reaching 30%, Glazer would have to launch a formal takeover bid.[13]
On 12 May 2005, Glazer reached an agreement with shareholders J. P. McManus and John Magnier to purchase their 28.7% stake in the team, giving him a controlling stake with just under 57% of the team's shares. He then managed to secure the stake of the third largest stakeholder, Scottish mining entrepreneur Harry Dobson, taking his share total to 62% of the club. Just hours later, Glazer had bought a further 9.8% stake taking his total ownership to 71.8%.
On 16 May 2005, Glazer took his shareholding in Manchester United to 75%, allowing him to end the club's public limited company (PLC) status and delist it from the London Stock Exchange, which he did on 22 June.[14] On 14 June 2005, Glazer successfully increased his share in the club to 97.3%, sufficient for full control. On 28 June, he increased his share to 98%, enough for a compulsory buyout of all remaining shareholders.[15] The final valuation of the club was almost £800 million (approximately $1.5 billion at the exchange rate at the time).
The Glazers retained David Gill as chief executive of Manchester United after taking control in 2005.
As a result of Glazer's takeover, a small group of disgruntled Manchester United supporters created a new club called F.C. United of Manchester, which was accepted into the North West Counties Football League second division, six promotions away from The Football League, and secured promotion in each of its first three seasons, twice as league champions.[16]
Following the takeover, Manchester United continued to thrive, with the 2005–06 season seeing Old Trafford's capacity being expanded and a lucrative new shirt sponsorship deal signed in April with American company AIG (which had a large stake in a hedge fund company that helped to fund Glazer's takeover of the club).[17] Increased revenue from TV rights to each competition the club participates in, as well as its successful apparel deal with Nike, also boosted the club's profitability. This came despite fears among many supporters that the debt incurred in buying the club could lead to insolvency. Also, contrary to the fears of many fans, the Glazers took action to ensure that Gill and veteran manager Alex Ferguson remained at Manchester United, citing the duo's success with the club.[18][19] In 2006, Malcolm Glazer made strong indications that he was at Manchester United for the long haul by appointing his other two sons, Kevin and Edward, and his daughter, Darcie, to the Manchester United board as non-executive directors.[20][21]
[edit] Refinancing
The debt taken on by the Glazers to finance the club was split between the club and the family; between £265 million and £275 million was secured against Manchester United's assets.[22] This loan was provided by three New York hedge funds: Citadel, Och-Ziff Capital Management and Perry Capital.[23] The total amount was £660 million, on which interest payments came to £62 million a year. The club stated, "The value of Manchester United has increased in the last year, which is why lenders want to invest in the club... 'This move represents good housekeeping and it ensures that Sir Alex Ferguson will be provided with sufficient funds to compete in the transfer market.'" The Manchester United Supporters Trust responded, "'The amount of money needed to be repaid overall is huge... 'The interest payment is one thing but what about the actual £660 million? It is difficult to see how these sums can be reached without significant increases in ticket prices, which, as we always suspected, means the fans will effectively be paying for someone to borrow money to own their club.'"[24][25] Under the terms of the Glazers' refinancing, as they were unable to repay bondholders by 16 August 2010, the overall interest rate on the loans rose from 14.25% to 16.25%, resulting in annual payments of around £38 million.[23]
On 11 January 2010, shortly before an announcement that Red Football's debt had increased to £716.5 million ($1.17 billion),[26] Manchester United announced their intention to refinance the debt through a bond issue worth approximately £500 million.[27] They managed to raise £504 million in just under two weeks, meaning that they were able to pay off almost all of the £509 million owed to international banks. The bonds were issued in two tranches, one with a coupon rate of 8.75% worth £250 million, and the other with a coupon rate of 8.375% worth $425 million. The annual interest payable on the bond came to approximately £45 million per annum, with the bond due to mature on 1 February 2017.[28] Contained within the bond prospectus are covenants which will allow the Glazers to filter large sums of money out of the club to repay the PIKs by 2015. These include the carving out of £95 million in cash, the sale and lease-back of the Trafford Training Centre at Carrington, and the ability of the Glazers to pay themselves 50% of the Consolidated Net Income of the club every year
Glazer ownership of Manchester United
Manchester United Football Club is an English football club based in Old Trafford, Greater Manchester. The club was formed as Newton Heath LYR Football Club, the works team of the Lancashire and Yorkshire Railway depot in Newton Heath, in 1878. The club split from the railway company in 1892 and remained under private ownership for almost 100 years, changing its name to Manchester United after a brush with bankruptcy in 1902.
The club went public in 1990 and was the subject of takeover bids from property trader Michael Knighton and Rupert Murdoch's BSkyB corporation before Malcolm Glazer's stake was announced in September 2003. By the end of the year, Glazer had increased his shareholding from 3.17% to around 15%, which he almost doubled in the year up to October 2004. His acquisition of John Magnier and J. P. McManus' 28.7% stake in May 2005 pushed his own up to around 57%, well over the 30% threshold that would force him to launch a takeover bid. A few days later, he took control of 75% of the club's shares, allowing him to delist from the stock exchange, and within a month, Glazer took 98% ownership of the club via his Red Football parent company, forcing a compulsory buy-out of the remaining 2%. The total purchase of the club totalled almost £800 million.
The majority of the cash used by Glazer to purchase Manchester United came in the form of loans, much of which were secured against the club's assets, incurring interest payments of over £60 million per annum. The remainder came in the form of PIK loans (payment in kind loans), which were later sold to hedge funds. Manchester United is not liable for the PIKs. The PIKs are held by Red Football Joint Venture Ltd and are secured on that company's shares in Red Football Ltd (and thus the club). If they are not repaid by 2017, the Glazers will almost certainly lose all their shares in Red Football Ltd (and the club) to hedge funds. The interest on these loans rolls up at 14.25% per annum. Despite this, the Glazers did not pay down any of the PIK loans in the first five years they owned the club. In January 2010, the club carried out a successful £500 million bond issue, and as of March 2010, the PIKs stood at around £207 million.[1]
Manchester United fans opposed Glazer's takeover of the club, particularly once they realised the level of debt that the club would have to take on after having been debt-free for so many years. Since 2005, the Manchester United Supporters' Trust has been working on a way of returning ownership of the club to supporters; in 2010, they met with a group of wealthy Manchester United fans – dubbed the "Red Knights" – to discuss a billion-pound takeover bid.
Manchester United was formed as Newton Heath L&YR F.C. in 1878 by the workers in the Carriage and Wagon Works of the Lancashire and Yorkshire Railway's Newton Heath depot. In 1901, the club was in over £2,500 of debt and facing a winding-up order; however, they were saved by local brewer John Henry Davies, who changed their name to Manchester United in 1902. After Davies' death in 1927, the club fell into financial difficulties once again, but James W. Gibson stepped in as a new financial benefactor. Gibson himself died in 1951 and control of the club passed to his son, Alan.
Meanwhile, a local businessman named Louis Edwards began accruing shares in Manchester United and was eventually made chairman in 1965. His son, Martin Edwards, purchased a percentage of Alan Gibson's shares and became the majority shareholder and chairman when Louis Edwards died in 1980. During Martin Edwards' time as chairman, Manchester United was the subject of several takeover bids; the first came from media tycoon Robert Maxwell, who bid £10 million in February 1984, but the sale fell through before any serious talks could take place. In 1989, property magnate Michael Knighton was on the verge of completing a £20 million takeover, but his financial backers pulled out at the last minute and he had to be content with merely a seat on the board.
Manchester United was floated on the stock market in 1990, and they received yet another takeover bid in 1998, this time from Rupert Murdoch's BSkyB Corporation. The Manchester United board accepted a £623 million offer,[2] but the takeover was blocked by the Monopolies and Mergers Commission at the final hurdle in April 1999.[3] A few years later, a power struggle emerged between the club's manager, Alex Ferguson, and his horse-racing partners, John Magnier and J. P. McManus, who had gradually become the majority shareholders. In a dispute that stemmed from contested ownership of the horse Rock of Gibraltar, Magnier and McManus attempted to have Ferguson removed from his position as manager, and the board responded by approaching investors to attempt to reduce the Irishmen's majority.[4]
Meanwhile, Avram Glazer – the son of Malcolm Glazer – was looking into investment in European football. The Glazer family already owned several businesses in the United States and had purchased the Tampa Bay Buccaneers National Football League franchise in 1995. They convinced the local government to fund a new stadium for the Buccaneers in 1998 and the franchise won its first Super Bowl in January 2003.[5]
Following the Manchester United board's search for new investors,[6] the Glazers purchased their first tranche of Manchester United shares on 2 March 2003, spending around £9 million on a 2.9% stake.[7] On 26 September 2003, it was reported that he had increased his share to 3.17%,[8] taking his shareholding above the 3% threshold that required him to inform the club's management. There had already been considerable speculation about the possibility of a takeover of the club, either by Glazer or by one of several other interested parties.[8] By 20 October, he had increased his shareholding to 8.93%,[9] and on 29 November it was reported that he owned around 15% of the club and had met David Gill, its chief executive, to discuss his intentions.[10] On 12 February 2004, Glazer increased his stake in the club to 16.31% and the following day's Financial Times reported that he had instructed Commerzbank to explore a takeover bid. The club's share price increased by 5% that day, valuing the club at a total of £741 million.[11] Glazer increased his shareholding to over 19% the following June, although he was still not the largest shareholder.[12] His shareholding continued to increase, nearing 30% by October 2004. Upon reaching 30%, Glazer would have to launch a formal takeover bid.[13]
On 12 May 2005, Glazer reached an agreement with shareholders J. P. McManus and John Magnier to purchase their 28.7% stake in the team, giving him a controlling stake with just under 57% of the team's shares. He then managed to secure the stake of the third largest stakeholder, Scottish mining entrepreneur Harry Dobson, taking his share total to 62% of the club. Just hours later, Glazer had bought a further 9.8% stake taking his total ownership to 71.8%.
On 16 May 2005, Glazer took his shareholding in Manchester United to 75%, allowing him to end the club's public limited company (PLC) status and delist it from the London Stock Exchange, which he did on 22 June.[14] On 14 June 2005, Glazer successfully increased his share in the club to 97.3%, sufficient for full control. On 28 June, he increased his share to 98%, enough for a compulsory buyout of all remaining shareholders.[15] The final valuation of the club was almost £800 million (approximately $1.5 billion at the exchange rate at the time).
The Glazers retained David Gill as chief executive of Manchester United after taking control in 2005.
As a result of Glazer's takeover, a small group of disgruntled Manchester United supporters created a new club called F.C. United of Manchester, which was accepted into the North West Counties Football League second division, six promotions away from The Football League, and secured promotion in each of its first three seasons, twice as league champions.[16]
Following the takeover, Manchester United continued to thrive, with the 2005–06 season seeing Old Trafford's capacity being expanded and a lucrative new shirt sponsorship deal signed in April with American company AIG (which had a large stake in a hedge fund company that helped to fund Glazer's takeover of the club).[17] Increased revenue from TV rights to each competition the club participates in, as well as its successful apparel deal with Nike, also boosted the club's profitability. This came despite fears among many supporters that the debt incurred in buying the club could lead to insolvency. Also, contrary to the fears of many fans, the Glazers took action to ensure that Gill and veteran manager Alex Ferguson remained at Manchester United, citing the duo's success with the club.[18][19] In 2006, Malcolm Glazer made strong indications that he was at Manchester United for the long haul by appointing his other two sons, Kevin and Edward, and his daughter, Darcie, to the Manchester United board as non-executive directors.[20][21]
[edit] Refinancing
The debt taken on by the Glazers to finance the club was split between the club and the family; between £265 million and £275 million was secured against Manchester United's assets.[22] This loan was provided by three New York hedge funds: Citadel, Och-Ziff Capital Management and Perry Capital.[23] The total amount was £660 million, on which interest payments came to £62 million a year. The club stated, "The value of Manchester United has increased in the last year, which is why lenders want to invest in the club... 'This move represents good housekeeping and it ensures that Sir Alex Ferguson will be provided with sufficient funds to compete in the transfer market.'" The Manchester United Supporters Trust responded, "'The amount of money needed to be repaid overall is huge... 'The interest payment is one thing but what about the actual £660 million? It is difficult to see how these sums can be reached without significant increases in ticket prices, which, as we always suspected, means the fans will effectively be paying for someone to borrow money to own their club.'"[24][25] Under the terms of the Glazers' refinancing, as they were unable to repay bondholders by 16 August 2010, the overall interest rate on the loans rose from 14.25% to 16.25%, resulting in annual payments of around £38 million.[23]
On 11 January 2010, shortly before an announcement that Red Football's debt had increased to £716.5 million ($1.17 billion),[26] Manchester United announced their intention to refinance the debt through a bond issue worth approximately £500 million.[27] They managed to raise £504 million in just under two weeks, meaning that they were able to pay off almost all of the £509 million owed to international banks. The bonds were issued in two tranches, one with a coupon rate of 8.75% worth £250 million, and the other with a coupon rate of 8.375% worth $425 million. The annual interest payable on the bond came to approximately £45 million per annum, with the bond due to mature on 1 February 2017.[28] Contained within the bond prospectus are covenants which will allow the Glazers to filter large sums of money out of the club to repay the PIKs by 2015. These include the carving out of £95 million in cash, the sale and lease-back of the Trafford Training Centre at Carrington, and the ability of the Glazers to pay themselves 50% of the Consolidated Net Income of the club every year
Mon Feb 13, 2012 4:12 am » by Noentry
Manchester United - Anti-Glazer Protest Old Trafford, Oct 2010
There are a lot of unhappy Mancs around
There are a lot of unhappy Mancs around
I am aware it's often a thankless task persuading someone on a forum that they are mistaken. They are often, in the true sense of the word, bigots!
Mon Feb 13, 2012 1:28 pm » by Icarus1
gonzo63 wrote:Sports? That's the important topic that deserves a thread on DTV? You do know that all you're really talking about is a bunch of millionaires getting together once a week to play a game, right?
we have discussed this in the man city post my friend it wouldnt matter if those players were skint , the fans would still turn up , its in the blood of every englishman
Mon Feb 13, 2012 2:18 pm » by Perronick
So Glazer bought the Club w/o putting down a single penny of his own. It was all paid by the banks against the Club's assets and now the Club is buried in debt, not the owner, who gets to milk the ManU free of risk. Did I get it right?
The time of being brave will always find us unaware. If we doubt, the only question remaining will be: why wasn't I brave?
Mon Feb 13, 2012 2:21 pm » by Icarus1
perronick wrote:So Glazer bought the Club w/o putting down a single penny of his own. It was all paid by the banks against the Club's assets and now the Club is buried in debt, not the owner, who gets to milk the ManU free of risk. Did I get it right?
YOU GOT IT SPOT ON MY FRIEND, THEY TOOK ONE OF THE RICHEST CLUBS ON THE PLANET AND PUT IT £700 000 000 IN DEBT , YOU COULDNT MAKE IT UP
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Mon Feb 13, 2012 2:27 pm » by Fatdogmendoza
gonzo63 wrote:Sports? That's the important topic that deserves a thread on DTV? You do know that all you're really talking about is a bunch of millionaires getting together once a week to play a game, right?
Could also be talking about politicians, bankers and CEO'S gonzo....to an extent...
Would somebody please slap Jessie J......PLEASE!
Mon Feb 13, 2012 3:05 pm » by Perronick
icarus1 wrote:perronick wrote:So Glazer bought the Club w/o putting down a single penny of his own. It was all paid by the banks against the Club's assets and now the Club is buried in debt, not the owner, who gets to milk the ManU free of risk. Did I get it right?
YOU GOT IT SPOT ON MY FRIEND, THEY TOOK ONE OF THE RICHEST CLUBS ON THE PLANET AND PUT IT £700 000 000 IN DEBT , YOU COULDNT MAKE IT UP
If the ManU goes bankrupt Mr. Glazer would have made a handsome ammount of money and wouldn't lose a single penny of his own. Then, the Bank, who created 800 mill. Pounds out of thin air, would own the Club.
So no one is risking shit. Aint modern "Capitalism" a wonder?
The time of being brave will always find us unaware. If we doubt, the only question remaining will be: why wasn't I brave?
13 posts
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