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Manchester United cuts share price ahead of NY sale
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The lowering of the price suggests that the club was unable to find any buyers and the lowering of the stock value means that the sale will raise $233 million rather than the $333 million originally hoped for. The share sale represents 10 per cent of the club.
The Manchester United Supporters Trust has called for any money raised to go directly to reducing the football club’s hundreds of millions of pounds worth of debt. Fans have criticised the scheme to raise money saying that under the plans the club’s owner, the Glazer family, would take half the funds raised.
The Glazers took over the club in 2005 in a deal worth £800 million. Although the sale indicates that it is now worth twice that, fans are angry that a larger proportion of the money raised through the share sale will not go towards paying of the massive debts that the Glazer family has accrued since taking control.
MUST said recently that the Glazer family and the club’s sponsors needed to realise that without its fan base Manchester United was essentially worthless. Manager, Sir Alex Ferguson, has denied that he stands to make any money out of the share sale.