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MANCHESTER UNITED has confirmed plans to raise up to $300 million by selling some of its shares – but the heavily indebted club will only get to keep around half of the proceeds.
Documents filed with the Securities and Exchange Commission in the United States show that the club is to sell at least 16,666,667 shares, priced between $16 and $20 each – meaning at the very least, the club would raise $266 million (€217m, £170m).
A further pool of 2.5 million shares has been set aside in case of extra demand – meaning, if the total pool was sold at the higher end of the pricing window, the club could be in line to raise $383 million (€312m, £244m).
However, half of the original pool of shares being put up for sale are to be taken from the existing shares of the Glazer family, which controversially took over the club in May 2005 in a purchase largely funded by loans which were then transferred onto the club itself.
That purchase was opposed by a significant proportion of the club’s fans, who objected to the club being saddled with debt when it had been debt-free for most of its time as a publicly traded company. It was first floated in 1990.
A spokesman for the Manchester United Supporters Trust (MUST), which has continually campaigned for the club to be transferred to fan ownership, said the Glazer family had already cost the club £550 million in fees related to the debts they had transferred.
The trust had hoped that the cash raised from the flotation would be used to pay down the club’s remaining debt, which stood at £423 million in the last accounts published in May.
“Clearly this has nothing to do with benefits for Manchester United and is all about giving the Glazers quick access to desperately needed cash at the expense of our football club,” a spokesman said.
“What is the sudden reason for this desperation for cash now?”
What a knob
@Gregson from the Block: still laughing :)
“And the Award for best proxy war goes to..”
It has been great acting I will admit.
The CGI and choreography excellent too!
Well I suppose he’s been acting like he’s on the front line for a while now with the constant wearing of the fatigues so why not get an Oscar. Congrats
@JedBartlett: he could have at least stuck on a tux to receive it…….
@JedBartlett: To be fair, while there’s certainly an element of optics around his battle fatigues, if I was Russia’s No. 1 target and could have missiles dropped on me at any moment, I know I’d prefer to have boots and cargopants on instead of loafers and shirt/tie combo. Loafers aren’t known for their rubble climbing abilities.
A nice gesture! Well done.
“We got the Oscar. War’s over boys, pack up- we’re going home”
Tropic Thunder in real life. Very odd.
Curious, is that a best actor award ?
Does this remind anyone of the 2004 film “Team America, World Police”? but worryingly this time it’s not puppet actors getting involved but a real one.
Amazing gesture and the principal of it too. Sean has been a vocal supporter of Ukraine
Was wondering as I was reading the article a few minutes ago, how long it would have taken the Russian bots to turn up saying how much Zelensky deserved the award….turns out it was almost immediately, almost as if they were waiting for the article….they must have been up all night trying to compose their comments.
Yes that will stop the war
Never go full Sean Penn
Well, he has 2 so he did keep 1 for himself
Didn’t Sean Penn visit El Chapo right before he was coincidentally detained by the authorities that had been unable to find him?
Anyone checked that statue for a gps tracking device?
What’s he meant to do with it?
“If I know this is here with you, then I will feel better and stronger for the fight.” Says one man to another who will never join a front line while handing him an Oscar. Never being mind forced to go to the front line to fight others that have been forced there too.
Where did Sean Penn get an Oscar lol
have your say