16 Aug 2022 19:29:22
Not sure if anyone has ever looked at Swiss ramble on Twitter but today they put quite a lengthy thread on the state of what the Glaziers had taken from the club its unbelievable they're allowed to do it!

£743m interest
£166m dividends
£55m director remuneration
£23m management fees
£147m debt repayment
£465m in Class A share sales.


Total taken from United: £1.559b.


1.) 16 Aug 2022
16 Aug 2022 19:54:20
How the leveraged buyout was ever sanctioned by the Premier League is a travesty.


2.) 16 Aug 2022
16 Aug 2022 19:54:20
How the leveraged buyout was ever sanctioned by the Premier League is a travesty.


3.) 16 Aug 2022
16 Aug 2022 20:25:43
It was sanctioned because it’s a completely normal business acquisition model.


4.) 16 Aug 2022
16 Aug 2022 21:41:18
Derby why shouldn't it be allowed?
They own the club
Simple. As long as they are not trading wrecklessly there is no issue as far as they are concerned.
I really wish people would understand they are not doing or have not done anything illegal?
This is very normal practise all over the world throughout almost every business sector.
Just some folk get emotional about their team. Lots of sentimentality from some fans but to them it's just business and a very profitable one from their perspective giving them great cash flow.
From their perspective its just lovely. And they are calling the shots.


5.) 16 Aug 2022
16 Aug 2022 21:52:15
But new Chelsea owners will be prevented from paying dividends, selling shares or taking management fees for a decade in a bid to avoid controversy that the Glazers have done yet the Glazers are still allowed to do it.


6.) 16 Aug 2022
16 Aug 2022 22:16:20
Ports

Are you speculating or those are the actual terms the new ownership has agreed to.


7.) 16 Aug 2022
16 Aug 2022 22:24:53
I hate what Glazers have done to our club, and believe highly leveraged buyouts should be banned in football, and in business generally. On the other hand some of the things listed are not at all unreasonable:

Director's Remuneration/ Dividends/ Management amount to less than £14m per year over 17 years. Some of the will have gone to non-family members like Woodward and other shareholders.

Sales of shares by the family does not affect United's cash flow. The issuance of new shares raises capital.

The LBO and the financing costs undoubtedly had ill effects on United's transfer policy in the first 7 or 8 years leaving a pretty clapped out squad when SAF retired, but United have coughed up in excess of £1bn in transfer fees since then. Had it been spent well and we were competing on equal footing with Europe's elite teams, we would not now be complaining as vociferously as we are. Ultimately the biggest sin the Glazers have committed is their incompetence and the incompetence of the people they have hired to run the club.


8.) 16 Aug 2022
16 Aug 2022 22:28:18
Ken,

You’re totally right it’s not illegal but look at the figures above and you can see why the club would be in a much better place with better owners.

We are penny pinching and have what seems to be a really small ‘budget’ despite losing around 8 players who were all on pretty high contracts and only signing 3 players so far after our worst season in years. They are running the club into the ground and it’s horrible to see.


9.) 16 Aug 2022
16 Aug 2022 22:56:08
Nothing Changes

I heard something about it at the time so googled it and it was in a newspaper report. Apparently can’t do it for 10 years. Not sure how true this is but at the time I heard it the person was outraged as our owners are still allowed to do it. Not sure if it’s just the Chelsea purchase or a new rule?

{Ed002's Note - I am afraid you have misinterpreted this - it was a request of the previous owner in order to provide protection to the club as part of the sale process.}


10.) 16 Aug 2022
16 Aug 2022 23:18:04
Fair enough 002. Shame, it’s a good rule.


11.) 17 Aug 2022
17 Aug 2022 05:56:40
chelsea were lucky with abra. Not too many owners like him around. Most look at buying clubs as a business whilst some have a passion for the name and the game.


12.) 17 Aug 2022
17 Aug 2022 10:05:04
Gds2 nobody disputes we would prefer different owners. But what they are doing is fine by the law and fine by them.
If folk want them out it's in our own hands but some folk won't give up their season tickets but moan all the same.
Until we have a united front nothing will change. Just people making noise and doing nothing about it.
Everybody leaving it to the next man.
If you want to have an impact on the owners then nobody should go to a game or buy any merchandise.
I'm on record and stopped doing both over a year ago.


13.) 17 Aug 2022
17 Aug 2022 10:51:37
Well done, and how has that helped? You now don’t have your hobby of going to the games and the club are still owned by the Glazers. It only works if everyone does it, if they don’t then you are just sat on your own at home typing on the toxic chat room on here while 76000 paying punters sit in the stadium.


14.) 17 Aug 2022
17 Aug 2022 11:43:19
Ken I think the ongoing decline and draining of the clubs finances are a couple of reasons why this shouldn't be allowed to happen. Aren't leveraged buyouts banned now or about to be? So if you believe that a clubs owners should be allowed to take what they want from a club and run it in to the ground then that's up to you!


15.) 17 Aug 2022
17 Aug 2022 12:12:33
It's not up to me Derby at all. Are they doing anything illegal?
They are not running the business into the ground?
What did they pay? What's today's value?
They will be lauded in the business world for the money they have made and will make.
They are bidding men. Profit makers.
You just have different ideals for the club than they do. I think we all do Derby but they are not doing anything wrong in the eyes of the law.
Leveraged buy outs will not be banned at all. Its the way a lot of businesses operate.
They will try and put some safeguards in place but nothing that will prevent a purchase like this again.


16.) 17 Aug 2022
17 Aug 2022 12:45:42
hilarious, how are they allowed? THEY OWN THE CLUB. what a remarkably dumb comment.