Glazers' massive u-turn on MUFC IPO as they claw off more than half of proceeds for themselves

The Glazers have tonight revealed a massive u-turn in their IPO proposals. In the original filing it was made absolutely clear that ALL of the proceeds of the IPO would go to paying down debt the Glazers have loaded onto Manchester United.

A revised filing tonight http://1.usa.gov/NExsII reveals they now plan to take HALF OF THE IPO PROCEEDS FOR THEMSELVES.

Furthermore the amount raised to pay down debt will be relatively insignificant (£75m) leaving £350m of their debt still on our club.

A spokesman for the Manchester United Supporters Trust said "Supporters are going to be very angry about this. The Glazers have already cost United more than £550m in debt related fees and now another slap in the face as they help themselves to half of the proposed IPO proceeds. Each of the 6 lineal descendants of Malcolm Glazer will claw out $25 million for themselves."

"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. What is the sudden reason for this desperation for cash now?"

"There is now no doubt that this IPO is bad for Manchester United supporters, Manchester United Football Club and any investors gullible enough to pay the inflated price they've attached to inferior shares which have just 1/10 of the voting rights of the Glazers shares and no dividends. Their bare faced cheek is almost unbelievable."

"We call on all the real fans of Manchester United around the world to join MUST in opposition to this IPO and we're asking supporters to register through our website here  http://bit.ly/NEyAMw  if they wish to take action."

We will follow up with further comments and analysis tomorrow. Contact details at the foot of this message

ENDS

MUST - The Manchester United Supporters' Trust

Our aim is to provide Manchester United fans with the opportunity for mass supporter participation in ownership of their club. This could well be the precursor to such an opportunity and we’d urge every Manchester United supporter who cares about the club to register with the Manchester United Supporters Trust (MUST) through our website. We will provide information to supporters as soon as it is available. 

We’d like to see at least a million Manchester United supporters sharing in ownership of their club and it is our role as the official supporters trust to try to make that possible. Supporters can register for free through www.joinmust.org for information.