Saturday, August 6, 2011

REPORT: Glazers to Sell Part of Man U

Reports out of London are that the Glazer family, which also owns the Tampa Bay Buccaneers, could sell off between 15 and 25 percent of Manchester United to get out from some of their well-documented debt problems:

Shares in Manchester United are again up for sale.

But the plan to put a stake of the world’s most famous football club back on the market will only strengthen the Glazer family’s grip on power at Old Trafford.

Sunday Mirror Sport understands that United’s reviled American owners are preparing to sell up to a quarter of the club in a move that could raise more than £400million.

That would enable them to slash the £500m debts that are currently costing United £45million-a-year to service.

And the Glazers would then be able to pay themselves – and other new investors – millions in dividends every year.

Investment giants UBS are advising on the sale which is called an Initial Public Offering.

The Glazers are looking to cash in on between 15% and 25% of United.

They value the club at £1.7billion – an astonishing increase on the £800m they paid when purchasing the Reds in an £800m leveraged buy-out that split the club apart in May 2005.
The report, from Sunday Mirror Sport, speculates the Glazers want to retain 75 percent of the club, and thus, full control.

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