HomeFootball NewsManchester United Debts Now Exceed £1bn Under Glazers

Manchester United Debts Now Exceed £1bn Under Glazers

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Manchester United finds itself saddled with over £1 billion in debt, casting uncertainty over the club’s future under the Glazer ownership. Despite being listed for sale in November 2022, the club have yet to secure a buyer or decide on new investments at Old Trafford. Notably, British tycoon Sir Jim Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani have long been considered frontrunners for a takeover, but they have yet to meet the Glazers’ rumoured asking price of £6 billion.

The Glazer family is currently contemplating the possibility of withdrawing Manchester United from the market altogether, a move that has sparked outrage among supporters who fervently desire an end to the unpopular 18-year Glazer reign. The club’s mounting debt was a central topic of discussion during takeover negotiations with potential buyers. According to reports from the Daily Mail, the debt has now exceeded the £1 billion threshold.

The third-quarter financial results for Manchester United indicate that the club’s debt has increased from £969 million to £1.005 billion this year. This is attributed to a combination of gross debt, bank loans, and outstanding transfer fees, particularly as the club made significant expenditures on high-profile signings during the summer, totalling nearly £200 million.

Amid indications that the Glazers may no longer be eager to sell the club in the near future, Manchester United’s share price experienced a significant drop of 18.2 percent on Tuesday, falling to £15.40. This marked the most substantial daily decline since the club was listed on the New York Stock Exchange in 2012. Nonetheless, Raine Group, the merchant bank overseeing United’s sale, maintains that the process is still ongoing.

Complicating matters further is the divergence in interests among the six Glazer siblings. Together, they own 69 percent of the club but control 95 percent of voting rights through a dual-class share mechanism. Executive co-chairman Joel Glazer possesses the largest individual stake, exercising control over approximately 19 percent. He is considered the most hands-on member of the family, devoting a significant portion of his working days to Manchester United and actively participating in transfer negotiations.

Jon Fisher
Jon Fisher
Jon has over 20 years' experience in sports journalism having worked at the Press Association, Goal and Stats Perform, covering three World Cups, an Olympics and numerous other major sporting events.

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