The Manchester United Supporters Trust (MUST) needs you… to don the Green & Gold of protest and force the Glazer family to use autumn IPO proceeds to rid the club of debt. At least that’s the message of MUST’s new poster campaign, which was launched today. Staring George Best in Lord Kitchener mode, the new MUST poster urges United supporters to revive the spirit of Green & Gold and put new pressure on the ruling Glazer family.
Claiming that the upcoming IPO in Singapore later this year is “victory for the Green & Gold campaign,” MUST wants fans to build a second wave of protest, aimed at pressuring the Glazer family into removing debt from United before it is “locked in” post-IPO.
“Green & Gold was a global phenomenon fought in the areas of media and politics as well as on the terraces. It was an uprising like nothing seen before at OT or perhaps anywhere in English football,” said the group in a statement.
“The bonds actually created more expensive debt and more of it than the club’s previous bank financing, however crucially they allowed the Glazers to take up to £95m in a cash “carve out” from MUFC’s coffers with much more to come over subsequent years.
“So while the bonds were more expensive the Glazers desperately needed the money – their PIK debt was rolling up at an alarming rate and threatening to get out of control and there was no other spare cash in the empire. Such was impact of Green & Gold throughout 2010 however, that the Glazers feared an outright rebellion and had to withdraw their plans to take the carve out money.”
The Glazer family removed the catalyst for protest – the PIK debt – in November 2010 at a cost of £249 million. But with personal debts mounting, and no bidder willing to meet the family’s excessive valuation of the club, Plan B is to enact a partial-IPO of the club in Singapore this autumn.
Yet the IPO is likely to ‘lock-in’ any remaining debt, according to MUST, ensuring the the Glazers – as private owners giving way to a PLC board – will not pay down bond debt from anything other than club sources.
“Effectively at that point they will have taken that money from Manchester United meaning our club (and fans) will have to pay their debt off,” adds the Trust.
“It is the duty of every fan to stand up to protect our club from further un-necessary fees and interest payments.”