Cost of Glazers' takeover at Manchester United reaches £500m
Words cannot describe my loathing for these parasites. They add no value whatsoever, merely leech off others and yet consider themselves entrepeneurs. Worse still, is that Arsenal owner Stan Kroenke and Liverpool owner John Henry apparently don't understand why anybody would be upset by these loathsome Glazers. Here's what's wrong with modern capitalism in a nutshell.
Despite seven years of success under the Glazers' rule, United have leaked half a billion to service the debt-laden ownership
... Yet the latest figures, covering the Glazers' financial machinations with United for the final three months of 2011, document a landmark. From October to December 2011, the cost of the Glazers' "leveraged buyout" of United, when they loaded their own £525m borrowings on to the club itself to repay, was £17.5m. The club paid £12.2m in interest and other financing charges, and £5.3m paying off some actual debt, which nevertheless remains over £400m. As documented with forensic anger by Andy Green in his "Love United, Hate Glazer" Andersred blog, the total drained out of United in interest, bank charges and other payments before these latest figures was £480m. So the total cash taken out of United, to pay for a takeover the fans and then board did not want, was £497.5m by 31 December. In round figures, and anyway now, with two months further interest from December, the Glazer family have been responsible for £500m going out of United.
Full Article
