Manchester goes the Yankee Route
July 04, 2012 @ 15:00 pm
If you go through the news reports, archived on news websites, of 2005; it would be clear that the journalists, known for soothsaying, actually predicted the outcome of having Malcolm Glazer as a major shareholder in Manchester United Ltd.
Instead of commemorating Glazer’s ownership of 75% shares, they were warning of a delisting of shares from the London Stock Exchange. Guess what happened? Not just that but the American tycoon has got the, British born, football club to debut at the New York Stock Exchange.
We already know that the club has been propped with a begging bowl, for quite some time, for being indebted in millions. However we must not turn a deaf ear to the laughs of the American capitalists. Just in case you haven’t got the message: People, your entertainment has been bought by America, now that Manchester United has filed for IPO in the US. However, message is out that this was the best step to ease pressure on the club’s cash flow; also it would allow them to sustain the best players, in order to regain English and European titles. Manchester United Ltd. hopes to raise about 100 million dollars and reduce their indebtedness.
While FC United of Manchester may get new fans the situation is a little iffy. The shift of ownership may not affect the game but the business turn, is quite a jest. Since the public shares are only to pay debts; United does not intend on paying dividends to shareholders. Ironically, Glazer is not hailed by Manchester fans but he is still going to control the firm through Class B shares, which means; he will have ten times the voting power of stocks sold in the public.
MTV wonders how these turn of events will bring money into the united begging bowl. Not longtime ago; Facebook, too, had filed for IPO and look what happened? Everyone went with their moneybags to exhaust the hype but they all lost out because the website’s revenues could not support all of them. Right after that Barrack Obama said that America needs more IPO’s to spur the economic growth; we know Glazer’s reply to that one but we really want to see how it comes around for the culture of Football and the business of it.
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