Manchester United’s owners, the Glazer family, were once again in the spotlight by fans dissatisfied with the management of the 20-time English champions.
The Athletic reports that Joel Glazer has remained silent about an interrogation that took place where United’s owners were held to account by the fan advisory board for their greedy mismanagement of the club.
According to The Athletic, “The justification for dividends was a main issue, with Glazer questioning why money was paid to shareholders from the club’s funds, even as the team had its worst season since the Premier League was formed and United as company made £115.5 million ($130 million) from losses.”
United as a club had dividends in excess of £33.6 million paid out to its shareholders. Unsurprisingly, the Glazers pocketed the lion’s share of this sum.
Even more surprising is the fact that United drew on an additional £40m in available overdrafts, increasing the debt burden on the club’s shoulders.
Adds David Ornstein: “Glazer is said to have listened carefully to the criticism, as supporters pointed out the disconnect between stated goals of sporting success and shareholders making money regardless of results on the field.”
The candid forum was held by Zoom and was the third Joel Glazer has attended since the Super League debacle.
The first two lasted about four hours each. It is said that this most recent meeting also lasted more or less the same duration.
Beyond the issue of dividends and overdraft payments, other items on the agenda included the redevelopment of the stadium, the Glazer family’s long-term intentions and plans for United and Sir Jim Ratcliffe’s publicly declared interest in buying the club.
Joel Glazer was joined by CEO Richard Arnold, Director of Football John Murtough and COO Collette Roche.
Curiously, the minutes of the meeting are never published in order to make the talks ‘more frank’.
Whether the Glazers act on the deliberations made remains to be seen. On past evidence, this is an unlikely outcome and only sustained pressure will see the fans get what they want.
