The float stands to net the Glazers around $150m (£96m), despite previous assurances that proceeds would go towards paying down the club's debt.
The US filing warns potential investors: "Anti-takeover provisions in our organizational documents and Cayman Islands law [where Manchester United are incorporated] may discourage or prevent a change of control, even if an acquisition would be beneficial to our shareholders, which could depress the price of our shares and prevent attempts by our shareholders to replace or remove our current management."...
Andy Green, a football finance writer behind the andersred blog, calculates that £520m has been taken out of United since the Glazers took the club over in 2005, with most of that figure being accounted for via interest and fees related to the club's borrowings. Meanwhile, of the £520m, £38m has been paid directly to the Glazers via £28m in consultancy fees to their companies and a £10m dividend. (emphasis added)
Got that? Even if a takeover benefits the corporation, the corporation's by-laws prevent that from occurring. Late capitalism - why didn't we think of this sooner?
If you think just handing over your money to rich assholes is the thing to do, and especially if you like Manchester United - well, here you go!
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