Manchester United, one of the most iconic football clubs in the world, is set to kick off their Premier League season against Wolves on Monday. But behind the scenes, uncertainty looms over the future of the club as the Glazer family's sale process has hit a roadblock. Let's delve into the troubled ownership journey of the Glazers and the impact it has had on Manchester United.
A Troubled Era Begins
The Glazer family first announced their intention to sell the club in November 2022, sparking a series of bidding rounds. Among the frontrunners in the race to acquire Manchester United are Qatari investor Sheikh Jassim bin Hamad Al Thani and British businessman Jim Ratcliffe. The prospect of new ownership brings hope for an end to the tumultuous era that commenced 18 years ago.
In 2005, the Glazers implemented a leveraged buyout of Manchester United, burdening the club with a staggering $787 million debt. This move was a far cry from the club's glory days under the legendary Sir Alex Ferguson, with back-to-back Premier League titles secured by the likes of Cristiano Ronaldo and Wayne Rooney. As the years went by, Manchester United's fortunes declined, allowing their once-dismissed "noisy neighbors," Manchester City, to ascend to dominance in English football.
The Frustration of Fans
The elongated sale process has left the fans increasingly frustrated, with the possibility of the Glazers deciding not to sell at all. Protests are planned at Old Trafford stadium, a manifestation of the deep discontent built over the Glazers' near two-decade reign. However, previous protests have fallen on deaf ears, as the Glazers have remained unyielding in the face of fan dissent.
Timeline: A Journey of Turmoil
Let's take a closer look at the key moments that have defined the Glazers' troubled ownership of Manchester United:
2003: A Small Stake
The Glazers initially purchased a mere 2.9 percent stake in the club for approximately $5.6 million, marking the beginning of their journey as owners.
2005: The Leveraged Buyout
In a controversial move, the Glazer family executed a leveraged buyout of Manchester United, acquiring 98 percent of the shares for $1.5 billion. This transaction left the club drowning in a massive $787 million debt, triggering significant fan protests and discontent.
Scarves of Protest
During this time, fans resorted to symbolic gestures of resistance. One such instance occurred when David Beckham, a beloved former player on loan to AC Milan, donned a green-and-gold scarf - the colors of the club when it was first established as Newton Heath in 1878. These scarves became a recognizable symbol of protest against the Glazers' ownership.
David Beckham puts on a green and yellow scarf in support of the anti-Glazer protest after AC Milan lost to Manchester United in the Champions League in 2010 (Jon Super/AP Photo)
2010: Refinancing Debt
Manchester United took steps to refinance the massive debt imposed by the Glazers through the issuance of bonds. Fan protests intensified during this period, culminating in airplanes flying over matches, displaying the message "Glazers Out."
2014: A Change in Ownership
Malcolm Glazer, the patriarch of the Glazer family, passed away, prompting the family to sell 12 million shares for $200 million. However, the Glazers reiterated their commitment to retaining ownership for at least five more years.
2017: Some Shares Sold
The Glazers sold 4.3 million shares, generating $73 million from the sale, further solidifying their position as the majority owners of Manchester United.
2019: Fans Voice Their Concerns
In an open letter, Manchester United fans made it clear that they would not be silenced any longer. They demanded the Glazers listen and acknowledged their existence, refusing to be relegated to the shadows any further.
2021: The Super League Debacle
The Glazers' attempt to involve Manchester United in the controversial European Super League sparked outrage among fans. The protest reached its peak when fans invaded the pitch ahead of a game with Liverpool, resulting in the match being abandoned.
Manchester United fans protest before the Liverpool match outside Old Trafford on August 22, 2022 [Carl Recine/Action Images via Reuters]
The Sale Saga Continues
In 2022, amidst the termination of Cristiano Ronaldo's contract, the Glazers finally put Manchester United up for sale. The Raine Group, renowned for overseeing Chelsea's takeover, was appointed to handle the bidding process. Bids from Sheikh Jassim, Ratcliffe, and other investors have been received, fueling hope for a new era under fresh ownership.
As the sale process drags on, fans are left anxiously waiting for a resolution. The upcoming protests outside Old Trafford are a powerful reminder of the deep-rooted frustration that has accumulated over the Glazers' ownership. Whether a change in ownership awaits Manchester United, only time will tell. But for now, the journey continues, and the rollercoaster ride of emotions for fans remains unabated.
