#Glazernomics
Shares in Manchester United dipped to a record low on Monday, with the value of the club plummeting by over £1.3bn.
Shares in Manchester United plc were trading at just 11.07USD at the close of trading on June 13, representing a drop of 47 per cent since last October.
The alarming figures are thought to be related to the wider economic concerns in the market and partly explained by the expected outlay required to overhaul United’s squad in time for Erik ten Hag’s first season as manager.
Nevertheless, the fact United’s shares were near double the price following the return of Cristiano Ronaldo last September, when they peaked at 20.74USD, will concern supporters – particularly after it was recently announced that the club’s debt had risen 11.8 per cent over the course of the last 12 months, now totalling £495.7million.
Glazers set to withdraw dividends
The news will again increase scrutiny on the Glazer family, who are again set to withdraw dividends later this month.
The Glazers’ involvement in the European Super League plan saw thousands of United fans protest against the American owners 14 months ago, forcing the postponement of a league game against Liverpool.
Joel Glazer, United’s Executive Co-Chairman, made a series of promises in the fallout from the Super League collapse in a bid to appease supporters.
United fans have expressed frustration at the time taken to honour those promises, with Manchester United Supporters Trust (MUST) recently saying they were disappointed that a fan share scheme had yet to be launched.
United fans set to continue Glazer protests
The end of last season – United’s worst in the Premier League era – saw a newly formed group called The 1958 stage two protest marches before the club’s final home fixtures of the season.
The group have vowed to continue the protests into next season, also unveiling a cyber campaign geared at targeting club sponsors.
Related links:
- Man United fans target Tampa Bay Bucs’ social accounts in Glazer protest
- Man United fans promise sustained Glazer protest as chaotic season ends
- Man Utd fans hate the Glazers, but how do they feel in Tampa Bay?
