MUST boss welcomes Man Utd flotation news
Mon 13th Jun 2011 | Clubs Ownership
Manchester United’s owners the Glazer family are reportedly considering a Asian stock market flotation worth in the region of £1.7bn.
A report by the Sunday Times yesterday suggested that the Glazers’ hope to double the amount they invested in 2005 by floating on the Hong Kong stock exchange given the club’s mass appeal in the region.
MUST chief executive Duncan Drasdo gave cautious welcome to the news saying:
"If this report proves to be well founded the prospect of a flotation of Manchester United is one that many supporters would cautiously welcome because it could be an opportunity for supporters to once again share in ownership of their club.”
However, Drasdo stated he held three immediate concerns with the proposed flotation.
“Firstly that this would have to be a full IPO signalling a clean exit for the Glazers,” he added.
“Secondly the valuation would have to be realistic - something closer to 1bn GBP rather than the 1.5bn+ GBP that the Glazers seem to feel is possible.
“Thirdly shares should be freely available to all MUFC supporters and certainly floated on the UK market to maximise accessibility."
MUST have long made their dislike of the Glazers’ ownership of Manchester United known and were instrumental in promoting the Green and Gold campaign, which has seen fans war the original colours of the club’s founding team Newton Heath.
A consortium of Manchester United fans called the Red Knights made an unsuccessful bid to buy the club in 2010 after the Glazers’ insisted the club was not for sale.
"Of course many supporters would hate to see the Glazers walk away with a huge profit but in the end it isn't about them. It is about what is best for Manchester United - the Football Club and its supporters,” Drasdo continued.
“Until their drain on our finances is removed we will never be able to compete on a level playing field with the best in the world.
Drasdo believes that fans should be able to buy ordinary shares in the club and have a say in the decision making process of the club.
"MUST's avowed aim - our inspirational dream - is Manchester United FC owned by the fans and run for the fans."
"Our task is to create the opportunity for all United fans to share in the ownership of their club, inspiring the participation of at least one million supporters."
"Since May 2005 we have renewed our efforts to encourage every United supporter to join the us and build a mass membership to share in the future ownership of Manchester United. If the Glazers choose to sell we must be ready to take advantage this time round. It has always been a regret that too few took the opportunity when Manchester United was a PLC.
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