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Reds fans' fury

13 Jan 2010 12:54:16

Reds fans' fury

ANTI-Glazer United fans are furious that Old Trafford's American owners have taken out £10m loans from the club. The Reds' financial results, announced this week, revealed six members of the Florida-based family on the Red Football board had borrowed a combined total of £10m as a loan which does not have to be repaid for five years. A further £10m has been taken out by the Glazers for "management and administration fees." With bank loans secured on the club now an astonishing £509m following the Glazers' takeover in 2005, and the news of a £500m bond issue to restructure that burden, fans group Manchester United Supporters Trust (MUST) are astounded at the new revelations. The group are now actively exploring the possibility of investors working in partnership with supporters. Talks are ongoing with advisors and investment bankers to see if there is any investor interested in coming on board and changing the situation at the club. The news that the family have borrowed £10m has been greeted with anger by MUST. Demand "There is no justification for it. This is going to go down very badly," said MUST chief executive Duncan Drasdo. "This situation will be viewed very dimly. If you look at this bond issue, what is it being done for? "It is not to help the club by reducing interest payments, it is being used to extract money to pay hedge fund debts. "This is about looking after themselves." Drasdo believes United's financial position could get even worse within the next 12 months. "Demand is just about holding up in terms of the capacity of the stadium," he added. "But the excess demand has gone. The number of fans wanting tickets enabled the owners to keep putting the prices up. "However, anyone trying to get rid of a spare Old Trafford ticket these days knows now that is not easy. "The buffer has disappeared and that is a most significant point. "It is not showing in the financial figures yet but it will do next year. It is very important that there is an alternative option." A spokesman for the Glazer family yesterday said they would be making no comment on the figures.


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