The Glazer family, who own Manchester United, angered disgruntled fans after it emerged the club’s shareholders will receive £11m next month, while debts are mounting and transfer spending this summer is expected to be cautious. .
United reported its position in the third quarter of the fiscal year on Thursday and revealed that the club’s net debt had risen by £52m (11 per cent) to £496m, while total debt is £591m. of pounds sterling.
Furthermore, United’s wages rose 20 per cent to £102m in the three months to March 31, during a season in which the club managed just 58 points, its lowest tally in the Premier League era.
News of an £11million dividend for Manchester United shareholders has antagonized supporters
Supporters have protested loudly, and at times in large numbers, against the Glazer family during the campaign.
They accuse the owners of indebting the club, not investing, poor management and a disastrous transfer policy.
His mood will not improve with the latest figures, especially since most of the dividend that will be paid to shareholders will go to the Glazers, who own the majority of the shares.
The club, which is listed on the New York Stock Exchange, says in the report: “The semi-annual cash dividend of $0.09 per share will be paid on June 24, 2022 to shareholders of record on June 6, 2022. “.
Glazers owns the majority of Manchester United shares. In the photo: Joel (right) and Avram Glazer
The dividend has been paid semi-annually since 2016, even during the Covid pandemic, on the 163,000,000 shares issued.
The announcement was met with outrage on social media.
“Stop taking dividends, you fucking f***,” tweeted Scott Patterson, editor of Republik of Mancunia, a blog and website dedicated to the club.
United are in disarray following a season in which Ole Gunnar Solskjaer was sacked and replaced by Ralf Rangnick, who failed to turn around an ailing team that never seemed to secure Champions League football.
sources have said sports mail that United’s £1bn investment in new signings over the past decade is a measure of the club’s commitment to improving the team, but spending this summer will be disciplined to protect the financial model.
During the season thousands of fans have participated in protests organized at Old Trafford
United will focus on spending their money more effectively thanks to a review of their recruitment system led by director of football John Murtough.
New manager Erik ten Hag will play an active role in identifying potential signings, with Barcelona’s former Ajax midfielder Frenkie de Jong a target. He has also been linked to Ajax centre-backs Jurrien Timber and Lisandro Martínez.
Speaking after the results were announced on Thursday, United chief executive Richard Arnold admitted it had “clearly been a disappointing season”.
“Resilience and high standards are core values for Manchester United, and we are determined to achieve better results next season and beyond,” he added.
Manchester United and new manager Erik ten Hag will take a disciplined approach to the transfer market this summer
‘Faith in youth is another key tenet of the club and the continued success of our academy gives us confidence in the future.
More bad financial news can also be anticipated in the coming quarter.
‘There will be a negative impact from the lack of progress in European competition, there will be fewer games [compared to the previous year] and that will come in the fourth quarter,” said University of Liverpool football finance expert Kieran Maguire.
“These results tell us that the experiment of paying Ronaldo big salaries and bringing in players with big salaries has not worked.”
Red smoke flares were lit and anti-Glazer chants were sung as fans made their way to the stadium from the Tollgate pub during the final protest before the game against Norwich.
However, there was good news in figures released on Thursday, which showed a 29 per cent jump in revenue to £153m, as a result of fans returning to Old Trafford following restrictions imposed during the Covid pandemic.
There has been a widespread mistrust of the Glazers amongst a large part of the fanbase, since the club’s leveraged buyout in 2005.
Since then, United have paid £838m in interest on the debt the Glazers incurred to acquire the club.
Up to 5,000 people joined a march from the city toll to Old Trafford ahead of Norwich City’s game in April, with approximately 2,000 boycotting the first 17 minutes and missing Cristiano Ronaldo’s opening goal in what turned out to be a victory by 3-2.
It was followed by more protests at home games organized by the 1958 fan group.