Fergie backs the wrong horse in Glazer affair, scandalous barely covers this attempted IPO. It was backing the wrong horse, the Rock of Gibraltar and Coolmore horse spunk bollocks, where this whole sorry affair started. Fergie was way out of his depth in the world of big money that time as well. Jim White has been fairly soft on him in that blog, if the Glazer's are forced to sell up, i doubt the rest of the press corps will be son lenient with him, a few knives may well be being sharpened as we speak.
It's been a bizarre week, firstly the announcement of GM's global marketing chief had been unceremoniously sacked, with rumours it had something to do with a deal clinched with United. Hours later United announced a new seven year shirt sponsorship deal with GM starting in 2015, with the current deal still two years outstanding. The next day it was reported he had been sacked for negotiating too generous a deal with United.
All the while the terms of the IPO were slowly being revealed to a United support versed in fearing the worst where our dispicable owners are concerned. Anger over the decision to award $150 million to Malcolm Glazer's descendants, instead of using the deal to remove a hefty chunk of burdensome debt, confirmed our worst fears. And as ever with every panicked financial manouevre to refinance the debt, more embarrasing details popped up.
The ray of sunshine on the horizon is the hope that the underwriters decide that they can't underwrite the IPO. This is where MUST and the hordes of Anti-Glazer protestsare now being directed over the next couple of weeks. Given the risible press the proposed IPO has received since the listing was announced on Monday, they have had a great start. Fantasy football, potential for scandal, a terrible investment, just google Manchester United IPO, MUST couldn't buy such good publicity for the cause.
It seems to be as unpopular over the pond in the states as it has been over here, needless to say that's highly encouraging. It's hard to get your hopes up to much, after everything that has happened since that sorry day they gained control, but it's fingers crossed time, and time to get those e-mails sent and hope that good triumph's over evil.
It's been a bizarre week, firstly the announcement of GM's global marketing chief had been unceremoniously sacked, with rumours it had something to do with a deal clinched with United. Hours later United announced a new seven year shirt sponsorship deal with GM starting in 2015, with the current deal still two years outstanding. The next day it was reported he had been sacked for negotiating too generous a deal with United.
All the while the terms of the IPO were slowly being revealed to a United support versed in fearing the worst where our dispicable owners are concerned. Anger over the decision to award $150 million to Malcolm Glazer's descendants, instead of using the deal to remove a hefty chunk of burdensome debt, confirmed our worst fears. And as ever with every panicked financial manouevre to refinance the debt, more embarrasing details popped up.
The ray of sunshine on the horizon is the hope that the underwriters decide that they can't underwrite the IPO. This is where MUST and the hordes of Anti-Glazer protestsare now being directed over the next couple of weeks. Given the risible press the proposed IPO has received since the listing was announced on Monday, they have had a great start. Fantasy football, potential for scandal, a terrible investment, just google Manchester United IPO, MUST couldn't buy such good publicity for the cause.
It seems to be as unpopular over the pond in the states as it has been over here, needless to say that's highly encouraging. It's hard to get your hopes up to much, after everything that has happened since that sorry day they gained control, but it's fingers crossed time, and time to get those e-mails sent and hope that good triumph's over evil.
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