A thread: #GlazersOut - Everything you NEED to know.

The potential of a European Super League may have been the catalyst for the recent protests but it's far from the reason why United fans want the #GlazersOut.

Let's start with the numbers.

THE DEBT - £511m

The current debt stands at £511m. The Glazers saddled the club with £540m of debt upon their takeover, meaning that the overall debt has been reduced by just £29m in SIXTEEN years.

(Image from: @KieranMaguire)

Theoretically, if the Glazer family stayed at United for the rest of time and kept up with debt repayments at the current rate, it would take the club 282 YEARS to be debt free.

#GlazersOut

FINANCE CHARGES/INTEREST - £828m

As of May 2020, it has cost Manchester United £828m to service the debt that the Glazers placed on the club. With yearly payments reaching as high as £119m in 2009, coincidentally the same year we received £80m for Cristiano Ronaldo.

#GlazersOut

SHARE SALES - £452m

Since launching the club on the NYSE in 2012, the Glazers earned £452m in share sales as of 2017 (source: @barneyrednews).

Avram Glazer put a further £70m in shares up for sale just last month, reducing their overall ownership to 74.9%.

It goes without saying, but absolutely none of the money generated from share sales has been put back into the football club.

Darcie Glazer also used shares to secure a loan of $6.9m back in 2019.

(Image: @KieranMaguire)

DIVIDENDS - £88m (possibly much more)

The Glazers took a dividend of £22m every year from 2016-2020, which gives us a total of £88m - yes, not even a pandemic stopped them.

#GlazersOut

Finances of big organisations are complex, but as tweeted by @KieranMaguire in September last year, it appears that a dividend of £267m was paid in 2010 as per the 2011 cash flow statement.

As this is unclear, we'll leave the figure conservative at just(!) £88m.

DIRECTORS FEES - £92m

Aside from dividends, £92m (at least) has been paid out in 'Directors Fees' in which the Glazers take a significant slice (Source: @barneyrednews).

On top of that, they were taking consultancy fees of £8m per year before launching on the NYSE.

TOTAL - £2 BILLION... at least

Since the Glazers bought Manchester United on debt, with a personal stake of around just £200m, they have cost the club over £2 BILLION.

TWO. BILLION.

#GlazersOut

Moving on from just the numbers, it's time to focus on the underinvestment and the misinvestment.

UNDERINVESTMENT

The Glazers have been here for 16 years now and whilst the recruitment was relatively sound under Sir Alex Ferguson, it was extremely limited.

Under the Glazers, Ferguson's United had a net-spend of just £158m across 8 years - which works out at just £19m per season!

The below image shows the breakdown of the money paid in transfer fees, by season, under Sir Alex Ferguson.

#GlazersOut

The standout year for investment (07/08), United went on to win the CL/PL double.

In 09/10 where we received £80m for Ronaldo, our answer was to spend under £25m to bring in Gabriel Obertan, Antonio Valencia and Michael Owen... to replace the best player in the world.

During those 8 years, we were fed the 'no value in the market' line. Even Rooney questioned United's ambition. It was evident that United were being held back. Whilst City were building one of the best squads in the world, we were taking punts on players like Bebe and Manucho.

The year City signed Aguero, United signed Young. An average net-spend of £19m per season for 8 years, for a club the size of Manchester United, is madness.

You could argue that Manchester United were still successful during these years, but that was not down to the Glazers.

Cristiano Ronaldo and Wayne Rooney, not to mention Sir Alex Ferguson were instrumental to those glory years, all of which were at United before the takeover.

The Glazers, if anything, prevented even further success in Sir Alex’s twilight years. Imagine what we could have won...

MISINVESTMENT

Since Sir Alex Ferguson's retirement, Manchester United have spent just over £1 billion on players - a lot of which has been entirely wasted, overseen by the recently resigned Ed Woodward.

#GlazersOut

#WoodwardGone

This is thanks to the club trying to play catch-up due to the underinvestment in the 8 years under SAF and other clubs leaving us behind.

With Woodward at the helm, Manchester United have overpaid for average players and given out ludicrous contracts to even worse ones.

Don't forget there have been some big sales in that time too, so whilst a £1 billion spend over the last 8 years might seem a lot, in reality, the net spend is around £662m - around £82m per season since 2013.

The misinvestment purely comes down to the imbeciles dealing with our transfers since SAF stepped down. There are many examples of us overpaying and signing square pegs for round holes. Woodward overruling managers and the bloated wage bill.

The reality is that Manchester United is being run like a circus, and despite this 'cultural reboot' that we're constantly fed, nothing fundamental has changed. I'd like to say Woodward leaving is a positive step, but the next man will fill the same role, doing the same things.

THE NEGLECT OF FACILITIES & OLD TRAFFORD

Again, it's a shame that I have to make comparisons to Manchester City, a club run with football in mind, but City's owners have invested a considerable amount into their facilities - including £200m for the build of the Etihad Campus.

At United, the investments at the stadium have gone no further than a lick of paint here and there and upgrades to the hospitality suites (of course). https://twitter.com/i/status/1144433543088619520

The average spend on refurbishments across all of the club's properties - OT, Carrington and The Cliff - is just an average of £3.7m per year - again, the majority of that being spent in hospitality. Even plans to expand the Ticket Office were shelved in an attempt to save money.

The only major work done on Old Trafford under The Glazers were the new quadrants in 2006 - a project that The Glazers were obliged to fulfil as part of their takeover, as considerable money had already been spent.

#GlazersOut

You can bet your life that The Glazers would have pulled the plug on that, too, if they could. Even then, it's believed that The Glazers had to lend money to complete the Quadrants, which was then in turn loaded onto the back of the rest of the club's debt.

#GlazersOut

Old Trafford, one of the most historic stadiums in football is being left to decay. The roof is leaking. The paint is tired and tatty. The whole ground feels dated - and not in a good historic English football kind of way - more in a 'this is a bit of shit-hole' kind of way.

This is highlighted even further by other clubs, in England and abroad. 7 of the 20 clubs in the PL have built new stadiums in the last 20 yrs. Further to those, Liverpool have made major renovations whilst Everton and Chelsea have firm plans to build new stadiums.

It's not just the stadium either. Before the Glazers, Carrington was a state-of-the-art training facility, maybe the best in the world - now it's been surpassed by the likes of City and Spurs in England and doesn't come close to what Bayern & Real Madrid have built.

The neglect of the stadium and the surrounding facilities is symbolic of the general direction of the club and also a consequence of the position it finds itself in.

It's not that Manchester United can't make huge renovations, it's just that they simply won't.

Manchester United's under-investment goes way beyond not buying a few players. The club is dangerously dated - from the methods in the background to the stadum itself.

The rest of football are in 2021, Manchester United find themselves kicking dirt in 2005.

#GlazersOut

WHY THEY WILL SELL V WHY THEY WONT SELL

The Glazers have been here for 16 years now, in that time they've made the best part of £1 billion for themselves - this doesn't include the interest or debt.

Not bad from a club that essentially cost them nothing, right?

Here's why now could be the perfect time for the Glazers to sell;

Commercial Revenue/COVID: Even before COVID, commercial revenue was stagnating. 2016, 2017 and 2018 was pretty much a flat line. There's no signs of that improving, especially due to the pandemic.

Champions League: Champions League football, a certainty for almost a decade under the Glazers, is no longer a given - that's roughly £84m per year.

Given the gradual improvement of the chasing pack, it will be a dogfight just to get into the top four next season.

Champions League bonuses: Contracts such as the Adidas deal are loaded with Champions League incentives meaning less money across the board should Manchester United fail to qualify for the Champions League.

European Super League: The Glazers have been banking on this one for years. Given the reaction to the announcement this time last week, it doesn't seem like a breakaway is likely any time soon. This is a big enough reason in itself for them to go.

Fan Unrest: As shown in the last 7 days, fans have a bigger influence than maybe even we thoguht. Ground boycotts, protests, sponsorship boycotts etc. - there's only so much they can take but it needs to be consistent over a long period, not just a flash in the pan.

Government Regulations: Whilst I can't see the 50+1 legislation being passed, it will no doubt add further pressure on them and another unwanted distraction.

Even if the government don't pass the 50+1, they may tighten the strings in other areas. It's in the spotlight.

Investment Needed: It's clear that investment is needed - on and off the pitch. Every penny spent on Manchester United Football Club is a penny out of The Glazer's pockets. They've hung off as long as possible but it's only a matter of time before money NEEDS to be spent.

Debt: The debt isn't going away any time soon, neither is the interest. The Glazers know full well they can sell the club with the debt and it's just not their problem anymore.

And here's why they might not sell...

Cash Cow: The Glazers are in charge of arguably the biggest club in the world. A club that provides them the best part of £20m per year in dividends and fees - probably more.

Finding a buyer: The Glazers will want at least £3bn to sell Manchester United. There are very few people in the world who can afford that, and the debt that comes with it.

Tampa Bay Buccaneers: Malcolm Glazer bought the Buccaneers in 1995. The franchise is worth 10 times what he bought it for then, and The Glazers are showing no signs of going anywhere. They've been in control for 24 years now, which suggests they're in it for the long haul.

At this moment in time, the reasons why they would sell far outweigh the reasons why they would stay.

This is a completely different situation to even 12 months ago. The pandemic, the Super League failure and perhaps fan unrest at an all-time high could be the perfect mix.

For anyone who thinks this is just about another money-grab in the shape of the Super League, point them to this thread. We're used to stunts like that, it isn't anything new to United.

This is about much, much more but I hope this is where the line is drawn for every MUFC fan.

Keep protesting. No matter where you are in the world, you can do your bit. Don't buy the shirts. Cancel MUTV. Get to the ground to protest. Raise awareness online. The important thing is to stay together and consistent.

I left twitter earlier this year because the place became a cesspit. United fans constantly bickering. Pointless arguments.

This last week I've seen something I never thought I would, a United fanbase. And it's honestly beautiful.

We're in it together. The ones who follow United home and away, the ST holders, the guys who wake up at 5am in a foreign country to watch a Burnley masterclass at Old Trafford. The Ole inners, outers and shake it all abouters.

We're United.

#GlazersOut