Manchester United Launch New York Stock Exchange Flotation

United's NYSE Flotation - A Breakdown
Malcolm Glazer and his family are reviled by many United supporters
Malcolm Glazer and his family are reviled by many United supporters
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On Monday evening it was confirmed the Glazer family had issued a notice of intent to sell just over 10 per cent of Manchester United on the New York Stock Exchange.

Their intention is to raise around $300m (£190m), with shares set to start between $16 and $20.

Gallingly for vigilant United supporters who continue to be disillusioned under the family's ownership is what the prospectus details about what that money will go towards.

United's debt stands at £423.3m, and the hope amongst more optimistic fans was that the entire sum raised from the flotation would be used to pay off the debt.

However, the prospectus indicates only half the money will be used in that respect, with the rest going directly to the Tampa-based family, who have not invested a single cent into the club.

That the club plans to list on the NYSE under the symbol MANU, a term used by many opposition fans as a demonstration of their dislike of the club, illustrates the widening chasm between supporters and owners.

Naturally the flotation has sparked fury amongst United supporters - many who have boycotted attending home fixtures at Old Trafford during the Glazer ownership. The family bought the club in 2005 and subsequently heaped over £700m worth of debt on a previously debt-free club.

Yesterday United conveniently announced a new seven-year shirt sponsorship deal with American car company Chevrolet, which will begin at the start of the 2014-15 season. This signalled the imminent bad news later that evening, since United have traditionally attempted to bury negative news by releasing positive news to paper over the cracks and placate less observant supporters.

At press conferences journalists have been stopped in their wake when attempting to question Sir Alex Ferguson on the harmful impact the debt is having on the club. Recent rejected bids for Arsenal striker Robin van Persie and Lucas Moura, the Brazilian international, meanwhile perhaps symbolise smokescreens in a bid to stress United's competitiveness despite their debt.

Ferguson, despite guding the club to four Premier League titles since the Glazer takeover, is far from immune to criticism. He has hailed the family as "brilliant" and "great" owners, which infuriates a faction of United followers who also hold him accountable for the happening of the takeover seven years ago.

The influential RedIssue fanzine, which started the green and gold movement in 2010, recently penned an open letter which also acts as a thinly-veiled attack on the club's most successful manager. Mutiny is rife.

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