Despite the widespread doubts about price, viability, debt, dual-control share structure, and team performances under their tutelage, the Glazer family has decided to go ahead with the NYSE public offering of Man Utd stock…at $20 a share.
I posted last week about what New York thinks of the Glazers, and why the offering will be a flop. Since then, the cash-strapped cryogenic family has decided to go ahead anyway. It will make the Facebook disaster look like the launch of Apple.
I contacted a senior, close observer of the situation today, who offered this quote: “Anyone who invests in this should be taken away in a Yellow Van”.
This idiotic and desperate launch is not taking place for the good of United, but instead to bail out the hopelessly over-leveraged Glazer carpet baggers. Worse still, the flop will do irreparable damage to a Club already facing criticisms of being in decline after last season’s lack of big trophies and preponderance of indifferent team performances. And of course, all the brokerage and flotation fees will be dumped on the Reds….not the Guilty Glazers.
Fellow Red Devils, we need some more FUCM and Newton Heath moments to try and derail this cynical ploy. In the meantime, let’s get viral with this information, and ensure that those raping the Club realise they’ve been rumbled.