EXPLANATION OF GLAZER'S DEBT FINANCING PROPOSALS as contained in his Circular dated 23 May 2005
THE FULL HORROR REVEALED Summary Glazer has taken on up to £921 million of debt, both personal and corporate, to acquire United. If this debt is allowed to run for at least 7 years, then the accumulated repayment value could reach as high as £1.5 billion. The debt leveraged on United's assets could be as much as £700 million within 6 months of closing of the offer. Servicing that £700 million debt (interest & principal repayments) would average out at approx. £85 million p.a. for the first 7 years, increasing substantially thereafter Glazer could reduce the debt burden by the sale & leaseback of Old Trafford, which might net him £200 million. In that case, servicing the debt could still cost the club an estimated £55 million per year, plus the annual OT lease payment. The offer document contains no detail on how the club might generate enough cash to pay down this debt and no commitments on transfer funds or other key issues for United fans and small shareholders. Manchester United is in peril as never before. No other football club has ever had a debt burden of this size, and there is no real prospect of clearing this debt for many years to come. Nick Towle, SU Chair More comprehensive details here: http://www.suforum.org/downloads/Glazer_Financing_Analysis.doc It cannot work. Glazer is doomed to failure - its just a matter of time and how much damage he does. We must all do everything in our power so that the parasite is removed as quickly as possible. Then we may have an unprecedented opportunity to take United into supporter ownership. We hope that Shareholders United's "MUFC Phoenix Fund" will play a major role in that. ################################# JOIN THE MONTHLY SHARE SCHEME? ################################# Standing Order forms (UK Banks only) Many members like to make regular monthly payments into the share scheme. Doing this by standing order (from UK Bank accounts only) means you can increase your Manchester United shareholding every month without having to do anything. You can set up your standing order for whatever amount you like - they range from �10 a month right up to �5,000. To set up a regular share purchase payment from a UK bank print out your personalised (it must quote your own membership no. as reference) standing order form here: http://www.shareholdersunited.org/soform.php Please keep your email address up to date. Update membership details: http://www.shareholdersunited.org/update/ ----------------------------------------- Get your own manchester.com email http://mail.manchester.com/ http://www.manchester.com/ ------------------------ Yahoo! Groups Sponsor --------------------~--> What would our lives be like without music, dance, and theater? Donate or volunteer in the arts today at Network for Good! http://us.click.yahoo.com/2xaSZB/SOnJAA/Y3ZIAA/GtUolB/TM --------------------------------------------------------------------~-> Please use [email protected] for general discussion. To unsubscribe send a blank message (from the email account in question) to: [EMAIL PROTECTED] Join as a full member of IMUSA today: http://www.imusa.org/join.htm Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/imusa/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
