Connect with us

Published

on

It’s nearly 20 years since the American tycoon Malcolm Glazer bought his first stake in Manchester United – now his family’s controversial tenure at the club could finally be coming to an end.

Chants of “Love United, hate Glazers” are regularly heard at Old Trafford and news that the owners are exploring a sale will delight many United supporters.

Here, Sky News tells the story of the Glazers’ ownership of the Premier League club and explains why the family have been so unpopular with fans – even attracting criticism from one of their own star players, Cristiano Ronaldo, who left the club with immediate effect earlier today.

Malcolm Glazer. Pic: AP
Image:
Malcolm Glazer took control of Man United in 2005. Pic: AP

Glazers buy Man Utd – and saddle club with debt

Malcolm Glazer owned the Tampa Bay Buccaneers, an American football team that were then the Super Bowl champions, when he began his investment in United in March 2003.

At the time, United had dominated the Premier League and were one of the most successful clubs in the world, winning an array of silverware under Sir Alex Ferguson.

Glazer took full control of United in June 2005, but the deal was hugely unpopular with fans because it was financed primarily through loans secured against the club’s assets.

Within a year of the leveraged buyout, Glazer had two strokes and his six children – Avram, Joel, Bryan, Kevin, Darcie and Edward – ran United, all of them sitting on the board of directors.

Avram Glazer (L) and Joel Glazer
Image:
Avram Glazer, left, and Joel Glazer are executive co-chairmen of Manchester United

The Glazers’ £790m takeover loaded United with debt that is now around £500m. The club were debt-free before the takeover.

Fans have been enraged by the more than £1bn it has cost the Glazers to service the debt, while cashing in themselves by receiving dividends from the club.

Man United fans protest over Malcolm Glazer's proposed takeover in 2004
Image:
Man United fans protest over Malcolm Glazer’s proposed takeover in 2004

Fan protests and FC United formed

The Glazer family’s first visit to Old Trafford ended in ugly and violent scenes in June 2005 as police clashed with supporters who had effectively barricaded United’s new owners inside the stadium.

Joel, Avram and Bryan Glazer reportedly had to be smuggled down the players’ tunnel and out of the ground in two police tactical aid vans for their own safety.

Police clear a barricade to allow a van, supposedly carrying Joel Glazer, to leave Old Trafford in 2005
Image:
Police clear a barricade to allow a van, supposedly carrying Joel Glazer, to leave Old Trafford in 2005

The Glazers’ controversial takeover prompted a group of disaffected Man United supporters to form a new football club.

FC United began their first season in 2005-06 and now compete in the Northern Premier League Premier Division, the seventh tier of the English football league system.

Sir Alex Ferguson lifts the Barclays Premier League trophy

Success on the pitch

Under the continued management of Sir Alex, United initially remained successful under the Glazers’ ownership, winning five Premier League titles in seven seasons between 2007 and 2013.

With star players Ronaldo and Wayne Rooney, United enjoyed a prolific three-year spell from 2007 to 2009, winning three Premier League titles, a Champions League trophy and the League Cup.

But fans’ anger at the Glazers remained.

Man United fans wave green and gold scarves in protest at the Glazers in 2010
Image:
Man United fans wave green and gold scarves in protest at the Glazers in 2010

Green and gold scarf campaign

In 2010, United fans began donning yellow and green scarves to protest against the Glazers’ ownership.

United are known for their famous red shirts, but the club was originally founded, in 1878, under the name Newton Heath Lancashire and Yorkshire Railway Football Club, which played in a bold yellow and green strip.

At the height of the protests, former United player David Beckham put on a green and gold scarf that was thrown on to the pitch during his return to Old Trafford with AC Milan in 2010.

David Beckham wore a green-and-gold scarf when he returned to Old Trafford with AC Milan in 2010

That night, Joel and Avram Glazer were inside the stadium but Beckham later distanced himself from the protest, saying the ownership of United was “not my business”.

Red Knights takeover bid

A group of wealthy supporters were expected to make a bid of about £1bn for United in 2010, despite United insisting the Glazer family owners would “not entertain any offers”.

The Red Knights group, which included former Football League chairman Keith Harris and Goldman Sachs chief economist Jim O’Neil, said that one of its priorities was to reduce debt levels at the club.

The proposed bid was put on hold after the group said media speculation of “inflated valuation aspirations” had hampered its plans.

Many fans want the Glazer family to sell up

Post-Ferguson problems

Since Sir Alex called time on his illustrious managerial career nearly 10 years ago, United’s form has gone downhill.

Despite appointing high-profile managers such as Jose Mourinho and Louis van Gaal, the club has failed to win the Premier League since 2013 – while spending more than £1bn on players in that time.

United have also not won a trophy since their Europa League triumph in 2017.

To make matters worse, arch rivals Manchester City and Liverpool have enjoyed huge success as they regularly compete for Premier League and Champions League titles.

Malcolm Glazer. Pic: AP
Image:
Pic: AP

Malcolm Glazer death

Malcolm Glazer died in 2014 at the age of 85, having never visited Old Trafford during his ownership of the club.

Although he was a controversial figure in Manchester, tributes poured in from the US, where the businessman was hugely respected for turning Tampa Bay from a laughing stock into a Super Bowl-winning franchise.

After Glazer’s death, NFL commissioner Roger Goodell said: “Malcolm Glazer was the guiding force behind the building of a Super Bowl-champion organisation.

Manchester United fans protesting outside Old Traford against the club's ownership by the Glazers

European Super League anger

The Glazers attracted more fury from United fans after taking a leading role in attempts to form a European Super League last year.

United, along with Liverpool, Manchester City, Arsenal, Chelsea and Tottenham, caused outrage with their plans to join the breakaway competition, in which the founding members would be exempt from relegation.

The six English clubs had planned to set up the league with Spanish sides Atletico Madrid, Barcelona and Real Madrid and Italy’s AC Milan, Inter Milan and Juventus, in a group that some nicknamed the “dirty dozen”.

Soccer Football - Manchester United fans protest against their owners before the Manchester United v Liverpool Premier League match - Manchester, Britain - May 2, 2021 Manchester United fans on the pitch in protest against their owners before the match Action Images via REUTERS/Carl Recine TPX IMAGES OF THE DAY
Image:
Fans stormed the Old Trafford pitch in May 2021

The proposal led to protests from football fans across England, with several hundred storming the Old Trafford pitch before United were due to play Liverpool, meaning the game had to be postponed.

After the clubs backed down Joel Glazer, who had been announced as a vice-chairman of the European Super League, “apologised unreservedly” to fans, saying: “We got it wrong.”

His brother Avram refused to apologise after Sky News confronted him in Florida.

Please use Chrome browser for a more accessible video player

Sky News questions Avram Glazer over Man Utd

After the scandal, United’s executive vice-chairman Ed Woodward announced he would be leaving the club, having been an unpopular figure with fans after a series of expensive signings with precious little success.

Neville brands Glazers ‘scavengers’

Former Man United captain Gary Neville – who was a player at the club in 2005 when the Glazers took over – has been a vocal critic of the owners in recent months.

After the European Super League fiasco, Neville branded the Glazers “scavengers” who “need booting out of this football club and booting out of this country”.

Please use Chrome browser for a more accessible video player

Gary Neville on the Glazers

“We have got to come together,” he told Sky Sports.

“It might be too late, there’ll be people at Manchester United, fans 15 years ago who will say it’s too late.

“It’s never too late, we have got to stop this. It is absolutely critical we do.”

Neville has claimed Old Trafford is “rusting”, with £1bn needed to rebuild the stadium, and the club is in a “mess”.

“When a business is failing and it’s not performing, it is the owners of that business [who are to blame],” Neville said after United were beaten 4-0 by Brentford this season.

“It is really simple. It is failing miserably.

“They took about £24m out of the club two months ago and they have now got a decrepit, rotting stadium, which is second-rate when it used to be the best in the world 15-20 years ago.

“You have got a football project where they haven’t got a clue.”

Neville said there has been a “toxic culture and atmosphere created at the club over a 10-year period” after the departures of Sir Alex and former United chief executive David Gill.

“It is a mess and it cannot carry on,” he added.

Cristiano Ronaldo during a Manchester United game

Ronaldo criticism

The latest high-profile criticism of the Glazers came from one of Manchester United’s very own star players.

Ronaldo launched a blistering attack on the club’s owners during an interview with Talk TV host Piers Morgan.

The Portugal star, who returned to United last year after 12 years away, claimed the Glazers “don’t care about the club” and said it was a “marketing club”.

“They will get money from the marketing – the sport, it’s, they don’t really care, in my opinion,” he said.

Ronaldo also claimed United had not progressed as a club since the departure of Sir Alex in 2013.

Please use Chrome browser for a more accessible video player

Ronaldo defends explosive interview

“Nothing changed. Surprisingly,” he said.

“Not only the pool, the jacuzzi, even the gym… Even some points, the technology, the kitchen, the chefs, which is, I appreciate, lovely persons.

“They stopped in a time, which surprised me a lot. I thought I will see different things… different, as I mentioned before, technology, infrastructure.

“But, unfortunately, we see many things that I used to see when I was 20, 21, 23. So, it surprised me a lot.”

Since the interview last week, the club’s lawyers had reportedly been looking at ways to bring Ronaldo’s time at the club to an end and on Tuesday it was announced that he was leaving “by mutual agreement, with immediate effect”.

Talk of sale and interest from Britain’s richest man

Bloomberg reported in August that the Glazer family were considering selling a minority stake in United and preliminary discussions had been held about bringing in a new investor.

It also emerged that one of Britain’s richest men, Sir Jim Ratcliffe, a boyhood United fan and a proven investor in sport through his Ineos company, had expressed an interest in buying the club.

Ineos chairman Sir Jim Ratcliffe
Image:
Sir Jim Ratcliffe expressed an interest in buying Manchester United

In October, he revealed he had met the Glazer family and was told they were not interested in selling Manchester United.

“I met Joel and Avram, and they are the nicest people,” Sir Jim said.

“They are proper gentlemen, and they don’t want to sell it. It is owned by the six children of the father and they don’t want to sell.”

Continue Reading

World

Stock markets slump for second day running after Trump announces tariffs – in worst day for indexes since COVID

Published

on

By

Stock markets slump for second day running after Trump announces tariffs - in worst day for indexes since COVID

Worldwide stock markets have plummeted for the second day running as the fallout from Donald Trump’s global tariffs continues.

While European and Asian markets suffered notable falls, American indexes were the worst hit, with Wall Street closing to a sea of red on Friday following Thursday’s rout – the worst day in US markets since the COVID-19 pandemic.

As it happened: Worst week’s trading in five years

All three of the US’s major indexes were down by more than 5% at market close; The Dow Jones Industrial Average plummeted 5.5%, the S&P 500 was 5.97% lower, and the Nasdaq Composite slipped 5.82%.

The Nasdaq was also 22% below its record-high set in December, which indicates a bear market.

Read more: What’s a bear market?

Ever since the US president announced the tariffs on Wednesday evening, analysts estimate that around $4.9trn (£3.8trn) has been wiped off the value of the global stock market.

More on Donald Trump

Mr Trump has remained unapologetic as the markets struggle, posting in all-caps on Truth Social before the markets closed that “only the weak will fail”.

The UK’s leading stock market, the FTSE 100, also suffered its worst daily drop in more than five years, closing 4.95% down, a level not seen since March 2020.

And the Japanese exchange Nikkei 225 dropped by 2.75% at end of trading, down 20% from its recent peak in July last year.

Pic: Reuters
Image:
US indexes had the worst day of trading since the COVID-19 pandemic. Pic: Reuters

Trump holds trade deal talks – reports

It comes as a source told CNN that Mr Trump has been in discussions with Vietnamese, Indian and Israeli representatives to negotiate bespoke trade deals that could alleviate proposed tariffs on those countries before a deadline next week.

The source told the US broadcaster the talks were being held in advance of the reciprocal levies going into effect next week.

Vietnam faced one of the highest reciprocal tariffs announced by the US president this week, with 46% rates on imports. Israeli imports face a 17% rate, and Indian goods will be subject to 26% tariffs.

Please use Chrome browser for a more accessible video player

Do Trump’s tariffs add up?

Read more:
Markets gave Trump a clear no-confidence vote
There were no winners from Trump’s tariff gameshow

China – hit with 34% tariffs on imported goods – has also announced it will issue its own levy of the same rate on US imports.

Mr Trump said China “played it wrong” and “panicked – the one thing they cannot afford to do” in another all-caps Truth Social post earlier on Friday.

Later, on Air Force One, the US president told reporters that “the beauty” of the tariffs is that they allow for negotiations, referencing talks with Chinese company ByteDance on the sale of social media app TikTok.

Please use Chrome browser for a more accessible video player

Tariffs: Xi hits back at Trump

He said: “We have a situation with TikTok where China will probably say, ‘We’ll approve a deal, but will you do something on the tariffs?’

“The tariffs give us great power to negotiate. They always have.”

Continue Reading

World

Financial markets were always going to respond to Trump tariffs but they’re also battling with another problem

Published

on

By

Financial markets were always going to respond to Trump tariffs but they're also battling with another problem

Global financial markets gave a clear vote of no-confidence in President Trump’s economic policy.

The damage it will do is obvious: costs for companies will rise, hitting their earnings.

The consequences will ripple throughout the global economy, with economists now raising their expectations for a recession, not only in the US, but across the world.

Tariffs latest: FTSE 100 suffers biggest daily drop since COVID

Financial investors had been gradually re-calibrating their expectations of Donald Trump over the past few months.

Hopes that his actions may not match his rhetoric were dashed on Wednesday as he imposed sweeping tariffs on the US’ trading partners, ratcheting up protectionism to a level not seen in more than a century.

Markets were always going to respond to that but they are also battling with another problem: the lack of certainty when it comes to Trump.

More on Donald Trump

He is a capricious figure and we can only guess his next move. Will he row back? How far is he willing to negotiate and offer concessions?

Read more:
There were no winners from Trump’s tariff gameshow
Trade war sparks ‘$2.2trn’ global market sell-off

These are massive unknowns, which are piled on to uncertainty about how countries will respond.

China has already retaliated and Europe has indicated it will go further.

That will compound the problems for the global economy and undoubtedly send shivers through the markets.

Much is yet to be determined, but if there’s one thing markets hate, it’s uncertainty.

Continue Reading

World

Court confirms sacking of South Korean president who declared martial law

Published

on

By

Court confirms sacking of South Korean president who declared martial law

South Korea’s constitutional court has confirmed the dismissal of President Yoon Suk Yeol, who was impeached in December after declaring martial law.

His decision to send troops onto the streets led to the country’s worst political crisis in decades.

The court ruled to uphold the impeachment saying the conservative leader “violated his duty as commander-in-chief by mobilising troops” when he declared martial law.

The president was also said to have taken actions “beyond the powers provided in the constitution”.

Demonstrators who stayed overnight near the constitutional court wait for the start of a rally calling for the president to step down. Pic: AP
Image:
Demonstrators stayed overnight near the constitutional court. Pic: AP

Supporters and opponents of the president gathered in their thousands in central Seoul as they awaited the ruling.

The 64-year-old shocked MPs, the public and international allies in early December when he declared martial law, meaning all existing laws regarding civilians were suspended in place of military law.

Read more from Sky News:
Highs and lows of Five-Year Keir
MP tells Sky News she was targeted online by Tate brothers

More on South Korea

The Constitutional Court is under heavy police security guard ahead of the announcement of the impeachment trial. Pic: AP
Image:
The court was under heavy police security guard ahead of the announcement. Pic: AP

After suddenly declaring martial law, Mr Yoon sent hundreds of soldiers and police officers to the National Assembly.

He has argued that he sought to maintain order, but some senior military and police officers sent there have told hearings and investigators that Mr Yoon ordered them to drag out politicians to prevent an assembly vote on his decree.

His presidential powers were suspended when the opposition-dominated assembly voted to impeach him on 14 December, accusing him of rebellion.

The unanimous verdict to uphold parliament’s impeachment and remove Mr Yoon from office required the support of at least six of the court’s eight justices.

South Korea must hold a national election within two months to find a new leader.

Lee Jae-myung, leader of the main liberal opposition Democratic Party, is the early favourite to become the country’s next president, according to surveys.

Continue Reading

Trending