Manchester United: How ‘scavenger’ Glazers bought club – and left Old Trafford ‘rusting’ and in a ‘mess’

Published

2 years ago

November 23, 2022

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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.

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.

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.

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.

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.

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.

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.

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.

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 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.

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”.

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.

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”.

“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.

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.

“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.

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.”

Business

Investors descend on Trump’s golf club for $148m meme coin dinner amid protests

Published

14 mins ago

May 23, 2025

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Investors descend on Trump's golf club for 8m meme coin dinner amid protests

Donald Trump hosted a dinner for investors in his meme coin on Thursday, as critics warned the US president was putting personal profit first.

Some 220 of the biggest investors in the $TRUMP meme coin descended on the exclusive dinner at Mr Trump’s private country club in Northern Virginia.

As the US president arrived, more than a hundred protesters at the Trump National Golf Club held signs that included “America is not for sale”, “stop crypto corruption” and “release the list”.

Massachusetts senator Elizabeth Warren described the dinner, where the US president spoke for about half an hour before dancing to the song YMCA, as an “orgy of corruption”.

Access to the dinner, and the president, was earned by purchasing enough of his $TRUMP meme coin to secure a seat.

The White House insisted Mr Trump would attend the event “in his personal time”, but the lectern he stood behind had the presidential seal.

NBC News reported that during his remarks, Mr Trump did not unveil any new crypto policies but spoke in support of a potential bitcoin reserve and then left promptly afterward.

In total, investors spent an estimated $148m (£110m), with the top 25 holders of the coin spending more than $111m (£82.56m), according to crypto intelligence firm Inca Digital.

A company controlled by the Trump family, and a second firm, hold 80% of the remaining $TRUMP coins and have so far earned $320.19m (£238.14m), including at least $1.35m (£1m) after the dinner announcement, according to blockchain analytics firm Chainalysis.

‘Trump a very successful businessman,’ says White House

According to blockchain analysis, more than half of the 220 holders who attended the black-tie event are likely based outside the US.

This has led to claims the US president has auctioned off access to himself to foreign investors for personal gain.

In response to criticisms about Mr Trump using his office to enrich himself from the meme coin, White House press secretary Karoline Leavitt said: “All of the president’s assets are in a blind trust, which is managed by his children.

“And I would argue, one of the many reasons that the American people re-elected this president back to this office is because he was a very successful businessman before giving it up to publicly serve our country.”

Who was on the guest list?

One of those attending was China-born crypto entrepreneur and billionaire Justin Sun.

He won first place in the dinner contest with his $18.5m (£13.76m) wallet of the Trump meme coin and is the largest publicly known investor in the family’s crypto platform – which has made them hundreds of millions of dollars.

Mr Sun posted videos of himself visiting parts of the White House complex on Wednesday, and on Thursday of Mr Trump at the dinner event.

In February, the US Securities and Exchange Commission paused a 2023 fraud case against him, citing public interest.

However, the identities of the majority of the coin holders attending the event remain unknown.

Of those going, one was simply known as Ogle, a crypto security specialist who appears in video interviews with his face covered by a bandana and sunglasses.

He says this is to protect his identity.

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Even some pro-Trump crypto voices worried his personal involvement may hurt efforts to establish credibility.

“It’s distasteful and an unnecessary distraction,” said Nic Carter, a Trump supporter and partner at the crypto investment firm Castle Island Ventures.

“We would much rather that he passes common sense legislation and leave it at that.”

The event was capped off with an after-party, called “Meme The Night,” thrown by a Singapore-based meme-coin engagement company called MemeCore.

Business

Economy will have to be ‘strong enough’ for U-turn on winter fuel, business secretary says

Published

14 mins ago

May 23, 2025

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Economy will have to be 'strong enough' for U-turn on winter fuel, business secretary says

The economy will have to be “strong enough” for the government to U-turn on winter fuel payment cuts, the business secretary has said.

Jonathan Reynolds, talking to Beth Rigby on the Electoral Dysfunction podcast, also said the public would have to “wait for the actual budget” to make an announcement on it.

You can listen to the full interview on tomorrow’s Electoral Dysfunction podcast.

Sir Keir Starmer said on Wednesday he would ease the cut to the winter fuel payment, which has been removed from more than 10 million pensioners this winter after it became means-tested.

He and his ministers had insisted they would stick to their guns on the policy, even just hours before Sir Keir revealed his change of heart at Prime Minister’s Questions.

But Mr Reynolds revealed there is more at play to be able to change the policy.

“The economy has got to be strong enough to give you the capacity to make the kind of decisions people want us to see,” he said.

“We want people to know we’re listening.

“All the prime minister has said is ‘look, he’s listening, he’s aware of it.

“He wants a strong economy to be able to deliver for people.

“You’d have to wait for the actual budget to do that.”

What are the options for winter fuel payments?

The Institute for Fiscal Studies has looked into the government’s options after Sir Keir Starmer said he is considering changes to the cut to winter fuel payment (WFP).
The government could make a complete U-turn on removing the payment from pensioners not claiming pension credit so they all receive it again.
There could be a higher eligibility threshold. Households not claiming pension credit could apply directly for the winter fuel payment, reporting their income and other circumstances.
Or, all pensioner households could claim it but those above a certain income level could do a self-assessment tax return to pay some of it back as a higher income tax charge. This could be like child benefit, where the repayment is based on the higher income member of the household.
Instead of reducing pension credit by £1 for every £1 of income, it could be withdrawn more slowly to entitle more households to it, and therefore WFP.
At the moment, WFP is paid to households but if it was paid to individuals the government could means-test each pensioner, rather than their household. This could be based on an individual’s income, which the government already records for tax purposes. Individuals who have a low income could get the payment, even if their spouse is high income. This would mean low income couples getting twice as much, whereas each eligible house currently gets the same.
Instead of just those receiving pension credit getting WFP, the government could extend it to pensioners who claim means-tested welfare for housing or council tax support. A total of 430,000 renting households would be eligible at a cost of about £100m a year.
Pensioners not on pension credit but receiving disability credits could get WFP, extending eligibility to 1.8m households in England and Scotland at a cost of about £500m a year.
Pensioners living in a band A-C property could be automatically entitled to WFP, affected just over half (6.3m).

Chancellor Rachel Reeves has committed to just one major fiscal event a year, meaning just one annual budget in the autumn.

Autumn budgets normally take place in October, with the last one at the end of the month.

If this year’s budget is around the same date it will leave little time for the extra winter fuel payments to be made as they are paid between November and December.

Business

Pressure builds on Reeves as borrowing rises ahead of spending review

Published

14 mins ago

May 23, 2025

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Pressure builds on Reeves as borrowing rises ahead of spending review

The Chancellor borrowed more than expected at the start of the new tax year, piling more pressure on the public finances ahead of next month’s spending review.

Data from the Office for National Statistics (ONS) showed estimated net borrowing of £20.2bn in April – higher than the £17.9bn forecast by economists and the fourth highest April total on record.

That was despite a £1.7bn projected boost from employer national insurance contributions – hiked in October’s budget to help get the public finances in order and which kicked-in on 6 April.

The main reasons for the rise in borrowing included increases in public sector pay, along with higher benefits and state pensions, the ONS said.

Money latest: How travel insurance cost can surge

The data will do nothing to ease nerves over the state of the nation’s coffers amid renewed concerns Rachel Reeves may be forced to act again, in the autumn budget, to meet her own “non-negotiable” fiscal rules.

They say she must balance day-to-day spending with revenues by 2029-30, while improving public services and targeting accelerated economic growth.

The Chancellor was forced to restore a £10bn buffer at the spring statement in March, led by planned welfare curbs, after the economy flatlined.

A further restoration of headroom may be on the cards in October, given that stronger growth in the first quarter of the year is forecast to prove elusive across the rest of 2025.

The run-up to next month’s spending review – which sets budgets for government departments – has been dominated by a political row over one of her first actions in the role, which saw universal winter fuel payments stopped.

Prime Minister Sir Keir Starmer confirmed on Wednesday that a U-turn, of sorts, is on the cards.

The prospect of a higher bill ahead will do nothing to ease the cost of servicing government debt, with bond market investors continuing to demand a higher premium to hold UK gilts.

Their concerns include not only the forecasts for slowing growth but also persistent inflation.

One good bit of news for Ms Reeves was a downwards revision by the ONS to its government borrowing figure for the last financial year.

The total dropped by almost £4bn to £148.3bn.

The shift was explained by higher tax receipts but the sum still remained about £11bn above the updated forecast by the Office for Budget Responsibility.

Darren Jones, chief secretary to the Treasury, said of the ONS figures: “After years of economic instability crippling the public purse, we have taken the decisions to stabilise our public finances, which has helped deliver four interest rate cuts since August, cutting the cost of borrowing for businesses and working people.

“We’re fixing the NHS, with three million more appointments to bring waiting lists down, rebuilding Britain with our landmark planning reforms and strengthening our borders, delivering on the priorities of the country through our plan for change.”

There is a growing school of thought that Ms Reeves will need to raise taxes in October if she is to meet her commitments, including her fiscal rules.

Lindsay James, investor strategist at wealth management firm Quilter, said: “The decision to hold off on tax rises in the spring budget increasingly looks like a temporary reprieve.

“As borrowing continues to outstrip forecasts and debt interest costs remain elevated, pressure is building on the chancellor to make tougher choices.”