| Sports | Business - Finance |
Manchester United Supporters Trust Gathers Massive Support + open letter to David Gill |
email: Carrsguide http://www.joinmust.org/free http://www.joinmust.org/blog/
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Contact Person:: Duncan Drasdo
PR355 Release Tel:: 0161 872 3300/07883 070876
Date added: 18.2.2010
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Press Release Overview:
Duncan Drasdo, MUST chief executive said
"Interest in MUST and the Green & Gold campaign to bring supporter
ownership to Manchester United has sent membership growth through the roof.
MUST passed the 50,000 member milestone today and if anything the rate of
growth is accelerating.
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Body Text:
"Passing the 50,000 milestone is psychologically important as we've always
felt that is the point that we transform from a protest group to an
unstoppable movement for change."
The latest membership figure can be viewed by using the links above
Supporters can join the campaign to get the Glazers out and bring a new ownership model for Manchester United completely free of charge using the links above
10 Questions for David Gill in an open letter compiledby MUST member (and fund
manager) "Andersred"
From the Andersred blog today:
Following David Gill's somewhat unsatisfactory radio interview with Garry
Richardson on 31st January (his only formal statements about United's
finances since the bond issue) and the emotional exchange of views he had
with two supporters at Birmingham University last week, I am today sending
David an open letter with ten key financial questions about the Glazers'
stewardship of the club.
The full text of the letter can be downloaded in pdf form here:
http://tinyurl.com/10-questions-for-David-Gill
I have a lot of time for David who is clearly an excellent administrator in
an "industry" lacking in such people. In the plc days I met him on several
occasions. I do however think he is not being straight with the media or
supporters about key aspects of the club's financial position and my
questions attempt to get to these aspects.
Specifically:
The amount of interest costs and fees imposed by the Glazers on the club
(including monies taken for the Glazer family's personal benefit) since the
takeover compared to exactly zero the family have invested in the club
(rather than in buying it). Without these costs, ticket prices could have
been frozen at pre-takeover levels and the club would still be worse off.
David's dismissal of a potential sale of Carrington, a prize footballing
asset built by the club entirely from its own resources. Such a sale is
definitely envisaged by the bond document and would be another direct
transfer of value from the club to the Glazer family.
Of most importance, the crystal clear mechanisms put in place by the bond
covenants to allow club profits to be used to pay down the PIKS, which
totally refute David's many statements that this debt is not Manchester
United's "problem". These mechanisms are the only "benefit" the bonds
provide.
I don't know whether David will reply to my letter, but in any case I
believe (from a professional point of view as well as that of a supporter)
that my 10 questions represent the subjects on which the United management
and the Glazers must be challenged.
//ENDS
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