How the Glazer family cost Manchester United £1.2bn

On 28 June 2005, nan Glazer family completed their takeover of Manchester United Football Club.

It loaded nan nine pinch debt, and complete nan adjacent 20 years, BBC Verify has recovered astir £1.2bn has been spent connected indebtedness interest, indebtedness repayments, dividends and fees to nan family.

To money nan deal, nan Glazers borrowed millions of pounds from hedge costs and near nan nine pinch debts of £604m.

One twelvemonth on, nan nine had already paid £53.2m successful indebtedness liking to its lenders and successful fees to nan Glazer family.

June 2025 marks nan 20th day of nan Florida-based Glazer family taking afloat power of nan Premier League club.

It was a profoundly arguable takeover from nan opening because of nan financial implications for United.

On 22 June 2005, nan Glazer family paid £790m to bargain retired nan club's exiting shareholders and to region nan nine from nan London banal market.

But it was a woody chiefly funded by borrowed money and loaded £604m successful debts connected to nan club, which had antecedently had borrowings of only £50m.

The club's board had warned, external successful April 2005 astir nan dangers of this magnitude of debt, saying it was not "prudent" and risked "a downward spiral successful some squad and financial performance".

The takeover provoked protests from fans, which proceed to this day.

Calculations by BBC Verify - based connected an study of nan club's published accounts and banal marketplace announcements - show that since nan Glazer family's acquisition of nan nine successful June 2005 it has paid out:

This intends that, successful total, £1.187bn successful rate near nan nine betwixt 2005 and 2024 which it is reasonable to reason would not person done truthful successful nan absence of nan Glazer takeover.

It is simply a blimpish estimate, too, because it does not see various fees to banks, financial advisers and different financing costs, including rate hedging.

It besides does not see nan rate that has near nan nine successful nan shape of directors' fees.

Since nan Glazers re-listed a information of nan club's shares connected nan New York Stock Exchange successful 2012, £125m has besides been paid retired successful compensation to nan club's directors.

Given half of nan board were Glazer family members, it's apt half of this sum - astir £63m - went to them.

BBC Verify asked nan nine to remark connected nan findings and they said they would time off nan accounts to speak for themselves.

This compares good pinch expenditure by astir of nan club's rivals, external complete that period.

On nan pitch, United person won 15 awesome trophies nether nan Glazers, but only 5 person those person travel since nan status of legendary erstwhile head Sir Alex Ferguson successful 2013.

Last play they vanished 15th successful nan Premier League - nan lowest they person ended a run since a twelvemonth successful nan 2nd tier successful 1974-75.

This was acknowledged successful nan club's quarterly accounts, released connected Friday.

Chief executive serviceman Omar Berrada said it had been "a difficult play successful nan Premier League, which we each cognize fell beneath our standards and we person a clear anticipation of betterment adjacent season".

The Glazers chiefly utilized borrowed money to bargain nan nine successful 2005, but nan accounts show they besides put successful £273m of their ain cash.

However, they person invested nary money of their ain since.

The investments successful nan squad person travel from nan club's ain internally generated rate resources and from indebtedness secured connected nan nine straight and connected nan ownership shares successful nan club.

The family person besides realised sizeable worth from their investment.

Between 2012 and 2022 nan Glazer family sold £555m successful shares successful nan club, including nan proceeds of a £150m 2012 listing connected nan New York Stock Exchange.

Of nan waste proceeds, £484m went to them directly, though £71m went to partially salary down nan indebtedness they took retired to bargain nan club.