Manchester United: How the Glazers Stole Our Club Without Spending a Penny
How the Glazers hijacked Manchester United with debt, drained over £1 billion, and left the club struggling—without ever investing a penny of their own money.
Manchester United was once the greatest football club in the world, built on the foundations of success, history, and fan passion. But since 2005, we’ve been shackled by debt, drained of cash, and run like a corporate piggy bank—all thanks to the Glazers' leveraged buyout (LBO).
The worst part? They didn’t even use their own money to buy the club. They took a debt-free, profitable football institution and dumped hundreds of millions in loans onto it, forcing United—not themselves—to pay the price.
By 2018 more money had been paid by the club in interest than was originally borrowed to buy the club in 2005.
1991: When Football Became Business
United was first listed on the London Stock Exchange (LSE) in 1991. Before that, the club was privately owned, mainly by the Edwards family, with Martin Edwards as chairman. The IPO raised just £6.7 million, but it meant United was now a company where anyone could buy shares—including the leeches that would later drain us dry.
After the listing, a mix of institutional investors, wealthy businessmen, and smaller fans owned the club. But by the early 2000s, two men had built up the largest stake: John Magnier and J.P. McManus, who together controlled 28.9% through their investment firm Cubic Expression.
2003–2005: The Glazers’ Stealth Takeover
Then came Malcolm Glazer, a billionaire from the U.S. who had never stepped foot inside Old Trafford but saw a way to own one of the biggest football clubs in the world without using his own money.
In 2003, the Glazers started quietly buying shares in United.
By October 2004, they controlled 28.7%—just behind the Irish duo.
In May 2005, they made their move, buying Magnier & McManus' 28.9% stake for £227 million.
That gave them 57.6% control, triggering a mandatory takeover bid under UK law.
At this point, they should have used their own money to buy the rest, right? Wrong.
The 2005 Leveraged Buyout: The Club Pays, Not the Owners
Instead of using their own wealth, the Glazers borrowed money and forced United to pay for its own takeover. Here’s how they pulled off the scam:
They borrowed £265 million from JP Morgan and other banks.
They took out an extra £275 million in Payment-in-Kind (PIK) loans, which carried ridiculous interest rates of up to 16.25%.
Instead of putting this debt on themselves, they secured it against Manchester United—meaning the club, not the Glazers, was responsible for paying it back.
By June 2005, they had over 75% of the shares, allowing them to delist United from the stock market and take full control. Within months, they owned 98%, forcing out the remaining shareholders.
At the time of the takeover, United was completely debt-free. Overnight, we were drowning in £660 million of debt, with no say from the fans, no investment from the Glazers, and no way out.
What Security Did the Glazers Provide? None.
If you take out a loan to buy a house, the bank takes security over the property—meaning if you don’t pay, they take it back. That’s normal.
But the Glazers didn’t provide any personal security for the loans. Instead, they put United’s own assets, revenues, and future earnings as collateral. That means:
If United went bankrupt, the Glazers wouldn’t lose a penny, but the club could be stripped and sold off to pay the lenders.
The Glazers’ personal wealth was never at risk—they had found a way to buy a £1 billion football club without any financial exposure.
How Much Have the Glazers Taken From United? Over £1 Billion.
Since 2005, instead of investing in the club, the Glazers have siphoned off money through dividends, fees, and interest payments. The estimated total? Over £1 billion.
Dividends: At least £166 million has been paid out to the Glazer family.
Management Fees: Millions more in "consultancy" payments.
Interest Payments: Hundreds of millions spent just servicing the debt they forced on the club.
To put it simply: instead of investing in the squad, Old Trafford, or Carrington, the Glazers have used United as a cash machine—and we’re the ones paying for it.
How Could This Happen?
People often ask: Why would anyone sign such a terrible deal?
The answer: Because everyone else got paid.
✅ The lenders made money—banks charged high interest rates and knew they could repossess the club if things went bad.
✅ The shareholders made money—Magnier & McManus cashed out at a premium, and investors took their profits.
✅ The Glazers made money—they took over a billion-pound asset without using their own cash.
❌ The fans and club lost everything—we got stuck with debt, neglect, and owners who don’t care about football.
This is why leveraged buyouts (LBOs) should never be allowed in football. A club should not be forced to fund its own takeover.
Where Do We Go From Here?
The reality is we won’t be free of the Glazers unless they decide to sell—and they’re in no hurry to do that. Sir Jim Ratcliffe (through INEOS) owns 28.9%, but that doesn’t mean the debt goes away.
The only way we can ever fix this club is:
Full sale of the club—forcing the Glazers out.
Debt-free ownership—someone who actually invests instead of draining cash.
Fan representation—ensuring this never happens again.
Until then, we’re stuck in a cycle of underinvestment, asset-stripping, and financial mismanagement.
Manchester United isn’t a business. It’s a football club. And until we get rid of the American parasites bleeding us dry, we’ll never be the club we used to be.
🔗 Read more on the Glazers' ownership history: Wikipedia
Final Thought: The Biggest Robbery in Football
The Glazers pulled off one of the greatest heists in sporting history—and we’re the ones paying for it.
As of the 2023–24 financial year, Manchester United's gross debt stands at £496.5 million.
Since the 2005 takeover, the club has paid approximately £743 million in interest alone.
Despite these massive outflows, the debt remains a significant burden, limiting our ability to invest in the squad and infrastructure.
It’s been nearly 20 years, and they still haven’t put a single penny of their own money into Manchester United. They didn’t just buy our club—they stole it.