Avram Glazer Refuses to Sell Manchester United Amid Financial Crisis
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Avram Glazer, the co-owner of Manchester United, has made it clear that he has no intention of selling the club, despite the team's current financial crisis and poor performance on the pitch. The club's latest financial results show a significant increase in debt, with a £14.5m cost of getting rid of manager Erik ten Hag, sporting director Dan Ashworth, and other members of the football staff. The Glazer family, who have been the majority owners of the club since 2003, have been criticized for their handling of the club's finances, with many fans calling for them to sell up.
The club's quarterly accounts reveal that earnings before interest, tax, depreciation, and amortization (EBITDA) were £70.5m for the second quarter, but player trading and interest costs meant they ended up recording a £27.7m loss. Total revenue was down 12% year on year to £198.7m, with net finance costs up from £300,000 to £37.6m on the prior year quarter due to an "unfavourable swing" in foreign exchange rates on unhedged US dollars borrowings. The Manchester United Supporters' Trust has stated that the latest figures "lay bare the scale of the financial mismanagement" at the club, and has called for the owners to freeze ticket prices and allow everyone to get behind the team.
The Glazer family's decision to not sell the club has been met with frustration from fans, who are concerned about the team's future prospects. The club is currently languishing in 15th place in the Premier League, and the recent departure of manager Erik ten Hag has not helped to improve the team's performance. The financial situation at the club is a major concern, with the team's debt increasing significantly in recent years. The Glazer family has been accused of prioritizing profits over the team's performance, and many fans feel that they are not committed to investing in the team.
Despite the criticism, Avram Glazer has stated that he is committed to the club and has no intention of selling. The club's co-owner has been working to reduce costs and increase revenue, but the team's poor performance on the pitch has made it difficult to attract new sponsors and investors. The commercial situation at the club is a major challenge, with the team's revenue decreasing significantly in recent years. The Glazer family will need to find a way to turn the team's fortunes around if they are to succeed in their goal of making the club a profitable business. The use of technology is seen as a key area for growth, with the potential for immersive reality platforms to increase revenue and improve the fan experience.
The situation at Manchester United is complex, with many different factors contributing to the team's current situation. The club's fans are eager to see improvement on the pitch, and are calling for the owners to take action to address the team's financial and commercial challenges. The following are some key statistics that illustrate the club's current situation:
- Manchester United's debt: £1.5bn
- Revenue decrease: 12% year on year
- Net finance costs: £37.6m
- EBITDA: £70.5m
- Loss: £27.7m
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