Manchester United’s owners, the Glazer family, will no doubt be in line for more vocal lashing and no-holds barred criticism from the club\u2019s supporters long disenamored with their laissez-faire ownership style next month when they receive an \u00a311m dividend payment, which would stand out like a gigantic sore thumb especially in view of the announcement this week that United\u2019s debt has increased by \u00a3127.4m to \u00a3429.1m in just 12 months.<\/p>\n
As revealed in the club’s accounts last year, the Glazers stood to receive two semi-annual dividends of $0.09 a share – approximately \u00a311m – in 2020, with the first being taken out in January. The American owners will receive the second \u00a311m payment on June 3.<\/p>\n
Even a traditionally stoic club like United has received a major financial drubbing from the COVID-19 crisis, which led to football in England being suspended on March 13, with the club confirming on Thursday they are expected to pay a required \u00a320m rebate to the Premier League broadcast rights holders as a result of the fixture schedule being halted during the shutdown.<\/p>\n
Nonetheless while the club is on a downward slide like all others this season, the Glazers will still continue to receive their dividend as, according to United sources, the commitment to make the June payment was made to shareholders on Feb. 25 and any cancellation of the dividend would involve reneging on a legally binding commitment and could potentially have undermined investor trust in United.<\/p>\n
There is also a view within Old Trafford that the club’s ability to make the payment reflects United’s financial resilience during such challenging times.<\/p>\n
Odd, ain\u2019t it, especially when it should be more in line with the scruples and principles of corporate jurisprudence that such financial resilience when thinly stretched and negatively impacting the club\u2019s financial well-being should focus on addressing all other financial matters and needs of importance rather than stretching the buck even more to fill the pockets of the owners themselves and other shareholders first?<\/p>\n
Its\u2019 no wonder then the continued rising ire and wrath of the rising howling hordes of disgruntled, disenchanted United diehard fans.<\/p>\n
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