Kieran Maguire: Man United shareholders will be furious at what Glazer said at meeting
Man United shareholders will not be happy that they have not been consulted over plans to restructure the club’s shares.
That is according to finance guru and Football Insider columnist Kieran Maguire, speaking exclusively after Joel Glazer attended a United fan forum on 4th June.
The beleaguered Old Trafford supremo attended such a meeting for the first time in 16 years to reveal that he is creating a new class of shares designed for fans.
Quoted by the Guardian, he told supporters that the shares “will each carry the same voting rights as the shares owned by the Glazer family.”
The Glazer family currently hold the club’s A-shares which afford them a greater say in the club decision-making process.
The plan to cede some of this power to United supporters is bound to provoke the ire of current shareholders, according to Maguire.
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“Man United will issue the shares, so none of this additional money will go to the Glazers,” he told Football Insider correspondent Adam Williams.
“How existing shareholders who only have one vote each will feel about this, I’m not sure. I don’t think they’ll be happy.
“They don’t appear to have been consulted from what I can make out.
“The shares will have to be sold on the stock market because Man United’s a Plc.
“Admittedly, if MUST [Manchester United Supporters Trust] is used as a vehicle and United fans instead of buying shares individually give money to MUST and MUST buy the shares, then they’d be able to vote on bloc.
“If they are sold to individuals, what is to stop an investment trust from coming in and buying those shares?
“So the devil will very much be in the detail here but I think we should give it a cautious welcome.”
In other news, Man United close to being Leicester to youngster signing.