Avram Glazer confirms Manchester United is not for sale
- Avram Glazer announced that Manchester United will not be sold, remaining the majority owner.
- The club's quarterly accounts revealed a £27.7 million loss with a 12 percent decline in total revenue.
- Widespread fan discontent is apparent, with organizations calling for changes in management amid the club's financial struggles.
In recent days, Avram Glazer, co-owner of Manchester United, firmly stated that the club would not be put up for sale. This declaration came on the same day the team released its quarterly financial accounts, which revealed significant financial challenges, including a loss of £27.7 million. The troubling financial status is compounded by a staggering £14.5 million expenditure associated with the termination of manager Erik ten Hag and other key staff members, indicative of the team’s struggles both on and off the pitch. The financial examination highlighted a 12 percent drop in total revenue year-over-year, signaling growing difficulties in generating income for the club. Notably, the earnings before interest, tax, depreciation, and amortization (EBIDTA) were reported at £70.5 million for the second quarter. However, this was overshadowed by increased player trading costs and rising interest expenses, which were further intensified by unfavorable foreign exchange fluctuations concerning unhedged US dollar borrowings. This dire financial situation has sparked widespread criticism from fan groups, especially with the 1958 fan organization characterizing the figures as 'grim reading.' Plans for protests were announced by the group ahead of an upcoming fixture, indicating that passionate supporters are dissatisfied with the current state of affairs. The Manchester United Supporters’ Trust also expressed serious concerns, arguing that fans should not bear the financial burden caused by the club's significant debt and mismanagement. Meanwhile, Sir Jim Ratcliffe, United’s co-owner holding a 28.94 percent stake through his Ineos group, has made attempts to implement cost-cutting measures amid declining revenues and profits. Despite the calls for changes in ownership and management, Glazer’s unwillingness to sell suggests that the current ownership structure is likely to remain in place for the foreseeable future, leaving fans to navigate their frustrations with the club's performance and financial conditions.