Manchester United: Are the Glazers the agents of chaos
By Varun Aithal
Manchester United’s slow and none existence activity in the transfer market brings how the club is run into questioning again.
In one of the most famous action movies, The Dark Knight Rises, the antagonist quotes:
"Introduce a little anarchy. Upset the established order, and everything becomes chaos. I’m an agent of chaos!"
The aforementioned dialogue just about sums up all that is happening at Old Trafford since the club’s acquisition of the Glazers.
Glazers, the owners of Premier League giants Manchester United, are accused of just milking all of the profits rather than investing it back into the club. The club is deteriorating day by day without any proper investments and fans are outraged by their inactivity in the current market.
The Glazers bought the club on loans and kept the club assets as a mortgage for the first time since 1931. Back in 1931, James Gibson saved the club from debt and the Red Devils were debt-free until the 2005 takeover. The fans were unhappy with the takeover and protested when the new owners came to Old Trafford.
The debt that was used to buy the club in 2005 has become a towering figure of over £1 billion. As Ed Woodward had helped Malcolm Glazer in buying the club as a financial advisor, he was slowly incorporated into the club’s financial-planning role, currently taking the title as the executive vice-chairman of the club.
Despite the lack of investment during the initial days, Sir Alex Ferguson’s charm and David Gill’s presence as CEO of the club saved grace. The fears of insolvency were allayed by these two.
During these times, the club won Premier League titles along with a famous Champions League triumph, and historical treble. The club signed a lucrative kit deal with AIG and the increased TV rights boosted the club profitability. The Glazers family was slowly incorporated into the club as non-executive directors.