Tuesday, May 24, 2005

[Manchester_United_2004] Digest Number 754

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There are 3 messages in this issue.

Topics in this digest:

1. Analysis of Glazer Financing - it isn't going to work
From: <duncan.drasdo@shareholdersunited.org>
2. Re: NO LUCK
From: Manutdfano7@aol.com
3. Re: Analysis of Glazer Financing - it isn't going to...
From: Manutdfano7@aol.com

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Message: 1
Date: Tue, 24 May 2005 00:07:24 +0100
From: <duncan.drasdo@shareholdersunited.org>
Subject: Analysis of Glazer Financing - it isn't going to work

EXPLANATION OF GLAZER'S DEBT FINANCING PROPOSALS

as contained in his Circular dated 23 May 2005

THE FULL HORROR REVEALED

Summary

Glazer has taken on up to £921 million of debt, both personal and
corporate,
to acquire United.

If this debt is allowed to run for at least 7 years, then the accumulated
repayment value could reach as high as £1.5 billion.

The debt leveraged on United's assets could be as much as £700 million
within 6 months of closing of the offer.

Servicing that £700 million debt (interest & principal repayments) would
average out at approx. £85 million p.a. for the first 7 years, increasing
substantially thereafter

Glazer could reduce the debt burden by the sale & leaseback of Old Trafford,
which might net him £200 million.

In that case, servicing the debt could still cost the club an estimated £55
million per year, plus the annual OT lease payment.

The offer document contains no detail on how the club might generate enough
cash to pay down this debt and no commitments on transfer funds or other key
issues for United fans and small shareholders.

Manchester United is in peril as never before. No other football club has
ever had a debt burden of this size, and there is no real prospect of
clearing this debt for many years to come.

Nick Towle, SU Chair
More comprehensive details here:
http://www.suforum.org/downloads/Glazer_Financing_Analysis.doc

It cannot work. Glazer is doomed to failure - its just a matter of time and
how much damage he does. We must all do everything in our power so that the
parasite is removed as quickly as possible. Then we may have an
unprecedented opportunity to take United into supporter ownership.

We hope that Shareholders United's "MUFC Phoenix Fund" will play a major
role in that.

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Message: 2
Date: Mon, 23 May 2005 20:12:32 EDT
From: Manutdfano7@aol.com
Subject: Re: NO LUCK

i dont know..but i doubt it...sky just said that he has loaned around 549
million so far...so i really cant see us spending anything..

[This message contained attachments]

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Message: 3
Date: Mon, 23 May 2005 20:17:49 EDT
From: Manutdfano7@aol.com
Subject: Re: Analysis of Glazer Financing - it isn't going to...

well thanks alot irish tycoons for selling your shares to "darth vader".
because of you we dont even know how we will be able to pay all of this off
without selling our players and leasing our stadium...

R.I.P. MUFC

[This message contained attachments]

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