ALL issues relating to the bond issue and club finances

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What people have to accept* are a few basic truths about the situation:-

1) Manchester United is a business as well as a sporting institution.

2) The Glazers bought it five years ago and are now the owners.

3) As the owners, they are entitled to use the money it makes in any way they see fit. Even the money us fans hand over to them.

4) Once we givethem our money, it ceases to be "our" money or "fans' money". It is their money.

5) The club makes money from many different revenue streams (of which matchday revenue is just one). All of this money technically belongs to the owners.

6) As fans we have no right to say how that money is used.

That is the current situation, but that doesn't make it a good thing or something we shouldn't seek to change to:

1) Manchester United is primarily a sporting institution and secondarily a business, it is run on a not-for-profit basis.

2) The Glazers have sold it to new owners.

3) The new owners, use the money it makes (even the money us fans hand over to them) to improve the football club and allow the widest possible range of supporters to see their team, rewarding the most loyal where possible.

4) Once we have given the club our money, it remains in a real sense "our money" because we have a large stake in the club.

5) The club makes money from many different revenue streams (of which matchday revenue is just one). All of this money belongs to the club and is retained by the club.

6) As fans we have a major say how that money is used.


That's what I want, that's what I think a football club should be all about.

You're happy with the current situation, a lot of supporters think it stinks. Simple really.
 
That is the current situation, but that doesn't make it a good thing or something we shouldn't seek to change to:

1) Manchester United is primarily a sporting institution and secondarily a business, it is run on a not-for-profit basis.

2) The Glazers have sold it to new owners.

3) The new owners, use the money it makes (even the money us fans hand over to them) to improve the football club and allow the widest possible range of supporters to see their team, rewarding the most loyal where possible.

4) Once we have given the club our money, it remains in a real sense "our money" because we have a large stake in the club.

5) The club makes money from many different revenue streams (of which matchday revenue is just one). All of this money belongs to the club and is retained by the club.

6) As fans we have a major say how that money is used.


That's what I want, that's what I think a football club should be all about.

You're happy with the current situation, a lot of supporters think it stinks. Simple really.

Yeah yeah yeah - I won't argue your points even though there are at least five that I don't agree with because I think you're missing the point somewhat.

Wishing for things doesn't make them happen.

What you need to do is go and get yourself £1.5billion together. That makes things happen in this world.

Until then, keep floating around in Andersland.
 
Yeah yeah yeah - I won't argue your points even though there are at least five that I don't agree with because I think you're missing the point somewhat.

Wishing for things doesn't make them happen.

What you need to do is go and get yourself £1.5billion together. That makes things happen in this world.

Until then, keep floating around in Andersland.

I find people who say "yeah it's a shitty but that's the situation we're in so we better get used to it" pretty dispiriting.

Is that a mantra you employ in all aspects of your life?

"I fancy her but she's got a boyfriend"

"I want to get out of my dead end job, but I'd have to retrain"

Or to use some historical examples:

"The Nazi occupy continental Europe, so we'd better get used to it"

"People own slaves, they always have done, it's just a fact"

"They've been in power since '79, they always win...."
 
That is the current situation, but that doesn't make it a good thing or something we shouldn't seek to change to:

1) Manchester United is primarily a sporting institution and secondarily a business, it is run on a not-for-profit basis.

2) The Glazers have sold it to new owners.

3) The new owners, use the money it makes (even the money us fans hand over to them) to improve the football club and allow the widest possible range of supporters to see their team, rewarding the most loyal where possible.

4) Once we have given the club our money, it remains in a real sense "our money" because we have a large stake in the club.

5) The club makes money from many different revenue streams (of which matchday revenue is just one). All of this money belongs to the club and is retained by the club.

6) As fans we have a major say how that money is used.


That's what I want, that's what I think a football club should be all about.

You're happy with the current situation, a lot of supporters think it stinks. Simple really.



agree with your post

AND I also

want to live forever
verify that the moon is made of cheese
and see pigs fly

simple really
 
agree with your post

AND I also

want to live forever
verify that the moon is made of cheese
and see pigs fly

simple really

Perhaps that is the real dividing line, I can't honestly believe that more than a microscopic minority (hello GCHQ) think the Glazers have been good for United.

Maybe most don't believe anything can be done.
 
Here's my reasoning, for what it's worth, in a nutshell:

If the team is well kept and the manager supported then i'm happy; the Glazers can do whatever the feck they like with whatever money they have as long as they support the team and the manager.

I believe that the team has been well kept and that the manager has been supported; i see this in the fantastic squad and i hear it in SAF's own words; as such, i'm happy.

I support United as a football club and a football team; i do not support any vision of United as a socialist experiment. It's football that i love; i love the players, the manager, the team and the club as a footballing entity; i do not see United as a vessel from which to vent my political ideals.

I do not care one bit if our owners do not see the club how i see it; if they see it as an opportunity to make money, i do not care. As long as they continue to support the team and the manager then they're perfectly welcome to try and make some money from the club; i don't care one bit about 'net-spend', and for what it's worth, i think our net-spend has been fine anyway.

I think ticket prices are perfectly reasonable in relation to the rest of the football league.

We're not doomed, we're not skint, we're not on a downward spiral and we don't need Ozil.

As you can imagine then, whilst holding the above opinions, it seems absolutely ridiculous to me that anyone can harbour so much rotting hatred inside them for a family of bloody businessmen; to me the notion seems nothing short of pathetic, and those who knowingly perpetuate, nurse and nurture that hatred in others are an embarrassment to the United fanbase.

I love being a United fan and i love my club; i'm a happy supporter of the best club on the planet - hatred has no hold over me, none whatsoever.

By accepting the Glazers i've beaten them. In my eyes, the fans already own the club.
 
I find people who say "yeah it's a shitty but that's the situation we're in so we better get used to it" pretty dispiriting.

Is that a mantra you employ in all aspects of your life?

"I fancy her but she's got a boyfriend"

"I want to get out of my dead end job, but I'd have to retrain"

Or to use some historical examples:

"The Nazi occupy continental Europe, so we'd better get used to it"

"People own slaves, they always have done, it's just a fact"

"They've been in power since '79, they always win...."

I know what you're saying but I find banging my head against a brick wall pretty dispiriting. I find wasting energy doing something that isn't going to make any difference pretty dispiriting.

You're off on a mad one again now though, the Glazers have already been likened to rapists, murderers, thieves and vampires, now their regime is being likened to Nazi Germany, the Slave Trade and Thatcherism!

Just imagine that you have the ownership you desire. How would it be different? I mean really, really different? Would there be a team that plays and wins almost all the time? Would there be 75,000 in Old Trafford? Would there be top class European nights? Would there be trophies won on a regular basis?

Yes, in your dream, this is probably how you imagine it.

Is it so far removed from the reality? Have the Glazers really come along and destroyed the club and sucked all the life out of it or is it doom & gloom merchants such as your good self who are hell bent on making everyone see the bad in it all?
 
Here's my reasoning, for what it's worth, in a nutshell:

If the team is well kept and the manager supported then i'm happy; the Glazers can do whatever the feck they like with whatever money they have as long as they support the team and the manager.

I believe that the team has been well kept and that the manager has been supported; i see this in the fantastic squad and i hear it in SAF's own words; as such, i'm happy.

I support United as a football club and a football team; i do not support any vision of United as a socialist experiment. It's football that i love; i love the players, the manager, the team and the club as footballing entity; i do not see United as a vessel from which to vent my political ideals.

I do not care one bit if our owners do not see the club how i see it; if they see it as an opportunity to make money, i do not care. As long as they continue to support the team and the manager then they're perfectly welcome to try and make some money from the club; i don't care one bit about 'net-spend', and for what it's worth, i think our net-spend has been fine anyway.

I think ticket prices are perfectly reasonable in relation to the rest of the football league.

We're not doomed, we're not skint, we're not on a downward spiral and we don't need Ozil.

As you can imagine then, whilst holding the above opinions, it seems absolutely ridiculous to me that anyone can harbour so much rotting hatred inside them for a family of bloody businessmen; to me the notion seems nothing short of pathetic, and those who knowingly perpetuate, nurse and nurture that hatred in others are an embarrassment to the United fanbase.

I love being a United fan and i love my club; i'm a happy supporter of the best club on the planet - hatred has no hold over me, none whatsoever.

By accepting the Glazers i've beaten them. In my eyes, the fans already own the club.

That's very poetic.

Am I right in thinking you were priced out of OT some years back?
 
What people have to accept* are a few basic truths about the situation:-

1) Manchester United is a business as well as a sporting institution.

2) The Glazers bought it five years ago and are now the owners.

3) As the owners, they are entitled to use the money it makes in any way they see fit. Even the money us fans hand over to them.

4) Once we give them our money, it ceases to be "our" money or "fans' money". It is their money.

5) The club makes money from many different revenue streams (of which matchday revenue is just one). All of this money technically belongs to the owners.

6) As fans we have no right to say how that money is used.

Now, already I can hear people screaming all kinds of stuff in their heads and I probably know everything that you are thinking because I have probably thought it all before.

Basically though, the above is the reality of the situation.

Now, if so much money comes into the club and it is the Glazers' business model to use some of that money to pay interest bills then that is their choice. It doesn't matter whether we like it or not. That is the way it is.

They have no intention of paying off the main £500million debt and they will use £45million of whatever the club makes each year to pay the interest on the Bond. Again, it doesn't matter whether we like it or not. That's the way it is and that's the way it is going to remain for as long as the Glazers are in charge. If they own the club for the next 20 years then, yes, we are looking at perhaps £1billion "wasted" in interest payments.

However, what you have to always bear in mind is that during that time, it is not completely unrealistic to suggest that the club could have brought in perhaps £10billion+ in revenues and £45million in 20 years' time will not be worth the same kind of money it is worth today and neither will £500million.

The PIK debt is the Glazers' debt but it is continually spoken about as our debt (if ever I try to say the club is £500million in debt, I am usually pulled up pretty quick and told that there's £200+million in PIKs to add to it!). It has implications for us because, as Rood said, if the club gets taken from the Glazers as a result of non-payment of the PIKs then we're at the mercy of the banks and god knows what kind of owners we could end up with. I don't believe it is true to say, "They couldn't be any worse" because I believe they could be.

This being the case then we have to accept* that the Glazers are entitled to their dividends each year and whether they choose to spend those dividends on a mansion, a yacht or on their personal debts is none of our business any more than it is our business what Wayne Rooney spends his salary on.

If all this sounds like I am happy to watch the Glazers use money coming into the club on interest repayments well I'm not "happy" about it but I refuse to lose sleep over it and I refuse to get angry about it. I have just come to accept it.

* When I say "What people have to accept" I obviously don't expect everyone to feel the same and some people will never accept it. However, I reconcile it in my own mind like this:-

The money that we pay as fans on matchdays goes directly to paying the players' wages. This is supplemented by prize money from competitions (which would make sense because the better the players do, the further we advance in competitions and their bonuses kick in).

Commercial revenues go towards paying off the interest payments and the Glazers continue to work in this area in order to generate more money making the net effect of their ownership less of a negative.

Media revenues go towards paying for other costs incurred by "the business" (transfers, the electric bill etc).

It's a very basic way of looking at it but it fits into my simple little brain quite nicely.

The alternative is to not accept the situation and to imagine that every penny you spend on the club (shirts, tickets merchandise etc) goes straight down a debt black hole but thinking this way will make you angry and resentful. You will stop enjoying the football experience, you will develop an aneurism and you will die... or something.

This is a very good post. Very simply explained. Thank you.
 
Here's my reasoning, for what it's worth, in a nutshell:

If the team is well kept and the manager supported then i'm happy; the Glazers can do whatever the feck they like with whatever money they have as long as they support the team and the manager.

I believe that the team has been well kept and that the manager has been supported; i see this in the fantastic squad and i hear it in SAF's own words; as such, i'm happy.

I support United as a football club and a football team; i do not support any vision of United as a socialist experiment. It's football that i love; i love the players, the manager, the team and the club as footballing entity; i do not see United as a vessel from which to vent my political ideals.

I do not care one bit if our owners do not see the club how i see it; if they see it as an opportunity to make money, i do not care. As long as they continue to support the team and the manager then they're perfectly welcome to try and make some money from the club; i don't care one bit about 'net-spend', and for what it's worth, i think our net-spend has been fine anyway.

I think ticket prices are perfectly reasonable in relation to the rest of the football league.

We're not doomed, we're not skint, we're not on a downward spiral and we don't need Ozil.

As you can imagine then, whilst holding the above opinions, it seems absolutely ridiculous to me that anyone can harbour so much rotting hatred inside them for a family of bloody businessmen; to me the notion seems nothing short of pathetic, and those who knowingly perpetuate, nurse and nurture that hatred in others are an embarrassment to the United fanbase.

I love being a United fan and i love my club; i'm a happy supporter of the best club on the planet - hatred has no hold over me, none whatsoever.

By accepting the Glazers i've beaten them. In my eyes, the fans already own the club.

Amen to that.
This more or less covers a lot of my views on the matter.
 
Here's my reasoning, for what it's worth, in a nutshell:

If the team is well kept and the manager supported then i'm happy; the Glazers can do whatever the feck they like with whatever money they have as long as they support the team and the manager.

I believe that the team has been well kept and that the manager has been supported; i see this in the fantastic squad and i hear it in SAF's own words; as such, i'm happy.

I support United as a football club and a football team; i do not support any vision of United as a socialist experiment. It's football that i love; i love the players, the manager, the team and the club as footballing entity; i do not see United as a vessel from which to vent my political ideals.

I do not care one bit if our owners do not see the club how i see it; if they see it as an opportunity to make money, i do not care. As long as they continue to support the team and the manager then they're perfectly welcome to try and make some money from the club; i don't care one bit about 'net-spend', and for what it's worth, i think our net-spend has been fine anyway.

I think ticket prices are perfectly reasonable in relation to the rest of the football league.

We're not doomed, we're not skint, we're not on a downward spiral and we don't need Ozil.

As you can imagine then, whilst holding the above opinions, it seems absolutely ridiculous to me that anyone can harbour so much rotting hatred inside them for a family of bloody businessmen; to me the notion seems nothing short of pathetic, and those who knowingly perpetuate, nurse and nurture that hatred in others are an embarrassment to the United fanbase.

I love being a United fan and i love my club; i'm a happy supporter of the best club on the planet - hatred has no hold over me, none whatsoever.

By accepting the Glazers i've beaten them. In my eyes, the fans already own the club.

Typical cider more confused contradictory rubbish.
 
The funny thing is that the very people who are most accepting of the new reality of football are also often the most vocally opposed to supporters accepting that reality in its entirety, which must necessarily mean that they can and should, if necessary, utilize the only real mechanism that it available to them for expressing their displeasure.

But as we see from Rood, GCHQ, ciderman, and TMRD, to varying degrees, they accept that supporters are now consumers of football in exactly the same way that they are consumers of any other product, but crucially, they don't appear to accept that those consumers not only have a right, but some would argue, a moral duty, to behave like responsible consumers and to act within their own interests and that of their own conscience.

How else can all of the jibes about "harming the club" be explained? What would that even mean if not that some people genuinely believe that supporters, sorry, consumers, should in fact behave exactly as they did when it was reasonable to expect people to support the club at all costs and in all circumstances, despite the fact that the entire landscape has now dramatically changed?

This is a fairly serious (and convenient) contradiction, because its hard to imagine that anyone with knowledge of these issues would believe that it's perfectly fair to apply all of the rules and practices of business to the consumer, but that the consumer should act as though few or none of those rules and practices are actually being applied to them.

It's also hypocrisy of just about the highest order, because some people really don't care that their clothes are being made in illegal sweat-shops by seven year old girls, but that doesn't therefore mean that no-one else should care, either. And before anyone suggests that the example is unrealistic, by all means substitute anything that you like in its place; the principal is exactly the same. Consumers have a right to express their displeasure in any way that they see fit as long as it isn't illegal.
 
Here's my reasoning, for what it's worth, in a nutshell:

If the team is well kept and the manager supported then i'm happy; the Glazers can do whatever the feck they like with whatever money they have as long as they support the team and the manager.

I believe that the team has been well kept and that the manager has been supported; i see this in the fantastic squad and i hear it in SAF's own words; as such, i'm happy.

I support United as a football club and a football team; i do not support any vision of United as a socialist experiment. It's football that i love; i love the players, the manager, the team and the club as footballing entity; i do not see United as a vessel from which to vent my political ideals.

I do not care one bit if our owners do not see the club how i see it; if they see it as an opportunity to make money, i do not care. As long as they continue to support the team and the manager then they're perfectly welcome to try and make some money from the club; i don't care one bit about 'net-spend', and for what it's worth, i think our net-spend has been fine anyway.

I think ticket prices are perfectly reasonable in relation to the rest of the football league.

We're not doomed, we're not skint, we're not on a downward spiral and we don't need Ozil.

As you can imagine then, whilst holding the above opinions, it seems absolutely ridiculous to me that anyone can harbour so much rotting hatred inside them for a family of bloody businessmen; to me the notion seems nothing short of pathetic, and those who knowingly perpetuate, nurse and nurture that hatred in others are an embarrassment to the United fanbase.

I love being a United fan and i love my club; i'm a happy supporter of the best club on the planet - hatred has no hold over me, none whatsoever.

By accepting the Glazers i've beaten them. In my eyes, the fans already own the club.

I feel exactly the same way about Coca-Cola, Apple, and Nike.

God, I love you guys. I'll never leave you!
 
You've lost me.

Speaking of hypocricy of just about the highest order though, i'd say you were attacking a straw-man argument.

I don't actually have a problem with your position. It's yours, and you're obviously entitled to it. But I do have a problem with the collective failure to accept, in the sense that as a consumer I have this right, that while I also care about many of the things that you have spoken about, my own conscience simply won't allow me to stop at that point. I also care about many things beyond that which you have spoken about.

It's the snide and dishonest remarks about "harming the club" that I take issue with, because that exact same reasoning also applies to you when you don't buy a product from someone. Would it be fair for me to claim that you are "purposely harming Nike", simply because you don't want to, for whatever reason, buy one of their products?

And if it is fundamentally different, please explain how?

As to whether it was a straw man, I wasn't attacking a position that you don't hold. Do you or do you not believe that football is now fundamentally a business like any other? The purpose of my reply was to highlight the fact that you don't feel the same way about any of those companies as you do about Manchester United, as revealed in that post.

Why is that, and what does that say about your other beliefs about the way that football clubs should operate?
 
Ignoring which side is right and wrong for a second (because I can't be arsed to jump back into the debate when I haven't read it all recently), it annoys and frustrates many fans that the 'not anti-glazers' come across so nonchalant about the issue, when at the end of the day we're saddled with debt that we 'shouldn't' have and the fans seem to be helping to pay for it.

It would help if more understanding was shown between the two sides arguing here. The 'not anti-glazers' are stating their opinions, then ridiculing others who disagree or show any sort of weakness in their argument, which isn't the way to debate with such passionate supporters. If you think they're 'below' you're intelligence, try be tolerant.
 
It's the snide and dishonest remarks about "harming the club" that I take issue with, because that exact same reasoning also applies to you when you don't buy a product from someone. Would it be fair for me to claim that you are "purposely harming Nike", simply because you don't want to, for whatever reason, buy one of their products?

I think it depends on why you aren't purchasing the products.
 
Here's my reasoning, for what it's worth, in a nutshell:

If the team is well kept and the manager supported then i'm happy; the Glazers can do whatever the feck they like with whatever money they have as long as they support the team and the manager.

I believe that the team has been well kept and that the manager has been supported; i see this in the fantastic squad and i hear it in SAF's own words; as such, i'm happy.

I support United as a football club and a football team; i do not support any vision of United as a socialist experiment. It's football that i love; i love the players, the manager, the team and the club as footballing entity; i do not see United as a vessel from which to vent my political ideals.

I do not care one bit if our owners do not see the club how i see it; if they see it as an opportunity to make money, i do not care. As long as they continue to support the team and the manager then they're perfectly welcome to try and make some money from the club; i don't care one bit about 'net-spend', and for what it's worth, i think our net-spend has been fine anyway.

I think ticket prices are perfectly reasonable in relation to the rest of the football league.

We're not doomed, we're not skint, we're not on a downward spiral and we don't need Ozil.

As you can imagine then, whilst holding the above opinions, it seems absolutely ridiculous to me that anyone can harbour so much rotting hatred inside them for a family of bloody businessmen; to me the notion seems nothing short of pathetic, and those who knowingly perpetuate, nurse and nurture that hatred in others are an embarrassment to the United fanbase.

I love being a United fan and i love my club; i'm a happy supporter of the best club on the planet - hatred has no hold over me, none whatsoever.

By accepting the Glazers i've beaten them. In my eyes, the fans already own the club.

Absolutely spot on, Ciderman.

Not ''genuine'' fans my arse. :rolleyes:
 
I don't actually have a problem with your position. It's yours, and you're obviously entitled to it. But I do have a problem with the collective failure to accept, in the sense that as a consumer I have this right, that while I also care about many of the things that you have spoken about, my own conscience simply won't allow me to stop at that point. I also care about many things beyond that which you have spoken about.

It's the snide and dishonest remarks about "harming the club" that I take issue with, because that exact same reasoning also applies to you when you don't buy a product from someone. Would it be fair for me to claim that you are "purposely harming Nike", simply because you don't want to, for whatever reason, buy one of their products?

And if it is fundamentally different, please explain how?

As to whether it was a straw man, I wasn't attacking a position that you don't hold. Do you or do you not believe that football is now fundamentally a business like any other? The purpose of my reply was to highlight the fact that you don't feel the same way about any of those companies as you do about Manchester United, as revealed in that post.

Why is that, and what does that say about your other beliefs about the way that football clubs should operate?

I haven't been following this thread a for a few months now (and I don't feel inclined to wade through pages and pages of the same arguments and counter-arguments repeated ad infinitum, so I don't know what Cider said about 'harming the club,' but I'm guessing this is a reference to starving the Glazers of funds?

There are 2 separate issues here: one is healthy, rational acceptance of the fact that football is a business and that the individual (the non-wealthy, non-connected kind) can do SFA to change that. Even when well organised apparently, as MUST and the RKs have demonstrated over the last few months.

The second, and this is where you seem to getting a little nuts, is to take it to its logical extreme and immediately declare, that therefore the emotional connection of the supporter to the club should also be similar to those towards corporate giants whose products they may use frequently.

(Come to think of it, there are probably tons of groups the world over, that are just as crazy about Apple's products as we are about United, but I'll let that go.)

Cutting nose, spiting face. Think that sums up the phrase 'harming the club,' adequately. I don't know where the question of conscience comes in? I'm quite bizarred out by that comment, frankly.

Let me be clear, I would also like to see the back of the Glazers and I think the G&G campaign has been heart-warming to watch, but in a very juvenile sense. It's like taking your tie off at morning assembly at school and taunting your teachers etc. A bit of fun, a bit of venting but not very much more than that. It's a 'safety valve' approach, if you get what I mean.

Nonetheless, unless I am logged into the Caf, I don't even remember that such a family exists. The type of anger and hatred on display here is comical, especially when it purports to be a crusading, justice-dispensing exercise.

Simply put, yes, football is a business today. And it's the entertainment business. Yet, it is not a business 'like any other' - there is an element of continuity that separates it from any other 'mass-opiates' (although maybe the makers of the various Idol contests would beg to differ - when I speak to my sister, she gushes about the show and contestants much the same way I do about United and our players.)

There is however, no 'moral imperative' here. If you feel quite that way about a mere football club (even if it's our dear Reds), I'd say you might also in danger of joining up with rebel armies in Africa and South America to free peoples of their oppressors. (Now, how's that for a man with a conscience?)
Yet, someone a little wiser in the ways of them humans, might even say (or sing) 'Won't Get Fooled Again.'
 
I haven't been following this thread a for a few months now (and I don't feel inclined to wade through pages and pages of the same arguments and counter-arguments repeated ad infinitum, so I don't know what Cider said about 'harming the club,' but I'm guessing this is a reference to starving the Glazers of funds?

There are 2 separate issues here: one is healthy, rational acceptance of the fact that football is a business and that the individual (the non-wealthy, non-connected kind) can do SFA to change that. Even when well organised apparently, as MUST and the RKs have demonstrated over the last few months.

The second, and this is where you seem to getting a little nuts, is to take it to its logical extreme and immediately declare, that therefore the emotional connection of the supporter to the club should also be similar to those towards corporate giants whose products they may use frequently.

(Come to think of it, there are probably tons of groups the world over, that are just as crazy about Apple's products as we are about United, but I'll let that go.)

Cutting nose, spiting face. Think that sums up the phrase 'harming the club,' adequately. I don't know where the question of conscience comes in? I'm quite bizarred out by that comment, frankly.

Let me be clear, I would also like to see the back of the Glazers and I think the G&G campaign has been heart-warming to watch, but in a very juvenile sense. It's like taking your tie off at morning assembly at school and taunting your teachers etc. A bit of fun, a bit of venting but not very much more than that. It's a 'safety valve' approach, if you get what I mean.

Nonetheless, unless I am logged into the Caf, I don't even remember that such a family exists. The type of anger and hatred on display here is comical, especially when it purports to be a crusading, justice-dispensing exercise.

Simply put, yes, football is a business today. And it's the entertainment business. Yet, it is not a business 'like any other' - there is an element of continuity that separates it from any other 'mass-opiates' (although maybe the makers of the various Idol contests would beg to differ - when I speak to my sister, she gushes about the show and contestants much the same way I do about United and our players.)

There is however, no 'moral imperative' here. If you feel quite that way about a mere football club (even if it's our dear Reds), I'd say you might also in danger of joining up with rebel armies in Africa and South America to free peoples of their oppressors. (Now, how's that for a man with a conscience?)
Yet, someone a little wiser in the ways of them humans, might even say (or sing) 'Won't Get Fooled Again.'

nice one :drool:
 
...so I don't know what Cider said about 'harming the club,' but I'm guessing this is a reference to starving the Glazers of funds?

That's not the way that I'd phrase it, because you are applying connotations that you wouldn't in almost any other circumstance, but it's essentially correct, yes. I am under no obligation to buy anything that I don't want to, and for any reason.

There are 2 separate issues here: one is healthy, rational acceptance of the fact that football is a business and that the individual (the non-wealthy, non-connected kind) can do SFA to change that. Even when well organised apparently, as MUST and the RKs have demonstrated over the last few months.

You haven't provided an argument for the "acceptance of the fact that football is a business", let alone shown that it is the "rational position". It's an assertion that a lot of people happen to disagree with.

As to whether the current reality can be changed, that's obviously false because any business relies on its customers, without which there is no business.

The second, and this is where you seem to getting a little nuts, is to take it to its logical extreme and immediately declare, that therefore the emotional connection of the supporter to the club should also be similar to those towards corporate giants whose products they may use frequently.

No, what I have consistently suggested is that, anyone wishing to argue that football is a business like that of almost any other has all of their work ahead of them, because the burden of proof is entirely on them to show that it the case. What is "nuts" is that you think that you can get away with making assertions without any kind of argument or evidence for your position.

I don't know where the question of conscience comes in? I'm quite bizarred out by that comment, frankly.

Because I don't believe that applying all of the normal rules and practices of business to people who research has shown simply don't fit the profile of a normal consumer is moral. That doesn't apply to every aspect of "football as a business", but there are some very specific examples where there are few analogues in the rest of the market.

Simply put, yes, football is a business today. And it's the entertainment business. Yet, it is not a business 'like any other' - there is an element of continuity that separates it from any other 'mass-opiates' (although maybe the makers of the various Idol contests would beg to differ - when I speak to my sister, she gushes about the show and contestants much the same way I do about United and our players.)

There is however, no 'moral imperative' here. If you feel quite that way about a mere football club (even if it's our dear Reds), I'd say you might also in danger of joining up with rebel armies in Africa and South America to free peoples of their oppressors. (Now, how's that for a man with a conscience?)
Yet, someone a little wiser in the ways of them humans, might even say (or sing) 'Won't Get Fooled Again.'

Your lack of any kind of argument is noted. There's literally nothing to respond to here. And "I'd say" that suggests that you don't have anything, but I'm willing to offer you the opportunity to try once again.
 
Your lack of any kind of argument is noted. There's literally nothing to respond to here. And "I'd say" that suggests that you don't have anything, but I'm willing to offer you the opportunity to try once again.

Has it ever occured to you Joga that some people don't want to "argue" and merely want to discuss and offer their own opinion on the situation?
 
I received this in my Inbox earlier from someone in the Newbie section, I think it raises a very interesting point about the PIKs...

I am an Investment Banker by profession and have worked on LBOs before, so I do know about how they are structured. I have a lot of views on the club's debt but I wanted to clarify something about the PIKs which I believe has been the source of fans' disagreement (my apologies if all this has been discussed before).

The commonly held view is that the PIKs are secured against shares of Manchester United, and if these PIKs go into default, the lenders (likely hedge funds) would take control of the company and either sell the shares or do stupid things with the club. The problem with this view is that no one knows exactly the percentage of shares in Manchester United that the PIKs are secured with. The fact is under UK corporate law you will need majority ownership, 51% or more, to have control of a company.

The truth is the PIKs are only secured with a pre-determined minority stake of the club. Hence, if the PIKs are not paid, the lenders will only get a relatively small amount of shares, which will be not enough to gain control of the club.

Here's my explanation:
The original amount of PIKs was a small percentage compared to the acquisition price of the club then. When the acquisition was completed back in 2005, the amount of PIKs must have been somewhere between 110-120m, and would have been used to buy a ~14% stake of the club.

It would not have made any sense if the Glazers were to pledge a majority stake of the company as security to the PIKs for such a small sum of money, relative to the valuation of the club then, especially considering the fact that the PIKs also have a high interest rate of 14.25%.

The PIKs would likely have been borrowed at Red Football Junior Limited; this entity owns 28% of Manchester United Limited. According to the Bond Prospectus on page 5, Red Football Junior Limited was set up at the time of Glazer's acquisition to acquire shares in the club. This is quite common in LBOs to limit the recourse PIK lenders would have to the owners. In a default, the PIK lenders cannot go outside Red Football Junior to get their money back.

As such, the shares which Red Football Junior owns would likely be all the shares pledged to the PIKs as security. It is also no coincidence that this translates to roughly 2 times the original PIKs amount, adequate security coverage for the PIKs.

What this means is that the worst case for the club if the PIKs are not repaid, is that the PIK lenders will only end up with a minority stake, 28%, in the club. They will not be able to do anything to the club - the only thing they can do is to sell that stake and hope that a buyer will pay enough such that they manage to get back their money. That is the nature of such loans - high risk but high returns.

Thoughts Andersred? GCHQ? Anyone?
 
You haven't provided an argument for the "acceptance of the fact that football is a business", let alone shown that it is the "rational position". It's an assertion that a lot of people happen to disagree with.

Huh? It's a fact that cannot be disagreed with; professional club football is an industry and the clubs are businesses; any rational person would have to agree with that! How can you possibly refute it? Maybe they're not businesses first and foremost in the eyes of the football fans, but that doesn't mean that one could rationally argue that they're not businesses ffs!
 
Huh? It's a fact that cannot be disagreed with; professional club football is an industry and the clubs are businesses; any rational person would have to agree with that! How can you possibly refute it? Maybe they're not businesses first and foremost in the eyes of the football fans, but that doesn't mean that they're not businesses ffs!

As you may have noticed, Joga requires evidence of anything everyone else states as fact but is immune from this himself when making similar assertions.

I think the fact that the tax man chased Portsmouth all the way to the High Courts the other day tells you everything you need to know about the business/community asset argument in the eyes of the government.
 
Huh? It's a fact that cannot be disagreed with; professional club football is an industry and the clubs are businesses; any rational person would have to agree with that! How can you possibly refute it?

I can't refute that football currently "is an industry and the clubs are businesses", but that says nothing about what they should be, as you well know.

If radd's point was that people should accept "that football is [currently] a business", it's a redundant sentence, because no-one disagrees with it.

But if he meant that it's only "rational" to accept that football should be a business, like any other, that would require an argument.
 
I can't refute that football currently "is an industry and the clubs are businesses", but that says nothing about what they should be, as you well know.

Who decides what something "should" be? You? Me? Haven't the fans voted en masse on this by their past behaviours and this is the end result?

When we purchase our tickets, when we pay our monthly subs to Sky, when we tune in in our millions to watch football on TV, when we demand that our managers buy the most expensive players available to them and pay them the highest wages possible etc etc. Hasn't all this made football what it is today?
 
Has it ever occured to you Joga that some people don't want to "argue" and merely want to discuss and offer their own opinion on the situation?

Sure, but why then respond to my post? If you are offering an alternative to my opinion, and referencing things that I've said along the way, that's an argument whether you wish to call it that or not.
 
I can't refute that football currently "is an industry and the clubs are businesses", but that says nothing about what they should be, as you well know.

If radd's point was that people should accept "that football is [currently] a business", it's a redundant sentence, because no-one disagrees with it.

But if he meant that it's only "rational" to accept that football should be a business, like any other, that would require an argument.

radd said...

radd said:
There are 2 separate issues here: one is healthy, rational acceptance of the fact that football is a business and that the individual (the non-wealthy, non-connected kind) can do SFA to change that. Even when well organised apparently, as MUST and the RKs have demonstrated over the last few months.

He didn't mention anything about whether or not football should be a business, or even whether or not - if he did believe that it should be - that it should be a business like any other. In fact he went on to say...

radd said:
it is not a business 'like any other'

You're just putting words in his mouth and then arguing your case against those words; typical straw man response.
 
That's not the way that I'd phrase it, because you are applying connotations that you wouldn't in almost any other circumstance, but it's essentially correct, yes. I am under no obligation to buy anything that I don't want to, and for any reason.



You haven't provided an argument for the "acceptance of the fact that football is a business", let alone shown that it is the "rational position". It's an assertion that a lot of people happen to disagree with.

As to whether the current reality can be changed, that's obviously false because any business relies on its customers, without which there is no business.



No, what I have consistently suggested is that, anyone wishing to argue that football is a business like that of almost any other has all of their work ahead of them, because the burden of proof is entirely on them to show that it the case. What is "nuts" is that you think that you can get away with making assertions without any kind of argument or evidence for your position.



Because I don't believe that applying all of the normal rules and practices of business to people who research has shown simply don't fit the profile of a normal consumer is moral. That doesn't apply to every aspect of "football as a business", but there are some very specific examples where there are few analogues in the rest of the market.



Your lack of any kind of argument is noted. There's literally nothing to respond to here. And "I'd say" that suggests that you don't have anything, but I'm willing to offer you the opportunity to try once again.

I remember when I was in school, and had economics as a subject, there was a term that bugged me for a bit, I simply couldn't grasp it to the depth I wanted. So I asked my teacher for a definition but he couldn't give me one. With adolescent zeal I said immediately, that if he couldn't define it, he didn't know what he was talking about. He replied, 'I can't acceptably define a giraffe either, but I certainly know one when I see one.'

My god, man, do you refuse to accept that the sun exists unless it is proved to you through argumentation?

I live in the real world, and as an intelligent person (which I certainly think you are, and a very good poster, even if habitually given to verbosity) there are plenty of things I observe that I cannot intellectually make sense of, but I can understand the irrationality upon reflection, and through lived experience.

Anyway, I don't want to duck argumentation if that's the sort of thing you want. We can take it up on PM and spare the others, because the grounds for argument that I would choose to take it up on, would be quite irrelevant to this thread.

I do have to get some work done today though, so expect a PM from me tomorrow or day after at worst. That fine with you mate?
 
:lol:

It's impossible to have a conversation with Joga, he demands that you prove every statement you make, it's just impossible.

Try this for logic though Joga...

  • Football is an industry just like any other
  • I know this because all industries have aspects individual only to themselves: in this regard they're similar
  • Football is an industry with aspects individual only to itself
  • Therefore football is an industry just like any other
 
I received this in my Inbox earlier from someone in the Newbie section, I think it raises a very interesting point about the PIKs...

Thoughts Andersred? GCHQ? Anyone?

I am an Investment Banker by profession and have worked on LBOs before, so I do know about how they are structured. I have a lot of views on the club's debt but I wanted to clarify something about the PIKs which I believe has been the source of fans' disagreement (my apologies if all this has been discussed before).

The commonly held view is that the PIKs are secured against shares of Manchester United, and if these PIKs go into default, the lenders (likely hedge funds) would take control of the company and either sell the shares or do stupid things with the club. The problem with this view is that no one knows exactly the percentage of shares in Manchester United that the PIKs are secured with. The fact is under UK corporate law you will need majority ownership, 51% or more, to have control of a company.

The truth is the PIKs are only secured with a pre-determined minority stake of the club. Hence, if the PIKs are not paid, the lenders will only get a relatively small amount of shares, which will be not enough to gain control of the club.

Here's my explanation:
The original amount of PIKs was a small percentage compared to the acquisition price of the club then. When the acquisition was completed back in 2005, the amount of PIKs must have been somewhere between 110-120m, and would have been used to buy a ~14% stake of the club.

It would not have made any sense if the Glazers were to pledge a majority stake of the company as security to the PIKs for such a small sum of money, relative to the valuation of the club then, especially considering the fact that the PIKs also have a high interest rate of 14.25%.

The PIKs would likely have been borrowed at Red Football Junior Limited; this entity owns 28% of Manchester United Limited. According to the Bond Prospectus on page 5, Red Football Junior Limited was set up at the time of Glazer's acquisition to acquire shares in the club. This is quite common in LBOs to limit the recourse PIK lenders would have to the owners. In a default, the PIK lenders cannot go outside Red Football Junior to get their money back.

As such, the shares which Red Football Junior owns would likely be all the shares pledged to the PIKs as security. It is also no coincidence that this translates to roughly 2 times the original PIKs amount, adequate security coverage for the PIKs.

What this means is that the worst case for the club if the PIKs are not repaid, is that the PIK lenders will only end up with a minority stake, 28%, in the club. They will not be able to do anything to the club - the only thing they can do is to sell that stake and hope that a buyer will pay enough such that they manage to get back their money. That is the nature of such loans - high risk but high returns.

Well nobody has ever managed to get their hands on the PIK documentation so nobody really knows. God knows I've tried to get them!

He's wrong about some things however.

1) The current PIKs weren't used to fund any of the takeover. He's thinking of the "Redeemable discount preferred securities". £275m of these were issued in 2005 in two tranches. They were redeemed using the bank debt and PIKs issued in 2006.

2) The reason why most of us (all of us?) think that the security for the current PIKs (original value £138m, current value c. £220m) is all of RFJV's equity in RF is the wording in the RFJV accounts. This is the wording in the 2006 accounts relating to the old prefs:

"...at any date after the 63rd month from the date of issue if they had not been redeemed in full the holders of the securities could enforce their security over 30% of the ordinary share capital in the Company [RFJV]"

So that makes the security very clear.

This is the wording in the 2009 accounts about the current PIKs (my emphasis):

"The Payment in Kind loan is secured against the shares of Red Football Limited."

The logic is that if the auditors insisted on the 30% disclosure for the prefs, then the "the shares" reference for the PIKs (not "shares" or "some shares" or "x% of the shares") means all of them.

3) RF Junior bit is wrong, the RFJV accounts show the PIKs are held by RFJV the company not by any subsidiary.

But like I say, we don't know much more.
 
Well nobody has ever managed to get their hands on the PIK documentation so nobody really knows. God knows I've tried to get them!

He's wrong about some things however.

1) The current PIKs weren't used to fund any of the takeover. He's thinking of the "Redeemable discount preferred securities". £275m of these were issued in 2005 in two tranches. They were redeemed using the bank debt and PIKs issued in 2006.

2) The reason why most of us (all of us?) think that the security for the current PIKs (original value £138m, current value c. £220m) is all of RFJV's equity in RF is the wording in the RFJV accounts. This is the wording in the 2006 accounts relating to the old prefs:

"...at any date after the 63rd month from the date of issue if they had not been redeemed in full the holders of the securities could enforce their security over 30% of the ordinary share capital in the Company [RFJV]"

So that makes the security very clear.

This is the wording in the 2009 accounts about the current PIKs (my emphasis):

"The Payment in Kind loan is secured against the shares of Red Football Limited."

The logic is that if the auditors insisted on the 30% disclosure for the prefs, then the "the shares" reference for the PIKs (not "shares" or "some shares" or "x% of the shares") means all of them.

3) RF Junior bit is wrong, the RFJV accounts show the PIKs are held by RFJV the company not by any subsidiary.

But like I say, we don't know much more.

Cheers Anders. This is where I am at a loss to be honest. I keep meaning to draw myself a little diagram with all these companies and subsiduaries because I try to keep them in my head and they just keep falling out.

So. Am I reading what you have said there correctly? You are saying that you believe an £138m loan was secured against ALL the shares in Red Football Ltd (i.e. Manchester United)?
 
Excellent post... until the 31 August report reveals how much has been siphoned off to pay down the PIKS...

Since we've not really spent much money I'm expecting the bulk to get knocked on the head.

I haven't thought about much of this lately and it's been great.

Next week it will be back in the saddle and back to reality.

I'm impressed with this spreadsheet business though I must admit!
 
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