Someone posted this on a different forum, excellent post but alarming !
Signing Ronaldo was the worst thing United have done for a long time from a footballing perspective. He has taken over what was being built with the youth and energy and all the rest and completely derailed it. They didn't need him because Cavani is just as good and doesn't expect everything to revolve around him. But from a commercial perspective - the only thing the Glazers care about - signing CR7 was perfect. The signing caused an immediate 15% gain in the United share price, which the Glazers have immediately taken a profit on by selling another £137m of shares at a higher unit price than they would otherwise have achieved. Signing Ronaldo has put £18m straight into their pockets.
It's bewildering how these financial mechanisms can be made to work. The Glazers put £270m into buying United, the rest of it (£540m) was borrowed and that debt was then immediately loaded onto the previously debt-free club leaving the Glazers with the shares but not the interest liabilities (which cost United around £50m a year to service last time I looked). The cost of that debt servicing has been estimated to have cost the club upward of £1bn so far without reducing the principal (they still have debt levels over £500m). Meanwhile the Glazers can can sell shares whenever they see a profitable time to do so, with the receipts not paying off the debt but going straight to them, along with the various consultancy fees and such that they pay themselves. With the latest share sale they will have taken their direct profit from this manipulation to well over £400m.
You might think that with such a dodgy setup there would be questions. Well, there would be if the United business were registered in New York or London. It wouldn't meet the corporate governance standards required by either major stock exchange. That's why the Glazers registered it in the Cayman Islands and noted this in the 2019 financial report:
"A company registered overseas does not have to follow the standard corporate governance standards of the New York stock exchange. Accordingly, we follow the corporate governance practices of our home country, the Cayman Islands. Specifically, we do not have a board of directors composed of a majority of independent directors, or a remuneration committee composed entirely of independent directors."
The purpose of independent, or non-executive, directors is to apply objective scrutiny of how a company is being run and hold its executives to account. That's what they have primarily avoided by the Cayman Islands registration though doubtless it is beneficial in terms of tax as well.
Anyway, so back to OGS. All of the above explains why he is there. He was brought in to mollify and pacify the fans - a nice guy, history as a player, a Ferguson devotee, play for the shirt, greatest club in the world, all of that guff. Whatever is necessary so the Glazers can divert attention while they keep the money pipe open with a good and constant flow into their own pockets. Performance on the field just needs to be good enough to support that objective really.