Yahoo Sports Man United fan group write to the club demanding revival of share ownership scheme pledged by Joel Glazer
The Manchester United Supporters’ Trust has written to Manchester United’s owners, demanding the revival of a fan share scheme that was pledged by Joel Glazer in 2021.
In the aftermath of the European Super League fiasco that saw the relationship between the Glazers and United fans sink to a new low, Joel announced plans to create an equity scheme for the club’s supporters.
It was stated that the scheme would comprise new shares being issued that would be part of a “B” category, meaning they would match those owned by the Glazers and have 10 times the voting weight of the “A” category, which are owned by most investors.
Sky News now reports that three-and-a-half years after this arrangement was proposed, it remains on ice and the Manchester United Supporters’ Trust (MUST) wrote to Joel Glazer, Sir Jim Ratcliffe and new chief executive Omar Berrada in September to demand its revival.
It’s understood that in their letter, MUST urged the United chiefs to use ongoing stadium redevelopment plans as a catalyst for the fan ownership scheme.
Sky explain that MUST have indicated that they are in conversations with a crowdfunding platform to facilitate the implementation of such a project, “at significantly greater scale than previously imagined, accelerate its execution, and in all likelihood reduce costs borne by the Club.”
Old Trafford insiders have admitted that the supporter scheme is “unlikely to proceed” amidst uncertainty over future stadium plans and the huge financial requirements associated with them.
United note that while the fan ownership scheme has stalled, it is not dead.
In their letter, MUST divulged they had reached an in-principle understanding with United to set up an “F class” of fan shares.
Money generated from the purchase of the F-shares “would be ring-fenced for investment in infrastructure or fan-related initiatives, and in consultation with the Fan Advisory Board.”
The letter further stated, “The Club would provide one free share to all Season Ticket and Facility holders and Official Club Members (as of a given date) to generate buy-in and momentum from this key group of supporters.”
“As the Club assesses its options to fund the stadium, we believe equity-in the form of the FSP, and potentially a wider share offer to investors-is by far the best option for our football club and supporters. As custodians of this great club, we hope you will agree.”
A MUST spokesperson told Sky about the leaked letter, “Creating a means for fans to acquire, over time, a meaningful stake in the ownership of Manchester United was one of the key commitments made by the club following the disgraceful plans to join a European Super League.”
“Indeed, Joel Glazer committed to build the largest fans share scheme in world sport.”
The spokesperson called for the United owners to re-affirm their long-term commitment to the project even as the wait for its realisation continues.
United return to action on Thursday when they take on PAOK in the Europa League.
