United fans group angry at Glazers
Manchester United fans in the stands
United lodged their intention to sell 10.2% of the club on Monday evening, with the intention of raising around £150million for the owners.
However, what has really angered the Manchester United Supporters Trust is that previously, the Glazer family had indicated they would use all the proceeds to reduce the club's debt, which presently stands at £437million.
Now it appears only half the money will be used for that purpose, with the rest remaining with the family. The Glazers themselves have been silent on their intentions.
United have confirmed restrictions placed on it by the Securities and Exchange Commission in the US prevent them commenting on anything to do with the filing, until such time as the shares are being traded.
MUST chief executive Duncan Drasdo has filled the void with his own damning assessment of the situation.
"Supporters are going to be very angry about this," he said.
"The Glazers have already cost United more than £550million in debt-related fees and now another slap in the face as they help themselves to half of the proposed IPO proceeds.
"Each of the six lineal descendants of Malcolm Glazer will claw out $25 million US Dollars for themselves.
"Clearly this has nothing to do with benefits for Manchester United.
"What is the sudden reason for this desperation for cash now?"
Monday's announcement came just hours after it was confirmed a massive new shirt sponsorship deal with US car giant Chevrolet had been agreed, which will take effect from 2014.
That deal will eventually swell the Red Devils' growing commercial income still further.
However, critics will also point to the fact the club are yet to post end-of-year accounts which show the exact amount bowing out of the Champions League group stage cost them.
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