United’s financial struggles under Glazers

MyFootballFacts > Articles

By Martin Graham | 20th Feb 2025

When Malcolm Glazer completed his acquisition of Manchester United in 2005, he employed a leveraged buyout strategy, meaning he secured the club by borrowing against it. This method required minimal personal investment but saddled United with enormous debt. Over the past two decades, the club has been burdened with mounting interest costs, which now total an eye-watering £1.06bn, according to financial expert Kieran Maguire. This season alone, £37m has been allocated to covering these obligations.

Glazer, who built his fortune by expanding his business portfolio in Rochester, New York, had long used this approach to acquire assets. His early ventures began when he took over his father’s watch repair business at the age of 15, following his sudden passing. Over time, his empire grew, culminating in his controversial takeover of Manchester United.

Dividends and financial outflows

Beyond the ongoing interest payments, the financial strain on United has been exacerbated by shareholder dividends. The six Glazer siblings, who inherited their stakes after their father’s death, have collectively withdrawn over £150m from the club through dividends over the years. These payouts, combined with the substantial debt, have fueled longstanding resentment among supporters.

The fanbase voiced their discontent as early as 2005 when a warning flag featuring a skull and crossbones was displayed, cautioning that the Glazer regime could cause serious harm to the club. Over time, this warning has proven prescient, with the financial health of Manchester United deteriorating under their ownership.

Managerial and executive costs

United’s latest financial reports have revealed further expenditures beyond debt and dividends. The club spent £21m this season to remove Erik ten Hag and bring in Ruben Amorim as head coach. Additionally, another £4.1m was required to terminate sporting director Dan Ashworth after just 159 days in the role.

With these mounting financial commitments, Manchester United’s operational strategy continues to be scrutinized, adding to the long-standing frustration of supporters who remain critical of the Glazer family’s ownership model.

Martin Graham is an MFF sports writer