Manchester United’s Glazer Ownership: A £1.2 Billion Cost Analysis
The Glazer family’s acquisition of Manchester United Football Club concluded on June 28, 2005.
Over the subsequent two decades, BBC Verify’s analysis reveals approximately £1.2 billion in expenditures related to debt servicing, repayments, dividends, and payments to the Glazer family.
The takeover, financed through substantial loans from hedge funds, saddled the club with a £604 million debt burden.
Within a year, Manchester United had already disbursed £53.2 million in debt interest and fees to the Glazer family.
June 2025 marks the 20th anniversary of the Florida-based Glazer family’s complete acquisition of the Premier League club.
The takeover sparked considerable controversy due to its significant financial implications for the club.
On June 22, 2005, the Glazer family paid £790 million to acquire the club from existing shareholders, delisting it from the London Stock Exchange.
This transaction, largely debt-financed, increased the club’s debt from £50 million to £604 million.
The club’s board had warned, external in April 2005, about the substantial debt risk, citing potential negative impacts on both team and financial performance.
Fan protests against the takeover have persisted since its inception.
BBC Verify’s calculations, based on analyzed financial statements and stock market data, reveal that between 2005 and 2024, Manchester United disbursed:
£815m in debt interest repayments
£166m in dividends to shareholders
£10m in management and administration fees to Glazer family companies
£197m in external net debt repayments
This totals £1.187 billion, representing funds that arguably wouldn’t have been expended without the Glazer takeover.
This is a conservative estimate, excluding various bank fees, financial advisory costs, and currency hedging.
It also excludes directors’ fees.
Since the 2012 New York Stock Exchange listing, £125 million has been paid in director compensation, approximately half (£63m) likely going to Glazer family members.
The club declined to comment on these findings, stating that the financial records speak for themselves.
The Glazer family can point to a substantial increase in club value over the past two decades.
Under their ownership, annual commercial revenue increased more than fivefold, from £55 million in 2006 to £303 million in 2024.
This is reflected in the club’s market valuation, rising from the £790 million acquisition cost to over £3.2 billion in May 2025, and an implied £4.3 billion valuation based on Sir Jim Ratcliffe’s 2024 investment.
Furthermore, over £2 billion has been spent on player acquisitions since 2012, comparable to rival clubs’ expenditure.
On the field, Manchester United secured 15 major trophies under the Glazers, but only five since Sir Alex Ferguson’s retirement in 2013. Last season’s 15th-place Premier League finish marked their lowest since 1974-75.
This was acknowledged in the club’s recent quarterly accounts. CEO Omar Berrada cited the season as “difficult,” falling below expectations.
While the Glazers initially invested £273 million of their own capital, subsequent investments have been funded through internally generated resources and debt secured on the club and ownership shares.
The family has also realized considerable returns on their investment, selling £555 million in shares between 2012 and 2022, with £484 million going directly to the family. £71m was used to reduce debt.
Manchester United’s gross debt increased from £50 million in 2005 to £604 million in 2006 following the leveraged buyout. Despite refinancing efforts, the club’s gross debt remained at £547 million in 2024, with other measures placing it near £1 billion.
Average annual interest costs since 2005 have been £42m, with £37.2m in 2023-24.
The 2024 sale of £732 million in shares to Ratcliffe, granting him roughly 30% ownership and operational control, included a £236 million investment in Old Trafford’s infrastructure, funded independently.
Ratcliffe informed the BBC in March 2025 that the club faced imminent financial insolvency, necessitating drastic cost-cutting measures.