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Ferguson denies he will profit from share issue and ‘doesn’t want a rift with fans’…

Submitted by on August 3, 2012 – 8:51 am3 Comments

Socialist

Most of what J Stand said in his article about Ferguson yesterday still stands http://www.afinelung.com/?p=4594, but the knighted so-called socialist (Fergie, not J Stand) claims in today’s Evening News that he is not to benefit from the Glazers’ share issue.

He says he doesn’t want to ‘create a rift’ between himself or ‘any United fan’. He maybe should have thought about that before he supported the Glazer takeover and then took every opportunity to praise the very people that put MUFC in the worst financial state in its history, at the expense of those supporters paying off their debts for them.

For what it is worth:

Sir Alex Ferguson has spoken out to say there is ‘not a grain of truth’ in suggestions he could benefit financially from the Glazer family’s New York flotation of Manchester United.

The Reds boss has broken his silence in spectacular fashion via a strongly-worded statement revealed first by the M.E.N. website this afternoon.

On Monday further details of the flotation, which will see the owners sell 10 per cent of the club and raise an estimated $300m, were released.

After initially stating that all of the funds raised would be spent on clearing a chunk of the club’s debt the latest proposal revealed just £73m will go towards this purpose.

It also disclosed that under a ’2012 Equity Incentive Award Plan’ senior Old Trafford employees stood to benefit to the tune of £204m.

That prompted some fans to question whether Sir Alex and chief executive David Gill would personally cash in on the move.

But Fergie, who recently went on record to praise the club’s owners, has now denied that he will benefit financially from the proposed IPO.

His statement reads: “Being aware of the media coverage that is currently ongoing I felt, on this occasion, that I should make my position clear to the Manchester United fans.

“In regards to suggestions that I have praised the Glazer Family because I stand to financially benefit from the proposed IPO, there is not a single grain of truth in this allegation. I do not receive any payments, directly or indirectly, from the IPO.

“Ultimately, I run the football side of this club and in order to do this, you need backing from above.

“The Glazer family have let me get on with my job, there is no interference or obstruction, only support.

“My decisions and beliefs are not based around what is best for my personal financial gain. That is an accusation that insults me. If that was the case, I would have left Old Trafford a long time ago.

“I am speaking out because I do not want a situation to develop whereby the media and other parties create a rift, however small, between myself and any Manchester United fan.

“I’ve spent 25 years of my life pushing this club forward and not only could I not have done it without those fans, I do it for them.”

3 Comments »

  • jstand says:

    It is a relief to know that he will not be taking millions from the IPO, although there are nuances in the offer which suggest that there is a separate pot of money for employees, which strictly speaking is not the IPO. That aside though, he has constantly backed the Glazers even though they are bleeding money out of MUFC to fund their other (failing) businesses, all the while contributing to decline of our football club. If he’s on their side then he’s not on mine so bollocks to him.

  • TH says:

    Meanwhile, according to The Guardian today, Gill WILL benefit from a successful shares flotation, proving that debt is the road to Damascus for him…

    “The Glazers are looking to sell 19m shares in United and have further angered supporters by reneging on a promise to use all the funds raised to reduce the club’s debt. According to the IPO prospectus, United’s executive committee, which includes Gill, will receive a £1.25m bonus if the deal is completed.”

    Full story: http://www.guardian.co.uk/football/2012/aug/02/manchester-united-sir-alex-ferguson

  • TH says:

    Classic quote from Fergie:

    “My decisions and beliefs are not based around what is best for my personal financial gain. That is an accusation that insults me.”

    Where do you start on that? Race horses?

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