The Manchester United Supporters Trust (MUST) launched a campaign to eject the Glazer family after the club's financial reports were revealed amid huge controversy last week.
But MUST bosses said they back manager Sir Alex "100 percent", in the wake of reports that fans want him out of Old Trafford.
Around 300 Reds' fans piled into a meeting chaired by MUST to debate the Glazers' £500m bond scheme to alleviate the club's £700m debts.
The M.E.N was allowed to attend the meeting, but not report on it directly.
At the meeting in a Stretford pub, a campaign was launched to oust the Glazers, and afterwards stories arose that fans also wanted the manager to resign in protest.
They also proposed trying to get a high profile figurehead for the campaign although they have not decided who that could be.
Founder and former chairman of the Independent Manchester United Supporters' Association Johnny Flacks, who attended the meeting, proposed a letter for Sir Alex to step down.
Chairman Duncan Drasdo said in reply: "We believe the organisation and the vast majority of United supporters are 100pc behind Sir Alex Ferguson. The only people we want to see leave Old Trafford are the Glazer family.
"All United supporters are entitled to voice their opinion but these comments were made by one individual at a meeting where it was made clear it was private and journalists were briefed that it was totally off the record, to allow supporters to speak freely.
"We believe that all those journalists who attended the meeting respected this agreement but the story came from reports on internet message boards followed by a call direct to Mr Flacks rather than from the meeting itself.
"MUST does not believe that the views expressed represented a widespread view of those present and indeed other speakers who offered the counter point of view were given a loud round of applause."
Supporters' meeting
The supporters' crisis meeting came after the implications of the Reds' financial results were revealed last week
United's American owner Malcolm Glazer aims to refinance a hefty chunk of the £700m debts loaded onto the club by raising £500m from investors across the globe.
The report also revealed that £20m had been paid out in loans and "management and administration fees" to the Glazer family and its affiliated companies.
Speaking after the meeting Drasdo said: "The first step is to get the Glazers out.
"The longer they are there, the more damage they will do.
"The whole bonds issue is not about helping the club - it is about how they can get money out of the club."
While sources close to the Glazers continue to insist there is no cause for alarm, the mere mention of United's Carrington training complex, or the iconic Old Trafford having to be sold off and leased back - as highlighted in the documents championing the launch of a £500m bond issue - has been enough to set alarm bells ringing with the loyal fans.
The perceived ring leaders of an anti-Glazer demonstration inside Old Trafford were ruthlessly ejected by stewards towards the end of a 3-0 win over Burnley.
Massive security gates across the tunnel area, erected following the mass protests against the Glazer family in 2005, were also closed to prevent any irate supporters getting near to the directors entrance in a growing sign of wariness, even though none of the Glazer family were present.
"All these years we wanted to get that 18th title to move level with Liverpool," said Mark Longden, chairman of the Independent Manchester United Supporters Association.
"Now I wonder what the chances are of either of us getting to 19 in my lifetime, given the level of debt that is saddled around the club.
"United and Liverpool are the two most successful clubs this country has ever had.
"But they are both being driven to oblivion - and the football authorities and the government have allowed it to happen."
What do you think? Have your say.
Tweet


Showing comments 1 to 25 and replies | View All
george best_68 (18/01/2010 at 11:23)
United 18, Huddersfield Town 3, City 2 (League Titles), Wilmslow (18/01/2010 at 11:24)
Nicholas GN (18/01/2010 at 11:28)
Please stop listening to the so-called ABU journalist from the City area who suddenly became financial experts 10 days ago. I would recommend that each of you to read up on United finances in the bond prospectus here - http://www.joinmust.org/docs/mufc-notes.pdf
What I have noticed in the financial statements which went un-mentioned in the ABU merchant of doom press:
1) Manchester United reported a net profit of 25 million including the gains from the disposal of players. What these financial experts did not mention was that there are numerous non-cash items that were included in the computation of the net profit like depreciation, goodwill and ammortization of its assets like player's registration. This are non-cash items and are merely there as an accounting input to balance its balance sheet. These non-cash expenses are sizeable - 81 million last year. United did not lose 81 million cash - instead it merely inputted a loss of 81 million to balance its asset sheet which registered a reduction in 81million value in player's contracts. Player's values are reduced as their contracts get closer to expiration.
2) To back me up, I look at its cash-flow statement. United received over 111 million cash from its operations - matchdays revenue, competitions, commercial and tv deals. This operating cash flow is similar to its net profit excluding non-cash items like depreciation and its interest payments (which comes under investment cashflow). United then paid 40 million for its debt interest and another 10 million financing expense hence leaving it with 60 million cash. United received 40 million from investment which I believed could be from the transfer surplus. In all, United received a total of 100 million pounds CASH last year. United didn't receive a mere 30 million cash (as many has been misled), it received over 100 million pounds cash!
3) In 2009, United received over 100 million pounds CASH. This is after paying the interest, transfers and capex. This is 1/5 of United's debt btw. While I doubt any of it will go to paying the principal of United's debt, I believe most of it will go to Ferguson's purchase of new players. This is why I trust Fergie's claims that the money is there - simply because a) United made 100 million pounds last year and b) It has a total 150 million pounds cash in its bank. I won't be surprised if Fergie makes purchases totalling 80 million next year.
4) Considering that United might increase ticketing price, more overseas tour, more sponsorship deals, its operating cash-flow will definitely increase (an increase of 30mil since 2007). Perhaps within the next 2 years, over operation cash-flow might hit 150 million. Considering that after financing its debts with the bond issue, its interest expense will be around 40-50 million pounds (9-10% interest). Ferguson will balance his purchases with sale of some deadwood - hence I estimate on average, our transfers expense will be around 20-40 million a year (we don't really need much players beside a LW, GK, CM). Hence I estimate on average for the next 5 years, we can easily rack in 40-60 million pounds a year. This means around 250 million cash will be made over the next 5 years after deducting 50 million to Glazer as a dividend. We could easily repay half of the bond and raise a 300 mil bond issue in 2016.
5) The future is still bright despite being burdened with the debt. Don't be fooled by the ABU propoganda. My calculations are by no means accurate...they are just estimation based on my understanding of its consolidated financial statement. Most companies will rarely repay any of their bonds entirely with cash-flow. Usually they will repay a portion of it and raise a new bond issue to extend their debt maturity profile. I hate to analyse United as a financial corporation but ever since it become a PLC decades ago, it stopped being a traditional club.
MUST has a valid point about the immoral nature of the debt. But don't be deluded into thinking that the debt will lead United into the brink of oblivion. United is a business franchise. It stopped being a club when it became a PLC. The only chance it had of becoming a club again was lost when United fans failed to support Shareholder's United desire to buy out the club.
Scholsey passed me the ball... (18/01/2010 at 11:33)
winky red, norwich (18/01/2010 at 11:42)
Mark, South Manchester (18/01/2010 at 11:42)
So now again after a few losses, United are struggling to sell tickets and those same fans are calling for Fergie's head. Are there a worse set of "ungrateful & disloyal fans" in football???
An utter & complete laughing stock!!
danny, WILMSLOW (18/01/2010 at 11:45)
SIMON., DERRY, N. IRELAND. (18/01/2010 at 11:45)
I thought when the Glazers took over that the supporters who opposed them had big plans in place to be able to buy the club back! So where is all the money that they begged for off the fans to help fund this supporters takeover?!! Surely these so-called supporters groups have accrued enough money now to buy back United for the fans. They are a joke, a bunch of small time charlies who want their own way but did little to stop the take over then and are doing even less to help now except for their scare-mongering, doom and gloom and of course their glorified fortune-telling of the United Empire collapsing.
I don't like the Glazers any more than the next true supporter but I'm realistic enough to know that I can't change the past however much I'd like to be able to so I accept it and move on in the hope that some day United will find an owner who all the supporters are happy with and we can stop all this in house fighting. We are all United supporters after all and some people should realise that we all want whats best for our great club.
Support the Team and Live the Dream.....
hector grengros, angus (18/01/2010 at 11:46)
Roy (18/01/2010 at 11:49)
especially considering the fantastic history of these two great clubs.
Bill Wirral (18/01/2010 at 12:03)
Johnniejohn, Tunbridge Wells (18/01/2010 at 12:22)
that is not official MUST policy. It is the private opinion of one person, who may or may not have the support of others. Maybe you should check your facts before jumping to conclusions.
Alias Smith, over the moon (18/01/2010 at 12:30)
hector, whether there was overwhelming support for the proposition or not is pretty irrelevant, the fact is that is not how it has been reported and those who organised the meetings and invited the press are responsible for that. These fans groups represent a minority and give the ABU press huge amounts of anti-United material to work with. They are a menace and have achieved the sum total of absolutely nothing that benefits fans.
Nicholas GN (18/01/2010 at 12:36)
If not, I would just leave MUST alone. They do not represent the true voice of United fans around the world. Most of us wants to see United continuing to play attractive football with world class players in the team. Debt or no debt, financially we are still stable and strong with over 150 million pounds in the bank (I wonder how many United fans realize that). We generated over 100 million pounds of cash last year (I wonder how many United fans realized that).
Support the team and live the RED Dream. Don't be a muppet and start listening to a bunch of stubborn clowns (ABU press) who can't even spell depreciation !!!
tooth&claw, manchester (18/01/2010 at 12:38)
Oh, and why does a supporters trust need a full-time Chief Executive Officer? What has he spent his time doing for the last 5 years apart from perfecting the handshake and getting his name in the paper?
Why does the article refer to " MUST bosses.." Does a supporters trust really need bosses? And how many staff do they manage? What do they get paid? Where are their accounts?
Why, after 5 years, is there no plan, not even a strategy. Just a meeting in the back room of a pub, where lunatic proposals were minuted by lackies.
Never mind them writing a letter asking SAF to resign....
DRASDO OUT!
tooth&claw, manchester (18/01/2010 at 12:41)
Pathetic.
bobbydazzler (18/01/2010 at 12:49)
we all want what is patently best for the club do we? . what we need urgently is the glazers out. sir alex at the moment is unsackable and the glazers need him to be KEPT quiet. he should call their bluff speak out and tell the people that matter the fans THE TRUTH AND NOTHING BUT THE TRUTH
danny, WILMSLOW (18/01/2010 at 13:13)
Rob Lawrence (18/01/2010 at 13:24)
United 18, Huddersfield Town 3, City 2 (League Titles), Wilmslow (18/01/2010 at 13:33)
MUST have supported Peter Flack (previous chairman of MUST) in his view Ferguson should retire because of the whole Glazer affair "In Solidarity" with united fans.
Get the tissues out..., COLLYHURST (18/01/2010 at 13:42)
Scholsey passed me the ball... (18/01/2010 at 13:47)
18/01/2010 at 11:42
So you've grouped together the views of a few with the vast majority who don't express that opinion. How convenient for your (flimsy) argument.
hector grengros, angus (18/01/2010 at 13:55)
mark,south manchester,it has nothing to do with recent on field results,it has to do with recent financial results,it also has nothing do with fergie,it was all about glazers.
roy,somebody mentioned that at the meeting,some lads dead against it though.
SIMON., DERRY, N. IRELAND. (18/01/2010 at 13:58)
Sorry but that last post of yours had me in stitches as I got an image of you as Jack Nicholson in the film "A few good men"!!! Joking aside though I think MUST need to catch themselves on, as they are literally pissing in the wind and slapping themselves on the back thinking they're doing a good job when they're clearly not.
Its seems that their solution is to bring Manchester United to its knees for the good of the club but that will only see the end of the club I follow like a religion. United is MY club and if anyone wants to bring it down they are simply the enemy. BobbyD you say that you want whats best for United but at what cost??!! Are you prepared to let United fall just so you can say you were right?! Like it or not the Glazers own our club and the money the club earn is rightly theirs. No I don't like it but I do accept it as I know I can't change it.
Support the Team and Live the Dream.....
SIMON., DERRY, N. IRELAND. (18/01/2010 at 14:16)
Support the Team and Live the Dream.....