This week may well see the demise of Portsmouth Football Club. FA Cup champions of 2008, members of the Football League since the 1800s and an abused plaything for a series of international businessmen. The significance of a top-flight team, and recent trophy winner, facing oblivion cannot be overstated.
Portsmouth as a place and footballing institution does not occupy the warmest of places in my heart but their story so horrific that I see it as a shot across the bow for any football team currently carrying debt. For example, Manchester United
Should the south coast club team cease to exist all of their results will become null and void, making some mathematician’s life difficult for a while before the other clubs carry on. But surely they cannot carry on as before.
The accepted thinking is that, despite United’s absurd level of debt and repayment, the brand is too strong to crumble completely. This could well be true, however, the last time I checked I was not in possession of a crystal ball and more to the point, if General Motors and Lehmann Brothers and big enough to fall, so are Manchester United.
It is no secret that the number of people on the planet (without the surname Glazer) who are happy with our current owners is very low. Some of us want rid of them anyway possible, perhaps hoping for the elusive Saudi oil baron or even Pandoran Unobtanium firm to come in and save the day. This would solve nowt.
The reality is that Manchester United is a hugely successful enterprise and people who are not connected to the club in emotional terms merely see dollar signs when they look at it. What we need, as so eloquently pointed out by the Independent Manchester United Supporter’s Association (IMUSA) are owners with the best interests of the club at heart.
Looking for a club to own.
©Catlapa 34 at FlickrCcoms
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After the recent figures were released during our bond issue I did a few calculations and decided that it would be impossible for the fans to buy the club back. Thankfully, I was wrong.
As many of you will have read, the London based businessman and die-hard red Keith Harris has organised a group, the Red Knights, who are preparing a bid to buy a controlling stake of the club and eradicate the debt.
He is deadly serious about this and has constructed a plan which will require the financial input of both wealthy reds and the common supporter. Being run in tandem with the Green and Gold campaign and supported by the Manchester United Supporters Trust (MUST), it is the best bet we have of getting the club back into safe hands.
Many of you will have read about this, but how many have joined the campaign and pledged forward some cash? If you can, now is the time. Join MUST here.
Cheers
Mark
Follow Markjpayne@twitter.com and www.thedevilinme.co.uk
Photography by Catlapa 34 at FlickrCcoms
Comments
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Posted by sam rwanda on 02/15/2010
i suport the idea though no money, thanks MUSTI
WELL DONE
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Posted by davies on 02/15/2010
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Posted by The Grimace on 02/15/2010
The horrible thaing, though, is that the glasers OWN our club and they are not going to sell unless it is worth their while. If they were persuaded to sell for £1 Billion (my guess) that means a million United fans coming up with £1000, or 100,000 each coming up with £10,000 or everyone in a 75,000 crowd coming up with £13,333.33 except for one person who would have to produce £13,333.34. It's a big ask.
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Posted by Newtonheath on 02/16/2010
I think it would be better if MUST set up something where people got their money returned to them if a bid was not accepted or did not go through. While I am fully in favour of getting the club out of the Glazer's hands (I bought a MUST membership and a share in United back when the Glazer's were starting their takeover) I'm not fully in favour of supporting MUST. Some of the things they represent don't always click with me. So I'm not currently willing to donate with the possibility that my donation isn't going to help United and will just go into the MUST coffers for them to do with as they like.
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Posted by Jono on 02/16/2010
If there are 10 Red Knights at £100mn each we might get somewhere. Or 100 at £10mn each. Or 1,000 at £1mn each. Add 1,000,000 fans at £100 each and the Glazers might take the money and run.
But my guess is that even if some combination of Red Knights does come up with something in the region of £1bn the Glazers will simply refuse to sell. Or ask for £1.5bn. Unless they see the club's revenues falling off a cliff (that's up to our old friend Rupert M of course) or costs, debt service included, overtaking revenues to a catastrophic extent. If they demand £1bn for a club leaking cash then even the most soft-hearted businessman is going to swallow very hard before paying up.
This is a longwinded way of saying that the Grimace is spot on and forcing the Glazers out is far easier said than done.
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Posted by alntryc on 03/04/2010
actualy i do suport the red knights because this will be a big move to both the club and die hard fans lyk me.but i think the qualification should be that they should take care of the whole debt first then takeover.the glazers have really helped too and we should appreciate them greatly,thats why i strongly oppose the boycot move.
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Mark Payne writes about football for a variety of media outlets. He reported on the 2010 World Cup for Australia’s ABC network and worked at one of the FIFA fan sites. He has been ESPN’s Manchester United correspondent for four years. His writing attracts a worldwide following and in 2011 this blog was nominated for an award. To contact Mark for football discussion e-mail him on markpayne.editor@hotmail.com at any time. He wears lucky socks on match days.
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