Well, I watched the Panorama documentary last night and, funnily enough, I didn’t think it was as bad as I thought it was going to be.
It was soooo one-sided that anyone with half a brain should have been able to see that it was basically a MUST propoganda film.
I’m actually more annoyed by the fact that I am forced to fund this kind of thing due to the TV Licence tax Fee.
Of course, the BBC made some attempt at putting it across as an impartial piece of documentary by saying on several occasions that they had invited certain people to comment such as the Glazers themselves, the FA and the Premier League but all had declined.
Which, of course, left the programme open to MUST activists such as Green and Drasgo to spout off as much as they wanted whilst the Glazers were substituted by silent but intentionally insulting and ridiculous garden gnomes.
Perhaps the funniest interview was with Drasgo who said something along the lines of “when the Glazers took control of Manchester United, they were given the keys to the vault and went in there with a forklift truck”.
He is still clearly in denial and doesn’t accept the fact that the Glazers do actually own the club.
The fact that the Glazers haven’t actually gone in with a forklift truck and helped themselves to Manchester United riches also seems to escape him.
No, where this documentary went wrong is down to the fact that even without Glazer input, they could, if they wished, have looked at the other side of the balance sheet. Oh yes, in case you didn’t realise (and if you were to rely on the BBC for your education then you would be forgiven), a balance sheet consists of TWO columns.
There has been an awful lot of money coming IN to Manchester United since the Glazers took over. That is kind of how they can afford to pay the interest on the debts.
No mention of this in the documentary.
Then we were shown a couple of the shopping malls that the Glazers own in America and they were pitiful. Empty lots and not a customer in sight. But they own more than a couple and some are making good profits. These weren’t shown or mentioned which was “unfortunate” because it might have provided a bit of balance.
And then we were made to feel even more resentment towards the Glazers because they “avoid tax”. You see, a natty little by-product of all these debts means that for the last five years, we haven’t spent a penny on corporation tax (something that is never taken into account by Andy Green when he puts out his “Cost of the Glazers” figures nor are the shareholder dividends or the salaries for the old Directors and other administration costs taken up by the PLC setup).
Ummm… again, that is part of the business model and the avoidance of tax is a consideration for ANY business-person.
Note. This is tax avoidance (legal) not tax evasion (illegal).
We were then told that in the last year or so they have sold one of their homes for $25 Million and one of their businesses for $75 Million… “Why?”, asks the BBC.
The inference is, of course, that they needed the money. What wasn’t mentioned was how much profit (if any) that they made on either of those deals.
If I had two homes, bought for £100k each and someone offered me £200k for one of them, I would probably sell whether I needed the money or not.
If I had a ton of businesses scattered all over the world and found that it was all getting a bit too much for me handle and someone offered me an attractive sum for one of them that I had perhaps lost a bit of interest in then I would probably sell.
Of course, with the Glazers declining to comment on these things all I and the BBC can do is speculate.
What it does show, however, is that contrary to what MUST have been saying all along is that the Glazers do have other means of raising cash if they need it without dipping their fingers into Manchester United coffers (or indeed driving a forklift truck into the vault).
Having said all that, I can’t sit here and pretend all is rosy under the Glazers. They are clearly feeling the pinch that the recession of the last couple of years has had on just about every business in the world and things do look a bit precarious.
However, I do find that I have a grudging respect for the Glazers. They have pulled off the most audacious ownership deal right under the noses of the whole world and, so far, have not only pulled it off but are making it work.
A perverse part of me wants to see this ownership played out to the end to see if they can pull it off in the long-term. I’m not happy that they are playing/gambling with my football club but so long as the team remains competitive on the field then I don’t really have a problem.
What I do want to see, however, is that they are given a level playing field and that is why I am against boycotts or season tickets and merchandise.
I want to see this debt reduced and eventually eliminated entirely as soon as possible and then see the Glazers take their cut of the profits each year and the rest staying in the club for player investment and ground development.
If we can do so well under the Glazers even with the debt, how well could we do once it is cleared?
As Andy Green is fond of saying… Time will tell…
Love United. BE United.