Manchester United fans groups have once again spoken out against Malcolm Glazer’s latest takeover bid.
The US sports tycoon has tabled a fresh offer for an estimated £800m
Shareholders United spokesman Sean Bones told the BBC: “United fans must wake up and do something before it is too late. This is a disaster waiting to happen.
“He has shown before that he doesn’t care at all about the ordinary fans, who after all are the real long-term stakeholders in their football club.
“He risks plunging United into a financial meltdown which would make Leeds look like the equivalent of missing an HP payment on the telly.
“It is nothing more than an opportunistic attempt by Malcolm Glazer to make personal gain from an institution which is loved and respected throughout the world, by someone who has no interest in, or respect for the heritage of the club.”
Greg Dyke, the former Manchester United director, warned that United could repeat the mistakes made by Leeds United.
He told BBC Radio 5 Live: “If the proposals contain a very large amount of debt it could endanger the whole future of Manchester United as a football club.
“Rumour has it Glazer is planning to borrow £300m to pay for the assets of the club, I’m not sure Manchester United can afford that.
“If you buy borrow £300m it means you will have to pay £25m a year in interest.
“If Manchester United do not qualify for the Champions League they get no money at all, if they don’t qualify for three or four years it is very bad news. The banks want their money.
“A recent example of this is Leeds who borrowed far less than £300m on the basis of future success. They failed to get the success and had to sell virtually all the assets they had.”
Glazer’s latest proposal is said to have a guarantee to provide Sir Alex Ferguson with a £20m summer transfer kitty and would go ahead with plans to expand Old Trafford.
“It will not be him paying the bills,” added Bones. “The fans will be paying over the money that will repay his debt.”