Editing Manchester United F.C. (section)

==Ownership and finances==
Originally funded by the Lancashire and Yorkshire Railway Company, the club became a limited company in 1892 and sold shares to local supporters for £1 via an application form.<ref name="barnes_9"/> In 1902, majority ownership passed to the four local businessmen who invested £500 to save the club from bankruptcy, including future club president John Henry Davies.<ref name="barnes_9"/> After his death in 1927, the club faced bankruptcy yet again, but was saved in December 1931 by James W. Gibson, who assumed control of the club after an investment of £2,000.<ref name="barnes_12"/> Gibson promoted his son, Alan, to the board in 1948,<ref>Crick & Smith (1990), p. 181.</ref> but died three years later; the Gibson family retained ownership of the club through James' wife, Lillian,<ref>Crick & Smith (1990), p. 92.</ref> but the position of chairman passed to former player [[Harold Hardman]].<ref>White, Jim (2008), p. 92.</ref>

Promoted to the board a few days after the Munich air disaster, Louis Edwards, a friend of Matt Busby, began acquiring shares in the club; for an investment of approximately £40,000, he accumulated a 54&nbsp;per&nbsp;cent shareholding and took control in January 1964.<ref>Dobson & Goddard (2004), p. 190.</ref> When Lillian Gibson died in January 1971, her shares passed to Alan Gibson who sold a percentage of his shares to Louis Edwards' son, Martin, in 1978; [[Martin Edwards]] went on to become chairman upon his father's death in 1980.<ref name="knighton_bid">{{cite news |title=1989: Man U sold in record takeover deal |url=http://news.bbc.co.uk/onthisday/hi/dates/stories/august/18/newsid_2499000/2499267.stm |work=BBC News |access-date=24 June 2010 |date=18 August 1989 |archive-date=9 June 2019 |archive-url=https://web.archive.org/web/20190609182211/http://news.bbc.co.uk/onthisday/hi/dates/stories/august/18/newsid_2499000/2499267.stm |url-status=live }}</ref> Media tycoon [[Robert Maxwell]] attempted to buy the club in 1984, but did not meet Edwards' asking price.<ref name="knighton_bid"/> In 1989, chairman Martin Edwards attempted to sell the club to [[Michael Knighton]] for £20&nbsp;million, but the sale fell through and Knighton joined the board of directors instead.<ref name="knighton_bid"/>

Manchester United was floated on the stock market in June 1991 (raising £6.7&nbsp;million),<ref>Dobson & Goddard (2004), p. 191.</ref> and received yet another takeover bid in 1998, this time from [[Rupert Murdoch]]'s British Sky Broadcasting Corporation. This resulted in the formation of ''Shareholders United Against Murdoch'' – now the ''Manchester United Supporters' Trust'' – who encouraged supporters to buy shares in the club in an attempt to block any [[hostile takeover]]. The Manchester United board accepted a £623&nbsp;million offer,<ref>Bose (2007), p. 157.</ref> but the takeover was blocked by the [[Competition Commission (United Kingdom)|Monopolies and Mergers Commission]] at the final hurdle in April 1999.<ref>Bose (2007), p. 175.</ref> A few years later, a power struggle emerged between the club's manager, Alex Ferguson, and his horse-racing partners, [[John Magnier]] and [[J. P. McManus]], who had gradually become the majority shareholders. In a dispute that stemmed from contested ownership of the horse [[Rock of Gibraltar (horse)|Rock of Gibraltar]], Magnier and McManus attempted to have Ferguson removed from his position as manager, and the board responded by approaching investors to attempt to reduce the Irishmen's majority.<ref>Bose (2007), pp. 234–235.</ref>

===Glazer ownership===
{{see also|Glazer ownership of Manchester United}}
In May 2005, Malcolm Glazer purchased the 28.7&nbsp;per&nbsp;cent stake held by McManus and Magnier, thus acquiring a controlling interest through his investment vehicle Red Football Ltd in a highly leveraged takeover valuing the club at approximately £800&nbsp;million (then approx. $1.5&nbsp;billion).<ref>{{cite news |url=http://news.bbc.co.uk/2/hi/business/4550141.stm |title=Glazer Man Utd stake exceeds 75% |work=BBC News |date=16 May 2005 |access-date=11 August 2007 |archive-date=24 April 2011 |archive-url=https://web.archive.org/web/20110424062136/http://news.bbc.co.uk/2/hi/business/4550141.stm |url-status=live }}</ref> Once the purchase was complete, the club was taken off the stock exchange.<ref>{{cite news |title=Glazer gets 98% of Man Utd shares |url=http://news.bbc.co.uk/1/hi/business/4629401.stm |work=BBC News |date=23 June 2005 |access-date=24 June 2010 |archive-date=1 September 2017 |archive-url=https://web.archive.org/web/20170901035224/http://news.bbc.co.uk/1/hi/business/4629401.stm |url-status=live }}</ref> Much of the takeover money was borrowed by the Glazers; the debts were transferred to the club. As a result, the club went from being debt-free to being saddled with debts of £540&nbsp;million, at interest rates of between 7% and 20%.<ref name="Maidment">{{cite news |last1=Maidment |first1=Neil |title=Could the Glazers lose their public enemy No.1 tag at Manchester United? |url=https://www.reuters.com/article/manchester-united-glazers/feature-could-the-glazers-lose-their-public-enemy-no-1-tag-at-manchester-united-idUSL1N0XW0O620150615 |access-date=30 August 2020 |work=[[Reuters]] |date=15 June 2015 |archive-date=12 December 2020 |archive-url=https://web.archive.org/web/20201212113019/https://www.reuters.com/article/manchester-united-glazers/feature-could-the-glazers-lose-their-public-enemy-no-1-tag-at-manchester-united-idUSL1N0XW0O620150615 |url-status=live }}</ref><ref>{{cite news |last1=Sabbagh |first1=Dan |title=Glazers set to lighten Man Utd's debt burden |url=https://www.thetimes.com/sport/football/article/glazers-set-to-lighten-man-utds-debt-burden-nrr7hf5chbq |access-date=26 August 2020 |work=[[The Times]] |date=13 June 2006 |archive-url=https://archive.today/20200826141601/https://www.thetimes.co.uk/article/glazers-set-to-lighten-man-utds-debt-burden-nrr7hf5chbq |archive-date=26 August 2020 |url-status=live }}</ref><ref name=Conn1>{{cite news |last=Conn |first=David |title=Debt £511m but dividends galore: the Glazers' legacy at Manchester United |url=https://www.theguardian.com/football/2019/oct/17/glazers-legacy-manchester-united-liverpool |access-date=26 August 2020 |work=[[The Guardian]] |date=17 October 2019 |archive-url=https://web.archive.org/web/20200409071801/https://www.theguardian.com/football/2019/oct/17/glazers-legacy-manchester-united-liverpool |archive-date=9 April 2020 }}</ref>

In July 2006, the club announced a £660&nbsp;million debt refinancing package, resulting in a 30&nbsp;per&nbsp;cent reduction in annual interest payments to £62&nbsp;million a year.<ref>{{cite news |url=http://www.footballeconomy.com/archive/archive_2006_jul_08.htm |title=Glazers Tighten Grip on United With Debt Refinancing |work=The Political Economy of Football |date=8 July 2006 |access-date=11 August 2008 |archive-date=27 January 2016 |archive-url=https://web.archive.org/web/20160127185005/http://www.footballeconomy.com/archive/archive_2006_jul_08.htm }}</ref><ref name="refinancing">{{cite news|title=Manchester United reveal refinancing plans |url=http://www.rte.ie/sport/soccer/2006/0718/manunited2.html |publisher=RTÉ (Raidió Teilifís Éireann) |date=18 July 2006 |access-date=24 June 2010 |archive-url=https://web.archive.org/web/20100105215252/http://www.rte.ie/sport/soccer/2006/0718/manunited2.html |archive-date=5 January 2010 }}</ref> In January 2010, with debts of £716.5&nbsp;million ($1.17&nbsp;billion),<ref>{{cite news |title=Manchester United debt hits £716m |url=http://news.bbc.co.uk/1/hi/business/8470595.stm |work=BBC News |date=20 January 2010 |access-date=26 January 2010 |archive-date=3 April 2011 |archive-url=https://web.archive.org/web/20110403004654/http://news.bbc.co.uk/2/hi/business/8470595.stm |url-status=live }}</ref> Manchester United further refinanced through a bond issue worth £504&nbsp;million, enabling them to pay off most of the £509&nbsp;million owed to international banks.<ref>{{cite news |title=Manchester United to raise £500m |url=http://news.bbc.co.uk/1/hi/business/8451848.stm |work=BBC News |date=11 January 2010 |access-date=26 January 2010 |archive-date=7 November 2011 |archive-url=https://web.archive.org/web/20111107114026/http://news.bbc.co.uk/2/hi/business/8451848.stm |url-status=live }}</ref> The annual interest payable on the bonds – which were to mature on 1 February 2017 – is approximately £45&nbsp;million per annum.<ref>{{cite news |first=Bill |last=Wilson |title=Manchester United raise £504m in bond issue |url=http://news.bbc.co.uk/1/hi/business/8475317.stm |work=BBC News |date=22 January 2010 |access-date=26 January 2010 |archive-date=3 February 2011 |archive-url=https://web.archive.org/web/20110203021805/http://news.bbc.co.uk/2/hi/business/8475317.stm |url-status=live }}</ref> Despite restructuring, the club's debt prompted protests from fans on 23 January 2010, at Old Trafford and the club's Trafford Training Centre.<ref>{{cite news |first=Ian |last=Hughes |title=Man Utd 4–0 Hull |url=http://news.bbc.co.uk/sport1/hi/football/eng_prem/8472354.stm |work=BBC Sport |date=23 January 2010 |access-date=26 January 2010 |archive-date=27 March 2012 |archive-url=https://web.archive.org/web/20120327084638/http://news.bbc.co.uk/sport2/hi/football/eng_prem/8472354.stm |url-status=live }}</ref><ref>{{cite news |title=Prime Minister Gordon Brown warns football over debts |url=http://news.bbc.co.uk/sport1/hi/football/eng_prem/8479331.stm |work=BBC Sport |date=25 January 2010 |access-date=26 January 2010 |archive-date=26 March 2012 |archive-url=https://web.archive.org/web/20120326223742/http://news.bbc.co.uk/sport2/hi/football/eng_prem/8479331.stm |url-status=live }}</ref> Supporter groups encouraged match-going fans to wear green and gold, the colours of Newton Heath. On 30 January, reports emerged that the Manchester United Supporters' Trust had held meetings with a group of wealthy fans, dubbed the "Red Knights", with plans to buying out the Glazers' controlling interest.<ref>{{cite news |first1=Nabil |last1=Hassan |first2=Dan |last2=Roan |title=Wealthy Man Utd fans approach broker about takeover |url=http://news.bbc.co.uk/sport1/hi/football/teams/m/man_utd/8488910.stm |work=BBC Sport |date=30 January 2010 |access-date=4 March 2010 |archive-date=27 October 2011 |archive-url=https://web.archive.org/web/20111027052428/http://news.bbc.co.uk/sport2/hi/football/teams/m/man_utd/8488910.stm |url-status=live }}</ref> The club's debts reached a high of £777&nbsp;million in June 2007.<ref>{{cite news |title=Man Utd: 10 years of the Glazers - is Old Trafford club better off? |url=https://www.bbc.co.uk/sport/football/32615111 |website=BBC News |date=12 May 2015 |access-date=30 August 2020 |archive-date=8 November 2020 |archive-url=https://web.archive.org/web/20201108102816/https://www.bbc.co.uk/sport/football/32615111 |url-status=live }}</ref>

In August 2011, the Glazers were believed to have approached [[Credit Suisse]] in preparation for a $1&nbsp;billion (approx. £600&nbsp;million) [[initial public offering]] (IPO) on the [[Singapore Exchange|Singapore stock exchange]] that would value the club at more than £2&nbsp;billion;<ref>{{cite news |first=Owen |last=Gibson |title=Manchester United eyes a partial flotation on Singapore stock exchange |url=https://www.theguardian.com/business/2011/aug/16/manchester-united-glazers-flotation-singapore |work=The Guardian |location=London |date=16 August 2011 |access-date=17 August 2011 |archive-date=2 October 2013 |archive-url=https://web.archive.org/web/20131002213349/http://www.theguardian.com/business/2011/aug/16/manchester-united-glazers-flotation-singapore |url-status=live }}</ref> however, in July 2012, the club announced plans to list its IPO on the [[New York Stock Exchange]] instead.<ref>{{cite news |first1=Sharanya |last1=Hrishikesh |first2=Ashutosh |last2=Pandey |title=Manchester United picks NYSE for U.S. public offering |url=https://www.reuters.com/article/markets/funds/manchester-united-picks-nyse-for-us-public-offering-idUSLNE86301N/ |agency=Reuters |date=4 July 2012 |access-date=26 February 2025 }}</ref> Shares were originally set to go on sale for between $16 and $20 each, but the price was cut to $14 by the launch of the IPO on 10 August, following negative comments from Wall Street analysts and [[Facebook]]'s disappointing stock market debut in May. Even after the cut, Manchester United was valued at $2.3&nbsp;billion, making it the most valuable football club in the world.<ref>{{cite news |first=Dominic |last=Rushe |title=Manchester United IPO: share prices cut before US stock market flotation |url=https://www.theguardian.com/football/2012/aug/10/manchester-united-ipo-share-prices |work=The Guardian |date=10 August 2012 |access-date=24 August 2012 |archive-date=2 October 2013 |archive-url=https://web.archive.org/web/20131002213219/http://www.theguardian.com/football/2012/aug/10/manchester-united-ipo-share-prices |url-status=live }}</ref>

The New York Stock Exchange allows for different shareholders to enjoy different voting rights over the club. Shares offered to the public ("Class A") had 10 times lesser voting rights than shares retained by the Glazers ("Class B").<ref>{{cite news |last1=Jolly |first1=Richard |title=Manchester United IPO - Q&A |url=https://www.espn.com/soccer/columns/story/_/id/1128842/richard-jolly%3A-manchester-united-ipo---q%26a |access-date=30 August 2020 |work=[[ESPN]] |date=1 August 2012 |archive-date=31 January 2022 |archive-url=https://web.archive.org/web/20220131055144/https://www.espn.com/soccer/columns/story/_/id/1128842/richard-jolly%3A-manchester-united-ipo---q%26a |url-status=live }}</ref> Initially in 2012, only 10% of shares were offered to the public.<ref>{{cite news |title=Glazers to sell two percent of Manchester United shares - sources |url=https://www.espn.com.sg/soccer/manchester-united/story/3176288/glazers-to-sell-two-percent-of-manchester-united-shares-on-new-york-stock-exchange-sources |access-date=30 August 2020 |work=[[ESPN]] |date=10 August 2017 |archive-date=24 November 2021 |archive-url=https://web.archive.org/web/20211124222746/https://www.espn.com.sg/soccer/manchester-united/story/3176288/glazers-to-sell-two-percent-of-manchester-united-shares-on-new-york-stock-exchange-sources |url-status=live }}</ref> As of 2019, the Glazers retain ultimate control over the club, with over 70% of shares, and even higher voting power.<ref>{{cite news |last1=Rudge |first1=Dean |title=The truth behind claims Manchester United owners the Glazers are set to sell millions of shares |url=https://www.manchestereveningnews.co.uk/sport/football/football-news/man-utd-glazers-shares-woodward-16977534 |access-date=30 August 2020 |work=[[Manchester Evening News]] |date=25 September 2019 |archive-date=21 September 2020 |archive-url=https://web.archive.org/web/20200921101850/https://www.manchestereveningnews.co.uk/sport/football/football-news/man-utd-glazers-shares-woodward-16977534 |url-status=live }}</ref>

In 2012, ''[[The Guardian]]'' estimated that the club had paid a total of over £500&nbsp;million in debt interest and other fees on behalf of the Glazers,<ref>{{cite news |last1=Conn |first1=David |title=Cost of Glazers' takeover at Manchester United reaches £500m |url=https://www.theguardian.com/sport/david-conn-inside-sport-blog/2012/feb/22/manchester-united-glazers-debt |access-date=26 August 2020 |work=The Guardian |date=22 February 2012 |archive-url=https://web.archive.org/web/20200409100918/https://www.theguardian.com/sport/david-conn-inside-sport-blog/2012/feb/22/manchester-united-glazers-debt |archive-date=9 April 2020 }}</ref> and in 2019, reported that the total sum paid by the club for such fees had risen to £1&nbsp;billion.<ref name=Conn1/> At the end of 2019, the club had a net debt of nearly £400&nbsp;million.<ref>{{cite news |last1=Jackson |first1=Jamie |title=Manchester United's net debt rises £73.6m to £391.3m in three months |url=https://www.theguardian.com/football/2020/feb/25/manchester-uniteds-net-debt-rises-736m-to-3913m-in-three-months-solskjaer-woodward |access-date=30 August 2020 |work=The Guardian |date=25 February 2020 |archive-date=8 October 2020 |archive-url=https://web.archive.org/web/20201008035329/https://www.theguardian.com/football/2020/feb/25/manchester-uniteds-net-debt-rises-736m-to-3913m-in-three-months-solskjaer-woodward |url-status=live }}</ref>

In 2023, the Glazers began soliciting bids for the sale of the club, and several bids were received. [[Jim Ratcliffe|Sir Jim Ratcliffe]], who owns [[Ineos]], and [[Hamad bin Jassim bin Jaber Al Thani]], a Qatari sheikh, were the only bidders who had publicly declared their interest in a controlling share of the club.<ref>{{cite news |title=Man Utd takeover: Sir Jim Ratcliffe & Sheikh Jassim to submit new bids as deadline extended amid confusion |url=https://www.bbc.co.uk/sport/football/65043304 |website=BBC Sport |date=23 March 2023 |access-date=23 March 2023 |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322201910/https://www.bbc.co.uk/sport/football/65043304 |url-status=live }}</ref> In March 2023, Finnish entrepreneur [[Thomas Zilliacus]] also made his interest in Manchester United public.<ref>{{cite news |title=Man Utd takeover latest: Sheikh Jassim also submits second bid after Sir Jim Ratcliffe |url=https://www.bbc.co.uk/sport/football/65054294 |website=BBC Sport |date=25 March 2023 |access-date=4 April 2023 |archive-date=5 April 2023 |archive-url=https://web.archive.org/web/20230405115401/https://www.bbc.co.uk/sport/football/65054294 |url-status=live }}</ref>

On 24 December 2023, it was announced that Ratcliffe had purchased 25 per cent of Manchester United, and that his Ineos Sport company was taking control of football operations.<ref>{{Cite web |title=Club statement |url=https://www.manutd.com/en/news/detail/man-utd-reaches-agreement-for-sir-jim-ratcliffe-to-acquire-25-per-cent-shareholding |website=Manchester United |date=24 December 2023 |access-date=24 December 2023 |archive-date=24 December 2023 |archive-url=https://web.archive.org/web/20231224161701/https://www.manutd.com/en/news/detail/man-utd-reaches-agreement-for-sir-jim-ratcliffe-to-acquire-25-per-cent-shareholding |url-status=live }}</ref> Ratcliffe's shareholdings increased to 28.94% in December 2024. The Glazers remain as majority shareholders.<ref>{{cite news |last1=Unwin |first1=Will |title=Ratcliffe increases Manchester United stake after paying agreed investment |url=https://www.theguardian.com/football/2024/dec/19/sir-jim-ratcliffe-manchester-united-stake-increase |access-date=4 February 2025 |work=The Guardian |publisher=Guardian News & Media Limited |date=19 December 2024}}</ref>