Manchester United are on the verge of agreeing fan share scheme

(Football news) The club are working alongside Manchester United Supporters Trust (MUST) and are close to finalizing the details of a new fan share scheme pledged by the Glazer family in the aftermath of the European Super League (ESL) protests. The company is currently listed in the New York Stock Exchange and the shares reserved for supporters will carry the same voting rights as the B class shares owned by the Glazers who bought the club in 2005.

As a result, the new fan shares will carry 10 times the voting rights as the ordinary A shares held by the investors with the initial tranche issued to be in the region of $10m (£7.4m) which would increase in the subsequent years based on their demand by the Manchester United fans. Insiders involved with the deal have claimed that the year one offering is merely “a pathfinder to establish the scheme and assess demand" with the details expected to be formally agreed by the end of the year, after which a ballot will take place of MUST members for purchase of the shares.

On Monday, a Manchester United spokesperson said “We are in advanced talks with MUST about a Fans' Share Scheme which would open a path for fans to build, over time, a meaningful ownership stake in Manchester United. This would give fans a strong collective voice within our ownership structure and help cement a new spirit of long-term partnership between fans and the club. There are significant legal and regulatory complexities being worked through, together with MUST and expert advisers. A MUST spokesman said: "MUST continue to be in discussions with MUFC about the creation of a supporter share ownership scheme. No agreement has yet been reached, and in the event we do it will be subject to a ballot of our members and wider consultation with the United fanbase."

For most Manchester United fans, a fan share scheme has done little to eliminate their distrust in the Glazer family since their £790m debt-funded takeover of the club in 2005 and their involvement in the European Super League further deepened the sentiments. Former Goldman Sachs economist and influential Manchester United supporter Lord O'Neill told Skysports on Monday that the proposed fan ownership scheme "seems a very minimalist token gesture" and does little to solve the underlying problems at Manchester United. With widespread calls for the current manager Ole Gunnar Solskjaer to be sacked after a woeful run of form, it’s fair to say that dark clouds hover around Old Trafford and it’s unlikely that the sun will shine anytime soon.

Also read: Premier League: Norwich City announce Dean Smith as head coach

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