Manchester United fans angered by dividends due to Glazer family

The Manchester United Supporters Trust (MUST) has criticised the decision to pay the Glazer family, the club’s majority shareholders, dividends of around £15m per year.

It was confirmed on Thursday that the six children of the late Malcolm Glazer, who own around 80 per cent of the club's shares, would receive their first dividends since United were floated on the US Stock Exchange in August 2012. 

The Glazer children, Avram, Bryan, Joel, Kevin and Edward, and their sister, Darcie Glazer Kassewitz, stand to earn around £2.5m every year from quarterly dividends of 3p per share.

United published their annual accounts on Thursday, revealing the full extent of their failure to qualify for the Champions League during the 2013/14 season. The club confirmed a £37.8m loss in total revenue for the year ending May 31. 

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Despite this 8.8 per cent fall in revenue, the Glazer family have decided to withdraw dividends and have claimed the decision to do so emphasises United's financial strength. 

The move has angered United supporters and Sean Bones, the vice-chairman of MUST, feels the Glazer family are now "rubbing salt in the wounds" following their controversial buy-out in 2005. 

Malcolm Glazer's takeover of United was heavily criticised by supporters following the American's decision to refinance the debt of the club after successfully acquiring a majority stake with the purchase of shares from Irish racing tycoons JP McManus and John Magnier.

"We feel it would have been more justified to take a chunk of the debt rather than to extract more money from the club," Bones told Sky Sports. 

"As supporters we want that money to go into the football club, so we can compete with Real Madrid, Chelsea and Manchester City. 

"How much money do they want? Obviously United is a business and they want to pay the shareholders money, but the club is a community asset and they initially buried the club in debt. 

"They have turned United into a cash cow and they are starting to milk it. It is obviously now a mechanism for the profits of United to leave the club and make its way to Florida."

United executive vice-chairman Ed Woodward has backed the Glazer family's assessment of the club's financial strength and believes United are in a very strong position following a return to the Champions League and the announcement of a record-breaking £750m kit deal with Adidas. 

"As we look to the new season, we are enthusiastic about our strong position, both on and off the pitch," Woodward said. 

"In recent weeks we have further strengthened our squad with an exciting mix of experience and youth, qualified for the group stage of the Champions League, and seen an impressive launch of our partnership with Adidas. 

"Our record revenue and EBITDA guidance for 2016 reflects the underlying strength of our business and our confidence in its continued growth."