Senior Manchester United Employees May Receive Big Bonuses As Part Of NYSE Offering
Senior employees at EPL club Manchester United "stand to benefit from a share scheme worth up to" US$320M with the club's upcoming IPO, according to James & Rushe of the GUARDIAN. Fans are questioning whether manager Alex Ferguson and CEO David Gill will “stand to personally profit” from Owners the Glazer family's decision to list the club on the NYSE. The Glazers “came in for severe criticism on Monday when it transpired they had reneged on their promise to use all the funds from a successful flotation” to reduce ManU's US$682.2M debt. ManU's exec committee members are “in line for a [US$1.96M] IPO bonus once the deal is done.” But the “richest rewards will go to those selected to take part in the Equity Incentive Award Plan” (GUARDIAN, 8/1). In London, James Ducker notes although there are “no guarantees that Ferguson or Gill would be included in that ‘selected’ group, it seems unthinkable that they would not be given their critical roles at the club.” Ferguson has "attracted criticism from some supporters for his repeated public defence of United’s controversial American owners. Ten days ago, while on the South Africa leg of the club’s pre-season tour, Ferguson "described the Glazers as ‘great’ and insisted that they had ‘always backed me whenever I have asked them.’” Revelations about the equity plan have “led some United supporters to question Ferguson’s motives for defending the Glazers” (LONDON TIMES, 8/1).