Tuesday, 1 November 2011

Why Stan just doesn't get it

Stan Kroenke, Arsenal's American owner, has used his first interview with a British newspaper to outline why he thinks US owners have been good for English football, and specifically to defend the Glazers' ownership of Manchester United.

"We have a whole different philosophy in the States...in the States you would never get this dialogue. 'He took money out of the club.' So what? ...A lot of owners in the US do," he argues.

While US sports fans may be relaxed about owners using clubs as a personal piggy bank, or even relocating the "franchise" to another city to increase revenues, we are rightly not. 

Maths has never been my strongest subject but a quick look at the figures easily disposes of Kroenke's argument that the Glazers' owenership of Manchester United has been good for anyone apart from the Glazers.

The Glazers bought United in 2005 with loans of £660 million from Wall Street hedge funds secured against the club's assets.  Since then, the club has bought Dmitar Berbatov for £30 million and sold Cristiano Ronaldo for £80 million.  More recent signings like Javier Hernandez and Ashley Young were for undisclosed fees but are thought to be well within the surplus created when Ronaldo joined Real Madrid.  So contrary to what Kroenke seems to think, the only thing fans are paying for in the now eye-watering prices of season tickets and match tickets is the interest on the Glazers' loans.

No comments:

Post a Comment