Bayern Munich president Uli Hoeness has delivered a damning criticism of Manchester United’s owners, the Glazer family, by claiming it is unacceptable for the Americans to have plunged the club into debt.
Targeted: First the fans, now Uli Hoeness has criticised the Glazer family Photo: GETTY IMAGES
11:00PM GMT 19 Jan 2012
85 Comments Hoeness, a powerful figure within European football, is the most high-profile name to question the running of Manchester United under the Glazers, who completed their leveraged takeover of the club in May 2005.
Having borrowed £540 million to complete the buy-out of United seven years ago, the Glazers subsequently loaded the debt on to the club, who continue to pay in excess of £40 million-a-year on interest payments.
Although United’s annual commercial earnings have more than doubled under the Glazers, the club remains in debt to the tune of £433 million.
And Hoeness has hit out at the Florida-based family, claiming their only motivation for buying United was financial gain.
Speaking to Bloomberg, Hoeness said: “Before Mr Glazer bought Manchester United, he didn’t know there was air in the ball. That’s not something that I accept. His target is making money.
“I would accept Mr Glazer immediately if he says ‘OK, the price of Manchester United is £800 million.
"That’s my money, my risk and now we are working.’
"But what did he do? He bought the club and said ‘OK, I don’t have the money.
"How can we finance it?’ That’s something that I never accept.”
In response to Hoeness’s comments, a United spokesman said: “Mr Hoeness has a right to an opinion, but results over the last seven years speak for themselves and Manchester United is in a healthy position, both on and off the pitch.
“The Glazer family have been integral in boosting of the club’s revenues, which have seen Manchester United become world leaders in the breadth and depth of our commercial partnerships.”
While insisting that they have no intention of selling the club the Glazers are aiming to raise £600 million from a partial float of United on the Singapore Stock Exchange.
Plans for the float to take place before the end of 2011 failed to materialise due to the volatile nature of the financial market and it is now unlikely to happen until mid-2012 at the earliest.
Despite the delay in launching the Initial Public Offering, United manager Sir Alex Ferguson has been told that money is available for new players this transfer window.
But so far this month, the only addition to United’s squad has been Paul Scholes following his retirement about-turn, with the club’s wage bill being reduced by the £1 million sale of Darron Gibson to Everton and loaning of Federico Macheda and Joshua King to Queens Park Rangers and Hull respectively.
The Glazers’ attempt to raise new funds to drive down the club’s debt has been partly instigated by the rise of Manchester City, whose financial power in the transfer market under the ownership of Sheikh Mansour bin Zayed al Nahyan has transformed the club.
Hoeness has warned, however, that clubs such as Manchester City and Chelsea, owned by Roman Abramovich, cannot rely solely on the funds of one individual.
He added: “In this moment, will he [the wealthy owner] one day say now I go on my ships and I buy pictures and so on? But if you say which option [Glazers or benefactor], you want to have I would say I take the guy from Abu Dhabi.”
With Bayern positioned as vociferous advocates of Uefa’s Financial Fair Play regulations, which could see clubs barred from Champions League participation if they fail to reduce losses and adhere to the financial strictures by 2015, the German club's chief executive, Karl-Heinz Rummenigge insists that Europe’s governing body must get tough with those who ignore the rules.
Rummenigge said: “It’s time to finalise everything because clubs must know what is happening in case they break the rules.”
"That’s my money, my risk and now we are working.’
"But what did he do? He bought the club and said ‘OK, I don’t have the money.
"How can we finance it?’ That’s something that I never accept.”
In response to Hoeness’s comments, a United spokesman said: “Mr Hoeness has a right to an opinion, but results over the last seven years speak for themselves and Manchester United is in a healthy position, both on and off the pitch.
“The Glazer family have been integral in boosting of the club’s revenues, which have seen Manchester United become world leaders in the breadth and depth of our commercial partnerships.”
While insisting that they have no intention of selling the club the Glazers are aiming to raise £600 million from a partial float of United on the Singapore Stock Exchange.
Plans for the float to take place before the end of 2011 failed to materialise due to the volatile nature of the financial market and it is now unlikely to happen until mid-2012 at the earliest.
Despite the delay in launching the Initial Public Offering, United manager Sir Alex Ferguson has been told that money is available for new players this transfer window.
But so far this month, the only addition to United’s squad has been Paul Scholes following his retirement about-turn, with the club’s wage bill being reduced by the £1 million sale of Darron Gibson to Everton and loaning of Federico Macheda and Joshua King to Queens Park Rangers and Hull respectively.
The Glazers’ attempt to raise new funds to drive down the club’s debt has been partly instigated by the rise of Manchester City, whose financial power in the transfer market under the ownership of Sheikh Mansour bin Zayed al Nahyan has transformed the club.
Hoeness has warned, however, that clubs such as Manchester City and Chelsea, owned by Roman Abramovich, cannot rely solely on the funds of one individual.
He added: “In this moment, will he [the wealthy owner] one day say now I go on my ships and I buy pictures and so on? But if you say which option [Glazers or benefactor], you want to have I would say I take the guy from Abu Dhabi.”
With Bayern positioned as vociferous advocates of Uefa’s Financial Fair Play regulations, which could see clubs barred from Champions League participation if they fail to reduce losses and adhere to the financial strictures by 2015, the German club's chief executive, Karl-Heinz Rummenigge insists that Europe’s governing body must get tough with those who ignore the rules.
Rummenigge said: “It’s time to finalise everything because clubs must know what is happening in case they break the rules.”
