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3 months ago
25 It’s always a concern when you hear about football clubs crippled with debt. We know that better than most as Manchester United fans following 18-years of the Glazers having complete power at the club.
Malcolm Glazer gradually increased his shareholding at Manchester United following his acquisition of John Magnier and J.P. McManus’s 28.7% stake in May 2005, which pushed his own up to around 57%. Most of the capital used by Glazer to purchase United came from loans, the majority of which were secured against the club’s assets, with gigantic interest payments.
Every United fan has their view on what happened and how it happened. Some feel Ferguson had his hand to play in it all, or that he could’ve helped prevent it, but the former manager is now giving his hand to help another financially stricken football club.
Inverness Caledonian Thistle believe they are set for a new dawn after £3m of historic debts were wiped clear – with backing from many well-known figures, including Ferguson.
Incoming advisor and the club’s former chairman Alan Savage held an emergency 11am meeting with individuals and firms that had previously given loans to the club. One of the calls he made was to Ferguson with a plea for help. This was when Savage secured those owed loans to either write off the money they were owed or convert the debt into shares in the club.
Savage described the news when he said (via Daily Record): “A lot of people know about the club lacking communication with the fans and all of the stakeholders in the club.
“I was brought in a week ago by Panos (Thomas), the acting chairman, to try and help him out and bring some clarity to matters. The first thing I realised (was to get) rid of Scot Gardiner, which was a major problem for the club.
“I won’t go into too much detail on that. But the other issue is obviously the balance sheet. I had to sort out loans that the previous regime had with the club.
“I think it is fair to say that all of these guys tried, in their own way, to move the club forward, but some of their ideas were quite optimistic and difficult, and they didn’t come off. Today, they all agreed they would turn their loans into equity or waive them completely, which lifts a massive burden off the club and turns the balance sheet around completely.”
Other well-known figures listed by the ex-chairman as having effectively written off debts were David Cameron, Alan Munro, Roddy Ross, Graeme Bennett, Liam Dalgarno and George Fraser.
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