Manchester United will not be playing the 2023 dividends to its owners, the Glazers, as the Board of Directors have blocked the same. Here is why.
English giant Manchester United could be on the verge of reclaiming its long-lost glory as head coach Erik ten Hag is determined to spark a revolution in its squad and the club. While the club has helped build the team around him, its Board of Directors has done something unthinkable. On Thursday night, the club reportedly decided not to pay dividends in 2023 to its owners, the Glazers. The ownership of the club by the Americans has always been controversial and has never gone well with the fans, while the supporters received some good news last month when the owners admitted that they were open to a full-scale sale of the club.
Meanwhile, the statement regarding the latest development read: "On 15 November, the Board of Directors did not approve the payment of the semi-annual dividend for fiscal 2023." As for United's Board of Directors, Avram and Joel (Glazer) hold the Executive Co-Chairman and Director positions at the club, while their siblings (Kevin, Bryan and Edward) are listed as the club's Directors.
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As per The Athletic, the latest decision happens to be from United's economic perspective, having spent more than £200 million in the summer transfer window. It is the first time since 2016 that the Glazers have decided against taking their share of dividends out of the club, which leads to further speculation that a full-scale sale of the club could now be imminent.
Meanwhile, Raine Group will act as the Red Devils' 'exclusive financial advisor' while considering the club's sale. The same group facilitated the sale of fellow English giant Chelsea to Todd Boehly earlier this year.