Manchester United (NYSE:MANU) is a public limited company based in Manchester, UK, that operates and manages a professional soccer team of the same name that has enjoyed the highest degree of success in British soccer competition, and is widely considered to be one of the most popular soccer clubs in the world. Founded in 1878 as ‘Newton Heath LYR Football Club,’ the organization originally represented the Lancashire and Yorkshire Railway department of Manchester, before splitting off into private ownership in 1892 ("History," n.d.). It has since transformed itself into an independent sports club and a globally-recognized sports entity. In its 136 year history, Manchester United has amassed 62 trophies, including an unsurpassed 20 domestic…show more content… In the process, they delisted the company from the London Stock Exchange, and force a squeeze-out for the remaining 2% of shares. The takeover was highly leveraged, as the Glazers borrowed nearly $440 million against the club’s assets, with a further $456 million in additional loans ("Glazer Gets 98% of Man Utd Shares," 2005). Soon afterwards, the family transferred a $525 million debt to the club (Conn, 2014). The Glazers sold 16.6 million shares at $14 a piece in an initial public offering on the New York Stock Exchange on August 10, 2012. By selling about half of its shares, the company raised $233 million, while gaining a valuation of $2.3 billion after the IPO. The deal’s underwriters also gained the option to buy an additional 2.5 million of the company’s shares (Farrell, 2012).
After Malcolm Glazer’s death on May 28, 2014, his sons, Joel and Avram Glazer took on the title of Executive Co-Chairmen of the corporation’s board of 11 directors. Former head of commercial and media operations, Edward Woodward, was instated as the Executive Vice-Chairman and CEO of the company on June 30, 2013, due to his involvement in engineering the takeover of the company when he was working for JP Morgan (Kelso, 2013). In addition to running the company’s operations,