Archive for the ‘football’ tag
Can a fans’ trust really work?
A cross-post from Back Page Football where I cranked out this opinion piece last night. Actual blogging resumes shortly…
As a Manchester United fan it’s been difficult of late to read any kind of club news without encountering inevitable bumf about the Glazers, the Red Knights, green and gold scarves, potential boycotts, Wayne Rooney’s forehead, blah blah blah… the list goes on. (OK, I realise that last one isn’t that terrible, but it’s been the saving grace of late.)
When the Glazer family launched their formal takeover bid of Manchester United in the summer of 2005, I was probably in the small minority (or, if in the majority, the silent one – but then again, it’s always been difficult to publicly express one’s support for a status quo) who thought the takeover might not have been a terrible thing. As a Commerce student at the time, I was being heavily briefed on investment practices and, in my business-y frame of mind, and figured that although the transition would mean United (then debt-free) being loaded up with a roundabout £500m in debt – small change, you know yourself… – that nobody would put a business through such a financial mill if they didn’t think the business could adequately cope with the strain.
In hindsight I still stand by that logic. Nobody – not even an Irish banker intent on spending billions on a floundering Irish bank – puts money into an enterprise if they don’t think they’ll be able to get their investment back, with more. After all, that’s what profit is: the reward for taking a risk.
That’s not to say I didn’t understand and share the fears that MUST and the soon-to-be F.C. United brigade. The club was debt-free and had built its modern empire – a top-class stadium; an era of incomparable dominance in English football, the ability to confidently and consistently break transfer records to get the players we needed, and others we didn’t – upon the fact that its monetary situation was so resilient and dependable. Good investment and solid management breeds more money, which if managed correctly keeps the cycle going.