The IPO That Could Save United

 For two seasons we’ve been calling for two things: a central midfielder and for someone to eradicate the Glazers from ownership of our club. As of yet, neither has happened. And as unbelievable as that sounds, it could happen and it could be a “two birds with one stone” kind of thing. Now, there are always variables at play when it comes to players coming and going, especially with horrible owners like the Glazers. But, if there were no Glazers, the betterment of our club would hopefully come to the forefront of the issues at hand, not fans lambasting the owners for lining their pockets while pushing the club further into debt. And while we continue to loathe the Glazers and pine for a midfielder, it could be two other things that help perpetuate at least one of those fantasies for United fans: Robin van Persie and the United IPO. Here’s a novice’s take on what’s going on – or lack thereof – in this summer’s offseason.

The IPO. We heard rumblings of one last season happening in Singapore, but that never happened. In the last two weeks, we heard confirmation that there would be an IPO and we also found out some of the intricacies of this public offering. Initial reports were that the Glazers would use the IPO funds to help pay down the club’s debt. Figures I saw were anywhere from 60m to 100m. As more details emerged (@andersred), we learned that less and less debt would actually be paid and that the Glazers would individually be able to pocket up to 25m. This, as it should, infuriated fans who didn’t need another reason to hate the owners. It also came to light that employees, including Sir Alex Ferguson, could profit from the IPO by purchasing more stock shares than just the regular investor.

Then, in this past week, the shares debuted on the NYSE to even less fanfare than the bleak initial reports suggested. Here’s where the IPO could backfire, leaving fans with a light at the end of the GLAZERS OUT tunnel. Forbes has Manchester United valued at $2.23 billion. The Glazers, no doubt, like that valuation because it keeps the leverage firmly planted in their corner. When the IPO debut, it was about $14 per share. That price doesn’t make the Glazers happy because the value of the IPO would be a measly $234 million. This low price and deal value could give a potential buyer the leverage needed to try and pry the ownership away from the Glazers. Potential investors haven’t wanted to pay the estimated $2 billion for a club they suspect isn’t really worth that. If this IPO fails to really perform, the Glazers might be forced to entertain offers for the club. Whoever this may be, we hope they have the interests of the club at heart, not a way to make themselves more money. Following? Good. But, you ask how this plays into our ploy to get a CM. And what about RVP?

The Glazers did drop around 50m last off season, our largest transfer window ever. We got Jones, Young, de Gea. We were level with City on points to end to the season, throwing away an 8 point lead atop the table with a month to go. But, what didn’t happen was United paying for the central midfielder we’ve so desperately needed. I’m not one for silver linings, but losing to City – albeit on points – means that the Glazers can’t truly point at our team and tell us we’ll be okay. We need a CM and we need one now. So, in a very quiet offseason for United, we suddenly hear that we’ve launched a bid for RVP, the leagues most enigmatic scorer last season? This and the IPO virtually coincided, and that’s no coincidence. And, while I reserve judgment on SAF and the IPO issue, we have always known that he is well-versed it playing the right card at the right time. RVP’s kit sales alone would generate income for United, so announcing our interest in – and supposed signing of – the player would generate a buzz right when the IPO was set to launch. Now, whether we end up signing RVP has yet to be seen, but I’m 50/50 on it right now. What I do know is that while true United fans will embrace Kagawa, the idea of “van Persie” on the back of a jersey would be exactly the type of move to get people talking about United in an otherwise dull offseason. And if it generated enough money, we might be able to grovel for funds to buy a CM.

In the end, do I really think that we’re going to sign RVP? No. I see it as a tactic to try and drive the share price above $14, for whatever that's worth. I also don’t see that panning out, ultimately leading to a renewed interest from someone in buying our club away from the traitorous owners we’ve been shackled to for the last 7 years. If that does happen, I honestly believe that the club’s best interests will be taken care of. At the forefront of those interests? Removing debt and getting a top class central midfielder. So, at the end of the day – with all these variables floating around – I don’t see the IPO going the way the Glazers want and I don’t see us signing RVP. What I could realistically see are new owners and an investment in the club and CM we’ve needed. Mind you, the outcome of this might be well down the road, but we’ve waited 7 years to get rid of the Glazers. If you asked me to wait two years to get a CM, but that meant getting rid of the Glazers, I’d take that every single time. I think most supporters would, too. But, if the IPO works for the Glazers, maybe they'll invest in a CM? In the balance is A) getting a CM or B) getting new owners and a CM down the line. Honestly, I'd prefer the latter, but beggars can't be choosers. Only time - and money - will tell.