Between the Lines

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Posts Tagged ‘Genesis’

And there shall arise after them seven years of famine

Posted by hakanrylander on March 3, 2010

After the Red Knights yesterday declared publicly their intention to put together a bid for United, the Glazer family has vowed to stay in control until at least 2017. No doubt planning to drain the club of as much cash as possible during each of those years.

The prospect of seven more years with the Glazers makes me turn to The Scriptures for guidance.

“Behold, there come seven years of great plenty throughout all the land of Egypt; And there shall arise after them seven years of famine; and all the plenty shall be forgotten in the land of Egypt; and the famine shall consume the land.” (Genesis 41:29-30)

In fact, we’ve probably even seen seventeen years of great plenty. But this era is in danger of coming to an end if the Glazers continue to care a lot more about their own pockets than about long term sporting success. The terms of the recently published bond prospectus make it possible for the family to take out £172m next year alone.

This does not mean we’re heading for a Leeds or Portsmouth scenario. The club’s revenues and cash flows are strong enough for us to stay reasonably healthy despite the Glazer’s best efforts. But we will eventually find it impossible to keep up with Barcelona, Real Madrid, Chelsea and City whose owners put lots of money into the clubs, or at least don’t take anything out. And that’s a famine, by United standards. So let’s hope that the talk of staying until 2017 is just part of the negotiations.

Meanwhile, the line-up of red knights looks very impressive including many experienced City investors and analysts. It seems likely that a credible bid will be constructed. Whether this will be accepted by the Glazers is another matter.

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