TanyaT
2nd August 2005, 20:53
UPDATE FROM THE SU BOARD
You may not believe it, but while you’ve all been sunning yourselves on a beach somewhere, the SU Committee has been working hard. Plans have been laid, strategies put in place and the elves have been busy – very busy.
We are almost ready to launch the next and most important phase of development of this organisation. So now, more than ever before, we need to stand together. Never before has the phrase “United we stand, divided we fall” been so apt. If Glazer thinks that we will just roll over and die he has severely underestimated the passion and commitment of Manchester United supporters, and this group of Manchester United supporters in particular. Like our team, we don’t just give up when the opposition scores. We fight for an equaliser and push for the winner until the whistle blows.
IF YOUR MEMBERSHIP IS DUE FOR RENEWAL…….
…..you will soon be receiving a renewal request with the latest newsletter. By the time you get your new membership, you will be a member of the new organisation MUST (“Manchester United Supporters Trust”) which is replacing SU. Within a few weeks, Glazer will own 100% of United’s shares and our share scheme will no longer exist. So SU has to transform itself – this is why we are re-launching as MUST, a community-based, not-for-profit and democratic mutual society. Our aims will be to:
continue our legitimate and peaceful protests against what has been dubbed “The Glazer Tax”, the ever-increasing price of servicing Glazer’s £650m debts
ask the tough questions of the Glazers and their stooges – especially about the debt and their plans to more than double United’s profits to pay it. How do they do this and fund team rebuilding at the same time?
be there to reclaim our shares and our club via the Phoenix Fund as soon as the opportunity arises.
Nothing has changed in terms of how we operate. For only £10 a year (UK residents), you will remain a member of our 32,000+ strong supporters trust, although you will not now receive a share every year, you will have the option to contribute an equivalent part of your membership fee into an individual account under the Phoenix Fund – see below for details.
SU/MUST
SU/MUST is the only recognised supporters trust for United, a mutual society which will soon be registered and overseen by the Financial Services Authority. The application documents have been lodged with the FSA and we expect to have confirmation of the conversion from limited company to industrial & provident society in early August. We will then launch MUST before the new season with new logos, website and membership forms. Watch this space
Malcolm Glazer may have control of the company, but SU/MUST will continue to represent the interests of fans who are unhappy with the new ownership of our club, who do not wish to pay the Glazer Tax and who share the ambition of reclaiming our stake in the club. That is why we are asking our members and all United shareholders and fans to support the ‘Phoenix Fund’ from the sale of their shares and other continuing contributions.
PHOENIX FUND – HIGH INTEREST INVESTMENT ACCOUNT - PHASE 1
Good news for members who opted for our Phoenix Fund - any money that was allocated to the Phoenix Fund from the sale of your SUSS shares has been attracting interest from 1 August at the current gross rate of 4.25% (0.5% below Bank of England base rate). This is a competitive rate of interest but it is only the first phase of the Phoenix Fund and we expect to have a range of options available for those who wish to seek higher rates (see below). We are finalising procedures for the allocation of interest on members’ existing funds and future contributions, so those with standing orders or direct debits should continue to pay in and we will let you know full details as soon as possible.
PHOENIX FUND – INDIVIDUAL SAVINGS ACCOUNT AND BOND - PHASE 2
Having established the basic fund account we are now in negotiations with other financial institutions to set-up other more attractive options which give even better returns. In particular we are keen to offer an even higher rate individual savings account and also create for our members a special Manchester United Future Shareholder Bond which will pay an enhanced return in exchange for locking investment in for a set period or until MUFC shares become available (whichever happens first). This could be highly attractive to those who have sold significant MUFC shareholdings (adding up to £140 million) – locking in at the top of the market with Glazer’s £3 a share offer and then buying back a larger stake in United at a lower price.
We will be writing to members as soon as possible to give you full details of the new savings schemes and to confirm interest payment dates, accessibility and withdrawal terms for your individual account. We are aiming to launch this next phase in September.
WILL THE PHOENIX FUND WORK?
We have taken soundings among City institutions, financial experts and wealthy Reds and there is a significant groundswell of backing which we will be able to tap into when the time comes. Many independent journalists have also supported the Phoenix Fund concept, including the deputy business editor of The Times who is quoted in the front page article in the latest newsletter. We have even had support for the Phoenix Fund from a recently removed United director!
No-one can see how Glazer can make enough money to service & repay his huge debt, including David Gill himself. We don’t need £800m for Phoenix to be successful. Remember that if Glazer fails, the value of the club will be very much lower than now if it is burdened with debt. Debt-laden Leeds was valued at less than £20m when Ken Bates bought in.
We aren’t relying only on fans contributions through their individual Phoenix savings accounts. We will be announcing a rolling series of commercial activities and fundraising ideas, many of which will involve our members and United fans benefiting from partnerships with organisations offering special deals and discounts, at the same time as providing continued income for the collective Phoenix Fund pot. Many of these deals will be available online at our new website ‘ONLINE SHOP’. For example we are talking to well-known sportswear producers and retailers about a range of MUST merchandise which will be designed to have appeal to all United fans who support MUFC and the team.
If we raise a few 10s of £millions, which isn’t unrealistic given the £140m United fans received from Glazer for their shares, we can more than double it with leverage from the likes of Nomura and the ‘Red Knights’ who have shown us their support. We have no choice but to be there, when the opportunity arises, to take our shares back from Glazer and reclaim our club; when we do that we will come back stronger than ever.
CHEQUES FROM SHARE SALES
For anyone who has opted to receive a cheque payment for the proceeds of the sale of their shares, cheques will be posted out as soon as possible. We are just going through the final stages of approval by the banks for a pre-printed cheque service which will allow us to efficiently process a large number of cheques. However if you have changed your mind and would like to benefit from the interest on your money in the Phoenix Fund then you can let us know as soon as possible (0870 742 3025) or simply return your cheque (torn in half) along with a covering note and we will make the transfer for you. We hope you will agree that the Phoenix Fund is going to be a mutually beneficial initiative for you and for us all as supporters when we get the opportunity to reinvest in our club. You have nothing to lose and even in the worst case you earn an excellent rate of interest on your money.
We are in no doubt that there are tough times ahead. We are going to meet opposition like never before. Some may wish to give Glazer a chance, or ‘wait & see’, but we don’t think it will be long before Glazer is forced to make decisions based not on the interests of the fans or the club, but on how quickly he can repay the mounting debt – like the potential sale & leaseback of Old Trafford.
Some may not agree with our protest actions and our support for those of other fans groups, but we continue to believe that we can support our club but not support Glazer’s debt – why should we be expected to pay our hard-earned money into his pockets? No-one wants to see the club or the team harmed, but remember that it is Glazer who has put the club and team in jeopardy with his huge debt and aggressive business plan – not the fans.
So we have to be ready for this and build for the time when we can release our club from Glazer’s debt and his ever-increasing prices. We have ambitious plans for achieving this. They are complex and will take time to develop but by this time next year when you are asked to renew your membership we believe you will be glad you remained a part of the largest independent supporters’ trust in the world.
The fans were here long before Glazer and will be here long after he’s gone.
You may not believe it, but while you’ve all been sunning yourselves on a beach somewhere, the SU Committee has been working hard. Plans have been laid, strategies put in place and the elves have been busy – very busy.
We are almost ready to launch the next and most important phase of development of this organisation. So now, more than ever before, we need to stand together. Never before has the phrase “United we stand, divided we fall” been so apt. If Glazer thinks that we will just roll over and die he has severely underestimated the passion and commitment of Manchester United supporters, and this group of Manchester United supporters in particular. Like our team, we don’t just give up when the opposition scores. We fight for an equaliser and push for the winner until the whistle blows.
IF YOUR MEMBERSHIP IS DUE FOR RENEWAL…….
…..you will soon be receiving a renewal request with the latest newsletter. By the time you get your new membership, you will be a member of the new organisation MUST (“Manchester United Supporters Trust”) which is replacing SU. Within a few weeks, Glazer will own 100% of United’s shares and our share scheme will no longer exist. So SU has to transform itself – this is why we are re-launching as MUST, a community-based, not-for-profit and democratic mutual society. Our aims will be to:
continue our legitimate and peaceful protests against what has been dubbed “The Glazer Tax”, the ever-increasing price of servicing Glazer’s £650m debts
ask the tough questions of the Glazers and their stooges – especially about the debt and their plans to more than double United’s profits to pay it. How do they do this and fund team rebuilding at the same time?
be there to reclaim our shares and our club via the Phoenix Fund as soon as the opportunity arises.
Nothing has changed in terms of how we operate. For only £10 a year (UK residents), you will remain a member of our 32,000+ strong supporters trust, although you will not now receive a share every year, you will have the option to contribute an equivalent part of your membership fee into an individual account under the Phoenix Fund – see below for details.
SU/MUST
SU/MUST is the only recognised supporters trust for United, a mutual society which will soon be registered and overseen by the Financial Services Authority. The application documents have been lodged with the FSA and we expect to have confirmation of the conversion from limited company to industrial & provident society in early August. We will then launch MUST before the new season with new logos, website and membership forms. Watch this space
Malcolm Glazer may have control of the company, but SU/MUST will continue to represent the interests of fans who are unhappy with the new ownership of our club, who do not wish to pay the Glazer Tax and who share the ambition of reclaiming our stake in the club. That is why we are asking our members and all United shareholders and fans to support the ‘Phoenix Fund’ from the sale of their shares and other continuing contributions.
PHOENIX FUND – HIGH INTEREST INVESTMENT ACCOUNT - PHASE 1
Good news for members who opted for our Phoenix Fund - any money that was allocated to the Phoenix Fund from the sale of your SUSS shares has been attracting interest from 1 August at the current gross rate of 4.25% (0.5% below Bank of England base rate). This is a competitive rate of interest but it is only the first phase of the Phoenix Fund and we expect to have a range of options available for those who wish to seek higher rates (see below). We are finalising procedures for the allocation of interest on members’ existing funds and future contributions, so those with standing orders or direct debits should continue to pay in and we will let you know full details as soon as possible.
PHOENIX FUND – INDIVIDUAL SAVINGS ACCOUNT AND BOND - PHASE 2
Having established the basic fund account we are now in negotiations with other financial institutions to set-up other more attractive options which give even better returns. In particular we are keen to offer an even higher rate individual savings account and also create for our members a special Manchester United Future Shareholder Bond which will pay an enhanced return in exchange for locking investment in for a set period or until MUFC shares become available (whichever happens first). This could be highly attractive to those who have sold significant MUFC shareholdings (adding up to £140 million) – locking in at the top of the market with Glazer’s £3 a share offer and then buying back a larger stake in United at a lower price.
We will be writing to members as soon as possible to give you full details of the new savings schemes and to confirm interest payment dates, accessibility and withdrawal terms for your individual account. We are aiming to launch this next phase in September.
WILL THE PHOENIX FUND WORK?
We have taken soundings among City institutions, financial experts and wealthy Reds and there is a significant groundswell of backing which we will be able to tap into when the time comes. Many independent journalists have also supported the Phoenix Fund concept, including the deputy business editor of The Times who is quoted in the front page article in the latest newsletter. We have even had support for the Phoenix Fund from a recently removed United director!
No-one can see how Glazer can make enough money to service & repay his huge debt, including David Gill himself. We don’t need £800m for Phoenix to be successful. Remember that if Glazer fails, the value of the club will be very much lower than now if it is burdened with debt. Debt-laden Leeds was valued at less than £20m when Ken Bates bought in.
We aren’t relying only on fans contributions through their individual Phoenix savings accounts. We will be announcing a rolling series of commercial activities and fundraising ideas, many of which will involve our members and United fans benefiting from partnerships with organisations offering special deals and discounts, at the same time as providing continued income for the collective Phoenix Fund pot. Many of these deals will be available online at our new website ‘ONLINE SHOP’. For example we are talking to well-known sportswear producers and retailers about a range of MUST merchandise which will be designed to have appeal to all United fans who support MUFC and the team.
If we raise a few 10s of £millions, which isn’t unrealistic given the £140m United fans received from Glazer for their shares, we can more than double it with leverage from the likes of Nomura and the ‘Red Knights’ who have shown us their support. We have no choice but to be there, when the opportunity arises, to take our shares back from Glazer and reclaim our club; when we do that we will come back stronger than ever.
CHEQUES FROM SHARE SALES
For anyone who has opted to receive a cheque payment for the proceeds of the sale of their shares, cheques will be posted out as soon as possible. We are just going through the final stages of approval by the banks for a pre-printed cheque service which will allow us to efficiently process a large number of cheques. However if you have changed your mind and would like to benefit from the interest on your money in the Phoenix Fund then you can let us know as soon as possible (0870 742 3025) or simply return your cheque (torn in half) along with a covering note and we will make the transfer for you. We hope you will agree that the Phoenix Fund is going to be a mutually beneficial initiative for you and for us all as supporters when we get the opportunity to reinvest in our club. You have nothing to lose and even in the worst case you earn an excellent rate of interest on your money.
We are in no doubt that there are tough times ahead. We are going to meet opposition like never before. Some may wish to give Glazer a chance, or ‘wait & see’, but we don’t think it will be long before Glazer is forced to make decisions based not on the interests of the fans or the club, but on how quickly he can repay the mounting debt – like the potential sale & leaseback of Old Trafford.
Some may not agree with our protest actions and our support for those of other fans groups, but we continue to believe that we can support our club but not support Glazer’s debt – why should we be expected to pay our hard-earned money into his pockets? No-one wants to see the club or the team harmed, but remember that it is Glazer who has put the club and team in jeopardy with his huge debt and aggressive business plan – not the fans.
So we have to be ready for this and build for the time when we can release our club from Glazer’s debt and his ever-increasing prices. We have ambitious plans for achieving this. They are complex and will take time to develop but by this time next year when you are asked to renew your membership we believe you will be glad you remained a part of the largest independent supporters’ trust in the world.
The fans were here long before Glazer and will be here long after he’s gone.