MANCHESTER, England (AP) Manchester United’s owners have not taken their semi-annual dividend for fiscal year 2023, according to the Premier League club’s quarterly financial reports.
The decision preceded the Glazer family’s recent announcement that it would consider putting the club up for sale.
Dividends amounting to $44 million were paid to the Glazers and other shareholders in the prior financial year.
United’s first-quarter fiscal 2023 results stated that the board of directors on Nov. 15 ”did not approve the payment of the semi-annual dividend for fiscal 2023.”
A week later, United said the Glazer family was exploring outside funding to enhance growth – a move that could pave the way to a potential buyout.
”As part of this process, the board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the company,” the club said on Nov. 22, the same day it parted ways with Cristiano Ronaldo.
Supporters have long-campaigned to drive out the American family, which also owns the NFL’s Tampa Bay Buccaneers. The Glazer family bought United in 2005 with a leveraged takeover that loaded debt onto the club.
Critics say the Glazers have failed to invest enough of their own cash in the squad or facilities and have presided over years of failure by England’s biggest team.
The Manchester United Supporters’ Trust welcomed the decision to not pay dividends.
”Certainly dividends should not be paid when the football club is not achieving success on the pitch, challenging for top honors,” the organization said in a statement Thursday. ”That is rewarding failure and removes the incentive for the owners to ensure sufficient reinvestment of profits back into the football club.”
AP World Cup coverage: https://apnews.com/hub/world-cup and https://twitter.com/AP-Sports