London, Dec. 9 (BNA): Manchester United’s owners did not receive a semi-annual dividend for the 2023 financial year, according to the Premier League club’s quarterly financial reports.
The decision came before the Glazer family recently announced that they would consider putting the club up for sale, according to the Associated Press.
Dividends of $44 million were paid to Glazer and other shareholders in the previous fiscal year.
United’s results for the first quarter of fiscal year 2023 stated that on November 15, the Board of Directors “did not approve the payment of a semi-annual dividend for fiscal year 2023.”
A week later, United said the Glazer family was exploring outside financing to boost growth – a move that could pave the way for a potential takeover.
The club said on November 22, the same day he and Cristiano Ronaldo parted ways.
Supporters have long campaigned to oust the American family, which also owns the NFL’s Tampa Bay Buccaneers. The Glazers bought United in 2005 through a leveraged buyout that left the club in debt.
Critics say the Glazers failed to invest enough of their own money in the squad or facilities and presided over the biggest team in England over years of failure.
Manchester United supporters fund welcomed the decision not to pay dividends.
“Of course dividends should not be paid when a football club has not achieved success on the pitch, challenging to win honors,” the organization said in a statement on Thursday.
“This rewards failure and removes the incentive for the owners to ensure that sufficient profits are reinvested into the football club.”
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