On 28 June 2005, the Glazer family completed their controversial takeover of Manchester United Football Club, a move that has since had profound financial implications for the club. Over the next 20 years, BBC Verify has calculated that approximately £1.2bn has been spent on debt interest, repayments, dividends, and fees to the family.

The Takeover and Its Immediate Effects

The Glazers borrowed millions from hedge funds to fund the £790m takeover, leaving the club with debts of £604m. Within a year, Manchester United had already paid £53.2m in debt interest and fees to the Glazer family. This financial burden was a stark contrast to the club's previous modest borrowings of £50m.

Financial Drain Over Two Decades

From 2005 to 2024, Manchester United paid out:

• £815m in debt interest repayments
• £166m in dividends to shareholders
• £10m in management and administration fees to Glazer family companies
• £197m in external net debt repayments

This totals £1.187bn, a significant financial drain that arguably would not have occurred without the Glazer takeover. This estimate is conservative, excluding various fees to banks, financial advisers, and other financing costs.

Glazers' Investment and Club's Performance

Despite the financial strain, the Glazers have significantly grown the club's value. Annual commercial revenues rose from £55m in 2006 to £303m in 2024, and the club's implied market value increased from £790m to over £3.2bn by May 2025. However, on-pitch performance has been mixed, with only five major trophies won since Sir Alex Ferguson's retirement in 2013.

Recent Developments and Future Prospects

In 2024, Sir Jim Ratcliffe acquired a 30% stake in the club for £732m, injecting £236m directly into infrastructure improvements at Old Trafford. This investment, not funded by additional debt, marks a potential turning point for the club's financial health.

Conclusion

The Glazer family's tenure at Manchester United has been marked by significant financial gains for the family but considerable costs for the club. With new investment from Ratcliffe, the future may hold a more balanced approach to financial management and on-pitch success.