BOGOTA, Colombia (AP) – The Glazers, the American family who provoked rage among Manchester United fans when they bought the soccer club and loaded it with debt, believe they are on course to net themselves £1.82 billion (US$3 billion) when they float the Premier League champion on an Asian stock market, The (London) Sunday Times reported.
The Florida clan expect to generate more than six times their original investment.
It would be a triumphant reversal of fortune for Malcolm Glazer and his sons -- although hardly likely to endear them to fans at Old Trafford Monday night for a match against Spurs. The family's takeover in 2005 left the club with a crippling annual interest bill totaling tens of millions of pounds.
The family, which also own the NFL's Tampa Bay Buccaneers, put up only £300 million of their own cash when they bought United. They financed the rest of the £900 million takeover with loans from banks and hedge funds.
Since then, the interest bill on the debts has wiped out the club's profits, stoking the opposition to the Glazer regime.
The family expects the club to be valued at £2.4 billion when they sell a 25 percent stake on the Singapore stock market. They plan to raise £600 million -- some of which would be used to pay off loans -- and to retain a 75 percent holding worth £1.82 billion.
Some analysts have questioned the valuation as too high, given that the club made a net loss of £84 million last year.