And Tomorrow The Stock Exchange Will Be The Human Race

It's (almost) all about the Glazers this morning, and the more you read, the more you wonder, not so much why they are bothering with it, but why anyone would want to buy any shares.  The Guardian sum up the reasons not to bother in this article:

Among the many reasons not to buy shares in Manchester United in the forthcoming flotation on the New York Stock Exchange are the pure, cold financial numbers. The updated prospectus shows what happens when the team flops in the Champions League: ignoring a one-off tax credit, the club will report a small operating loss from continuing operations for the 12 months to June this year; and revenues will be about 4% lower than the previous year at £315m-£320m.

Yet the Glazers hope buyers can be found for Man Utd at a price tag of almost $3bn (£1.9bn). Six times revenues! That's a rating associated with go-go technology stocks where income doubles every couple of years. At Man United, despite the Glazer camp's boasts about greater commercial adventure and bigger sponsorship deals, revenues have advanced by a grand total of 14% over the course of the past three years.

But, of course, tThere are other reasons to ignore the listing. There's no dividend for shareholders or plans to pay one. V; voting rights are unequal, with the family hoarding the class of stock with supercharged powers. And the club will still be indebted to the tune of £345m even after £80m or so is raised to pay off a slice of borrowings with a new share issue.

In their article, The Mail have an "expert" claim:

'This type of dual share structure hasn’t been acceptable in London for a very long time. I’m surprised New York have put up with it — they’ve only aimed at the US investors because they’re taken in by the lure of Manchester United.'

Which doesn't sound very expert:  They're floating in New York because they're aiming at US investors who'll be "lured" by Manchester United?  Really?  The Independent are more realistic on this:

And it is not yet known what the exact response in New York will be given the US can hardly be described as a soccer hotbed.

 except in The Daily Mail...

The Guardian report that The Glazers are also making sure they keep a firm grip on the club:

The Glazer family has moved to block any future hostile takeover of Manchester United by quietly altering the club's constitution, in a move that will further enrage the club's fans.

The changes – almost certainly designed to protect the Glazers' control of the club if the family cashes in further shares – is revealed in regulatory documents published as part of the club's planned flotation in New York. The float stands to net the Glazers around $150m (£96m), despite previous assurances that proceeds would go towards paying down the club's debt.

The US filing warns potential investors: "Anti-takeover provisions in our organizational documents and Cayman Islands law [where Manchester United are incorporated] may discourage or prevent a change of control, even if an acquisition would be beneficial to our shareholders, which could depress the price of our shares and prevent attempts by our shareholders to replace or remove our current management."

They also report on plans for senior employees to benefit from the flotation:

Manchester United's controversial flotation in New York continues to provoke an angry reaction from supporters after it emerged that senior employees at Old Trafford stand to benefit from a share scheme worth up to $320m (£204m).

A highly lucrative "2012 Equity Incentive Award Plan", as it is described in the Initial Public Offering (IPO) prospectus released on Monday, has raised questions among some United fans as to whether Sir Alex Ferguson, the manager, and David Gill, the chief executive, will stand to personally profit from the Glazers' decision to list the club on the New York stock exchange.

At least MUST have the sense to ignore this red herring and avoid division:

Duncan Drasdo, the Must chief executive, is aware of fans' concerns but said that he wants to keep the spotlight on the Glazers for the moment. "I know people are asking if David Gill and Sir Alex Ferguson are going to benefit from the IPO and whether that has affected their statements. But I don't want to divert attention away from the terms of the IPO and the pressure we're trying to put on the banks."

Onto other news and Sir Alex thinks that Javier Hernandez will be back to his best this season after enjoying a summer break:

“I think this season we’ll see a better Chicharito,” he said.

“For the last four or five years he’s played all through the summer.

“This year, with the co-operation of Mexico, he’s had a proper rest.

“That started right back in May when I decided not to take him to Belfast for the Harry Gregg testimonial.

“We wanted to give him as much rest as possible.

“He had a couple of weeks off and then joined the Mexico side for a ­couple of qualifying games before getting another few weeks’ rest.

“That was important for him and I’m sure he’ll reap the benefits.

“We’ve already seen the fruits of that in the early training sessions and I think he’ll have a top ­season. He’s such a good professional and such a fantastic personality.”

The Manchester Evening news report on Moura: not coming apparently.

The Daily Mail report that we're going to be watching Celtic midfielder Victor Wanyama.

And The Daily Mirror have scoop of the day.  The police "track down" the person who Rio retweeted.  I hate The Mirror.