A football finance expert has detailed to Gary Neville how the Glazers could stay in control of Manchester United and also improve Old Trafford.
The American owners are currently exploring their options with a full sale or minority investment both being considered. The Glazers have been at the helm for around two decades, but have presided over an unsuccessful period during which the club's infrastructure has been neglected.
Mounting debts and a lack of cash reserves means the current owners to not have the capital to pour into the club, which would be needed to refurbish Old Trafford - a stadium that has fallen behind its rivals. Neville has previously suggested a lack of cash would force the Glazers into selling, but that may no longer be the case.
Several investment firms have expressed an interest in taking on a majority share, which would see the Glazers' share reduce, but they'd maintain their voting power via the share scheme, whilst also having the capital to fund a renovation of the stadium and training ground.
Neville had questioned the figures on social media, stating: "This model doesn’t work does it? How do they execute this and be able to afford the capital outlay for the stadium , training ground (minimum 500m for a proper refurb) if all the money is extracted by the exiting family members? Not to mention the 950m debt they have."
He was then told by the expert, Kieran Maguire: "The money for development would come from the debt markets, similar to what we have seen with Spurs. Another £800m of debt at 4% is an interest cost of £32m per annum. Extra matchday income in region of £80-100m so pays for itself."
Neville was unsure as to whether they would get a loan at 4% given the current state of the economy in the UK. The takeover process remains ongoing, with two buyers expressing their interest, and will enter another round of bidding as the Glazers look to achieve their hefty asking price.
The former United skipper has made his fears known regarding the Glazers remaining in charge, which would not be received well by the fan base, who have protested against the Americans. Neville has claimed any investor who gets involved would see their brand damaged.
He previously said on the Overlap : "One of the rumours we heard about before Christmas was that they were going to stay, and try and find 'strategic investment', which is something FSG [Fenway Sports Group] have mentioned at Liverpool. That means you buy part of the family out, you leave Joel and Avi Glazer in, but Joel and Avi will retain control of the club. That's a nightmare scenario."
