Well, our members’ message last week caused a bit of a stir didn’t it?A simple update to members on the progress (or lack of) on the Fan Share Scheme (FSS) led to national press coverage, live radio debates and more tweets than you can shake a stick at. Some of that generated more heat than light, but on the plus side there can be no doubt about the level of interest and attention on this issue, and about how important it is to find a resolution.We’ve also had lots of questions coming into MUST in recent days, so we are going to cover those with further updates over the next 2 – 3 weeks.In terms of the details of any possible Fan Share Scheme proposal from the club until we get something we can present to members it isn’t possible to comment on some of the specifics. However, what we can do is share with you what we want from a Fan Share Scheme and what we have been asking for from the club.
What is the Fan Share Scheme and why has MUST been pushing for it for so long?
In simple terms, a Fan Share Scheme would allow supporters to buy equal voting shares in Manchester United once again as part of a process to increase fans’ influence over the club. It is worth clarifying right at the outset that any Fan Share Scheme alone is not going to change the majority ownership of our club. Certainly not in the short term anyway. That may seem blindingly obvious to any reasonable person but some of those who are less enthusiastic about a Fan Share Scheme appear to have set such an impossibly high bar. Whether they really believe that is achievable or are just setting the bar to guarantee failure is not clear but anyone who is realistic understands this is going to take time to build momentum.
So, what is the point then?
Since our very inception in 1999, then as Shareholders United, our central goal has always been that fans should be able to build up a shareholding in the club, as many did before the Glazer takeover in 2005. We had to close our last Fan Share Scheme in 2005 after our shares were compulsorily purchased and the company was delisted so we could no longer buy shares.
However, what a successful Fan Share Scheme would do is give fans a collective voice and growing influence. There is nobody that the board of any company listens to more carefully than their shareholders so we need to make sure fans are shareholders and participate in huge numbers.
But if MUST wanted to re-establish a Fan Share Scheme, why didn’t we do that in 2012 when the club was relisted on the NYSE?
The shares presently listed on NYSE only have one-tenth of the voting rights of the Glazer family’s shares and we will never accept that fans should only own second class shares with inferior voting rights.
We have long argued that the club should offer fans the chance to buy shares with equal voting rights. We have been told for years that this was a ridiculous proposition and would never be agreed to. And you can be assured we will not accept any Fan Share Scheme which does not satisfy this key point. You might conclude that this largely explains the delay in any announcement.
How many shares will be offered?
Until any proposal is agreed we can’t speculate on this. However, what we can say is that any scheme we support must offer fans the opportunity to continue to build our collective shareholding in the long term, and that is more important than the size of the initial offering. We expect that it will take time to build momentum so there will not be a single opportunity to buy shares but rather an ongoing series of such offers allowing us build up the fans’ stake in the long term but we start to increase the fans’ influence immediately.
The important thing is that as many fans as possible seek to buy shares in the first offering to ensure demand massively exceeds supply and the scheme expands to meet that demand so we can hold Joel Glazer to his word when he promised to “create the largest fan ownership group in world sport”.
What will you do if you don’t get an agreement?
Sadly, if we don’t get an agreement it does feel like that will be a turning point in the relationship between the club and its fans. Over the last year, there does feel like there has been some progress in terms of the owners listening and engaging more. But all that will be back to square one if the fan share scheme falls flat. All options will be on the table, and we will consult with Members on the way forward.
We want your comments and questions
This is the first of a series of emails respond to questions and comments and building up an FAQ (Frequently Asked Questions) for the Fan Share Scheme. So we want to hear from you with your thoughts on the Fan Share Scheme – your questions and any concerns that might put you off participating if/when it does happen?
M.U.S.T – the Manchester United Supporters’ Trust
www.imust.org.uk
0161 872 3300
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