As the Guardian has reported this morning, Manchester United has been re-registered as a Cayman Islands company.
The whole arrnagement is, of course, about financial engineering, debt manipulation and the creation of a two-tier (some might say heavily biased) ownership structure that would be unlikely to pass muster as a UK company. In other words, as ever, this is about using offhsore for financial jiggery-pokery whilst getting round the regualtion of the state where the real economic activity takes place.
The time when all clubs should be under local control seems to me to be moving ever closer if football is to avoid the fate of banking. It's something I've been arguing since the 1980s, and long before my own footballing passion - Ipswich Town - fell under offshore control.
Yet again, I have to ask, when will we learn the lessons?
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I don’t think the Guardian has bothered to read the SEC listing statement – neither have I but I think you will find that Man Utd will remain a UK registered company and the Glasers will interpose a Cayman Co, of which Man Utd will be a subsidiary. The ownership of Man Utd has, since 2005 been offshore. As for debt manipulation, you are wrong – that happened ages ago. This is about getting suckers to help the Glasers pay of the Man Utd debt.
This is before we ask about the wisdom of accepting that Roman Abromovich and the effective head of state for the UAE as ‘fit and proper’ owners of league clubs (typing Russia and UAE into Amnesty International, UNHCR, and Human Rights Watch gives you the answer to that). Two well-developed countries ripe for democracy – third time lucky for Russia? – and the EPL and FA remain as short-termist and unethical as ever.
Anyone who wants to read a GOLD STANDARD (Orwell Prize 2012) investigative blog on the corruption and thieving and tax evading that goes on in football (although in this case not directly involving offshore, apart from the small matter of an EBT and not in England although I have no reason to believe similar things do not happen there) must read the Rangers Tax Case blog here:
http://rangerstaxcase.wordpress.com/
The story of the destruction for money and gain by rapacious scumbags at all levels of management and players of one of the world’s most venerable and famous clubs is why I have not for some decades paid any attention, or money, to club football.
Simple, a footie club should play its home games where the effective control and money base is. Also, away games means economy class on scheduled airlines. Accrington Stanley rules OK.