The beginning of United's decline can be traced all the way back to 2003. In March of that year, Florida-based businessman Malcolm Glazer bought a 2.9 percent stake in the club for £9m through a holding company called Red Football. By late November, he and his family owned a 15% share in the Red Devils. Malcolm quietly purchased these shares while Sir Alex Ferguson was engaged in a public row with United's majority shareholders, John Magnier and J.P. McManus. Ferguson had initially befriended the Irish business magnates through his love of horseracing, and Magnier gifted the Scottish head coach a half-share in a promising thoroughbred named Rock of Gibraltar. The horse ran in Ferguson's signature red United colours and became an absolute superstar, winning seven consecutive Group One races. But after its retirement, the Scot believed he was entitled to half of all future breeding fees. Magnier and McManus argued that they only gave Ferguson a share of the horse's race-day prize money, which prompted the United boss to do the unthinkable, and sue the club's primary owners for £10m. Ferguson eventually settled with Magnier and McManus out of court, but their relationship was ruined, and Glazer capitalised. In May 2005, the Irish investors sold their entire 28.7% stake in United directly to Glazer, who subsequently launched a leveraged buyout to seize 98% control of the club. This opportunistic move leveraged United with hundreds of millions of pounds of debt for the first time in over 70 years. The day after the formal completion of the takeover, 300 fans converged on Old Trafford to protest against the new owners, which included non-executive directors Avram, Joel and Bryan Glazer, while another group of distraught supporters launched a new club called FC United of Manchester. United went on to win three successive Premier League titles and the Champions League between 2006 and 2009, but the club's debt increased to £716m under the Glazers.   submitted by   /u/DirectorTurbulent422 [link]   [comments]