bluemanc
Well-Known Member
Martin Edwards was asked why he was selling utd, his answer was i cannot afford to keep ploughing money into utd,here's why.Rammyblues said:Rags have only themselves to blame:-
1) One of the first if not the first club to go to the stockmarket and issue shares which they used to spend millions on the team so that they could break the monopoly of Liverpool at top of league.
2) Once they had sold themselves to gamblers (stockmarket) those two Irish businessmen forget their names (McManus +one other) then have a big row with Baconface over a horse.
3) They sell their shares to American who finance the whole deal by debt and load it onto their festering club.
4) They have got what they deserve IMO arrogant, conceited and plastic fans the lot of them.
A vile club corrupt drom top to bottom,always has been always will be.Initially, Edwards' heart and soul were in Manchester United Football Club. He loved the prestiege, the trappings, the power of the position that he held. Football was in his blood, and he was Chairman during a glorious part of United's history. Champions in 1965 and 1967, and finally, the ultimate accolade, European Cup Winner's for the first time in 1968. Life for Edwards and his family was good. He'd seen Old Trafford redeveloped with the building of the famous 'cantilever stand' complete with 'executive boxes' which was built in readiness to coincide with the opening of the 1966 World Cup
Unfortunately for Edwards, after 1968 things began to slowly go wrong, especially in his business life. The family business started losing money, and there were scandals surrounding it. The wholesaling side of the business struggled as the company began to lose contracts and his shops faded from popularity. Come 1975 the business was making a lost and in 1978 it declared losses of some 340,000 pounds. Edwards was really strapped for cash. It was now that he began to exploit the United directors failure to protect the Club from himself some ten years before. In his financial desperation, United became less a passion for the Edwards and more a means for a conveyer of opportunity for him to make money for himself and his family.
The F.A.'s Rule 34 at that time prevented personal profit being made by directors from football clubs. It restricted dividends being paid to shareholders to amount to no more than 5% in the 1 pound value in each share - namely 5 pence in every 1 pound. Directors could not be paid a salary. So Edwards could not vote himself money from out of the club. He brought in an 'advisor', a certain Professor Roland Smith! Together they hatched a plan that would benefit Edwards financially. Basically what they did was to increase the dividend payments simply by multiplying the 5 pences! What they actually did was issue a rights issue which gave every shareholder the opportunity to buy 208 1pound shares for every share that they held. It was ingenious! The club would stay under Edwards control, and he would have 209 times the number of shares!
This created a lot of dissent, especially amongst supporters and even Sir Matt Busby and Les Olive were bitterly opposed to the scheme. They stood up against it and argued that this scheme would be the start of monies being leaked out of the club. Boy, events since have proved them to be so right!
It is fascinating to see that in 1978, only a total of 312 pounds was paid out in dividends. Amazingly, not too long afterwards, after the rights issue, there was more than 1 million shares in the club. In 1979, Manchester United announced a dividend of 50,419 pounds. The following year saw a similar amount paid out.
In 1980, Granada's 'World In Action' exposed 'Champagne Louis' Edwards' dark and sinister side. All of his clandestine, bullying, underhand, and corrupt dealings came to light. Not only in the acquisition of his Manchester United shares, but also in his meat business and the awarding of those lucrative contracts as well. Just four weeks after the Granada programme's airing, he died from a massive heart attack. Lurking in the back ground was his off-spring Martin. He had been made a director of Manchester United in 1970 at aged just 24. This was a move which deeply upset Sir Matt, as Edwards had reneged on a deal that had been agreed some years earlier to promote Sir Matt's son Sandy to the Board. The financial fun was just about to begin!
Never forget this is the club that has built itself into what it is on the backs of 23 dead people,let them rot.