The 1991 prospectus for the floating of Manchester United as a plc actually set out 4 reasons for the floatation; (a) to raise 6.7 million pounds for the redevelopment of the Stretford End; (b) to widen the ownership of Manchester United; (c) to provide “increased liquidity” to Shareholders; (d) to give employees and supporters of Manchester United greater opportunity to invest in the club. Maurice Watkins talking a few years later about the flotation stressed only the third reason; “one of the primary purposes for the flotation was that it released cash for the shareholders.” There you have it, the main beneficiaries from such a bold move were Edwards, Watkins, and the rest of the United board at that time. It’s my honest opinion that this was the main reason for taking Manchester United public.