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Manchester United fans aren't happy. And looking at the terms of the proposed share sale in New York announced last night, it's not hard to see why.
The Glazer family, the club's US owners, want to raise up to $330m (£210m) on Wall Street, having shelved plans to raise $1bn in Singapore.The problems lie with the terms of the sale, and what the Glazers intend to do with the money raised.
Only part of the proceeds will go towards paying down the club's $680m debt, with a significant chunk going directly to the Glazers themselves. And the structure of the sale means the Glazers' Class B shares will have 10 times the voting power of the Class A shares sold to the public.
"Supporters are going to be very angry about this," says Duncan Drasdo, chief executive of the Manchester United Supporters Trust.
"The Glazers have already cost United more than £550m in debt-related fees and now we have another slap in the face as they help themselves to half of the proposed [sale] proceeds.
