Manchester United were bought out by the Glazer Family in 2005. This was done slowly over a few years leading up to 2005.
The Glazer family bought shares, till they eventually became the controlling shareholders of the club basically meaning that, in a room of directors; their votes counted the most.
So they decided to transfer the club from a listed stock exchange company into an LLC. A limited liability company. Which meant that the ownership was not liable for much of the company’s financial situation and the company itself was it’s own entity in the eyes of British Law.
By 2005, this process or takeover was complete, the Glazer’s effectively became the owners of the business which was no longer a stock exchange company, but a company with ownership.
The trouble with all of this was that the Glazers took loans out of private equity (big banks/lenders) and used that to buy the shares. The shares became the security for the lenders. MUFC effectively was owned by the Glazer’s on paper, but the money coming in was all loans. Meaning interest bearing debt is put onto the club as a cost, for loans taken out by someone else (Glazers).
The Glazer’s made profit in the last two decades, by listing themselves as employees and shareholders of the business. No one could argue against this because no other significant opposition exists in the Manchester United Board. This meant that MUFC profits were taken out by the Glazers (it’s been the highest earning Football Club by revenue, or thereabouts, for decades)
The sad thing is, whilst the players earned big, the coaches earned big; the club itself, has not been reinvested in. This is why the best don’t end up at Manchester to support the players. Be it medics, psychologists or physiologists. The standard of care is poor and the players suffer despite having huge salaries. The entire project is built on a foundation of complacency or under-qualified personnel in comparison to other major English football clubs.
Bankruptcy would mean there is a reset on the board of directors. The Glazer’s would lose their ownership whilst other creditors (the lenders) would gain voting rights. The entity would be more democratic again, and hopefully be bought, or listed on the stock exchange again thereby assuring fans that it’s a democratic ownership.
TL;DR
Manchester United was bought out legally, in a crooked financial way. Then squeezed of money for non reinvestment profit. The lack of investment meant the teams assembled have suffered consistently since 2005 when bought out - despite the 2008 Champions League title by poor infrastructure/foundations.
I want the Glazer’s gone. And the company to relist on the Stock Exchange as its own entity, from now till forever because that’s the fairest way to ensure the boardroom voting rights stay unpolitical and not corrupt (in the eyes of the club’s wealth). Whereas at the moment, the Glazer’s pocket money by enlisting as financial managers/directors of the club.