While bloggers and the MSM are gobbling up the red herrings served by the deep throats at GM, some people are connecting the dots. They even drew a map. If you are concerned about U.S. taxpayer's money leaving for Old Blighty, you want to read on. Don't do it on an empty stomach. Or maybe do. You will want to puke. Relationship mapping site Muckety connected the dots and revealed that it is not the first time that the British soccer club Manchester United is at the receiving end of American tax payer money. "While the federal bailout may or may not have saved the American auto industry, it's doing wonders for English football," says Muckety. "Before its collapse, American International Group also had a marketing deal with Manchester. The insurance giant would later be propped up by $182 billion in federal aid." Even the usually staid Marketwatch can't hold the snark down and says: "One of England's most popular soccer teams appears to have a soft spot — right in the center of its jerseys — for the U.S. taxpayer." Does it hurt to see hundreds of millions of sponsor money desert the All-American sport of football and go to an obscure sport and a country which had burned the nation's capital down? Don't worry, the money will come right back. The owner of Manchester United is Floridian Malcolm Glazer. He bought the British club for £790 million. But, says the London Telegraph, "instead of paying with cash, or with a small and manageable amount of debt, the Glazers slammed a massive mortgage on Manchester United and leveraged it to the hilt." You may puke now, because it is getting worse. In a filing to the SEC, it was disclosed that "six lineal descendants of Malcolm Glazer" used the soccer club as an ATM. £10 million (nearly $16 million) were loaned to Glazer's children "for general personal purposes." That in addition to £13.2 million (nearly $21 million) in management fees paid from 2009 – 2011 to Glazer-owned holding company Red Football LLC. But fear not, the loans were paid back "in connection with the £10.0 million dividend distributed to our principal shareholder on April 25, 2012," as the SEC document states. So there is a company that is nearly suffocating under a £423 million ($664 million) debt pile, and the company can afford a dividend payment that just happens to be big enough to wipe out the Glazer children's debt. Chronicling all the financial shenanigans surrounding the club that will be synonymous with Chevrolet for seven years is beyond the scope of this car site. Reuters did a better job anyway. If you want the British perspective of the shenanigans, read the Guardian. Once you have read the stories, you will be astounded that GM would approach the soccer club with anything shorter than the proverbial 10 foot pole. Done puking? Ok, there is more. To reduce the mountain of debt, Glazer is taking the company public. The IPO is planned for the end of the year, but it doesn't seem to be going too well. It probably crosses your mind now that a $600 million sponsorship deal, big enough to wipe out the club's debt, could be somehow beneficial for the IPO? You are not alone with that thought. Still snarky, Marketwatch writes:
The thought may also cross you mind that Malcolm Glazer could be a donor to certain political parties, and that there is some roundabout deal going on. We did the checking for you. Public records identify Malcolm Glazer, his lineal descendants and people surnamed Glazer as generous donors to worthy political causes, (such as $20,000 to the DNC Service Corp.). The money was spread to both sides of the aisle, the donkey side received the jumbo share though. P.S.: I lied when I said the money would come right back to America. Like any patriot who wants to save taxes, Glazer registered the soon public Manchester United company in the Cayman Islands. P.P.S: In a press release, GM makes Ewanick-successor Alana Batey say the lines which probably were written for Ewanick:
Indeed, the fit is perfect. from The Truth About Cars http://www.thetruthaboutcars.com | |||
| |||
| |||
|
Tuesday, July 31, 2012
What Do AIG And GM Have In Common? TARP, And Sponsorship Of Manchester United
Subscribe to:
Post Comments (Atom)
Archive
-
▼
2012
(7297)
-
▼
July
(673)
- Audi Gives Us the Skinny On Its Third-Gen EA888 Tu...
- Lexus Introduces New LS460 and LS600hL Hybrid Seda...
- 2013 Ford Fusion Will Start at $22,495
- The Rosetta of Rubber: How to Read a Tire Sidewall
- Monsters of Grip: Nine Summer-Performance Tires Te...
- Porsche and Martini Racing Re-Ignite Partnership; ...
- 2013 Audi SQ5 TDI First Drive: Diesel + Crossover + S
- Mark LaNeve Is Back…At Ford
- In A Race For Survival, The UAW Plays The Race Card
- Name That Exhaust Note, Episode 145
- Ewanick And GM: The Leaks Continue, Someone Fetch ...
- So… About That Mercedes GLG Rendering
- Shea Holbrook Stars In “The Push”
- 2013 Mercedes-Benz GLK-Class: Car Seat Check
- Vellum Venom Vignette: Lincoln Mariner (Hecho en M...
- 2013 Chevrolet Camaro 1LE Priced at $37,035
- Housekeeping: Niedermeyer Parts Ways With TTAC
- What Do AIG And GM Have In Common? TARP, And Spons...
- Piston Slap: Can I Still Drive This?
- Buick Verano Turbo Rated at 31 MPG Highway
- 2013 Chevy Camaro 1LE to Start at $37,035; ZL1 Con...
- Daily News Briefs: July 31, 2012
- MINI’s Latest Foray Into Pointless Variations
- Review: 2012 Alfa Romeo Giulietta 2.0-liter Turbo ...
- Did GM Completly F*** Up The Launch Of The 2013 Ch...
- Question Of The Day: What Was Your Worst… Automoti...
- 2013 Lexus LS: First Look
- Best Selling Cars Around The Globe: World Round Up...
- More Car, Less Filling: Hyundai Makes Sonata Lite
- GM Fires Marketing Chief For Soccer Deal, Then Sig...
- Junkyard Find: 1980 Buick Skylark Limited
- Study: Aftermarket Devices Not Preventing Child De...
- New Or Used? : The Passion Of The Chrysler
- Grand Cherokee Passes Another “Moose Test”
- You Heard It Here Second: No Turbo, Convertible Sc...
- In The Fierce Battle With Morgan For German Sales ...
- Series Of High Level Executions Paint A Picture Of...
- Name That Shifter, No. 87
- QOTD: Farewell To The Body-On-Frame SUV?
- Comparison Review: Volkswagen Jetta GLI vs. Honda ...
- Saturn Aura, BMW 335i See Biggest Used Price Drops...
- Piston Slap: Need a “Hans and Franz” ABS Workout?
- Lexus to Unveil 2013 LS Sedan Tonight
- 2013 Chevrolet Camaro SS 1LE: 1 Less Excuse to Not...
- 2013 Chevy Malibu 2.5L First Drive: The Mainstream...
- 2013 Ferrari F12berlinetta First Drive: Yes, It’s ...
- Kia Plans The Cee’ds For The Next Forte
- Joel Ewanick Has Left GM
- And You Thought That The Panamera Was A Porker
- Review: 2012 and 2013 MINI John Cooper Works (JCW)...
- Most-Read Car Reviews of the Week
- Junkyard Find: 1975 Datsun B210
- Double Trophies For Our Guys At the SCCA ProSolo
- This Week's Most-Read Stories
- Vellum Venom Vignette: The Next Iconic American Se...
- What’s It Really Like To Obliterate a Press Car?
- BMW Goes Super Aggressive In India
- Top Designer To GM: “Hell, No, I Won’t Go.”
- Most-Watched Video Reviews of the Week
- Junkyard Find: 1974 Dodge D-200 Club Cab Custom
- Nissan Reveals Production 2013 Pathfinder Crossove...
- Are We Getting Snowed By Fake Data From China?
- New Video Details 2013 Audi R8 and Its Turn Indica...
- 2012 Mercedes-Benz C350 4MATIC Coupe Tested: All-W...
- Lexus Can’t Contain Excitement, Reveals 2013 LS F ...
- Natural Is In for Car Colors
- Tales From The Cooler: Stolen Ford GT Found Stripped
- Capsule Review: CRG F1-K 125cc Kart
- SCCA Toledo ProSolo is LIVE!
- GE WattStations and LEAFs: We’ll fix it in software.
- What to Do If You See a Distracted Driver
- Renault “Not Dying, Unlike Some Others On The Ward”
- Spied: 2014 Mercedes-Benz S-class, Including Interior
- Why We’re Doubting the Next Ford F-150 Will Have a...
- Daily News Briefs: July 27, 2012
- Mechatronik Mercedes-Benz M-Coupé: 1970 280SE 3.5 ...
- Recall Alert: 2001-06, 2008 Mazda Tribute
- TTAC Book Club – Car: A Drama of the American Work...
- Is Ford Building Trucks As Solid As Coke Cans?
- Next-Generation Lexus LS Embraces The “Different L...
- German Paper: “China Steals Volkswagen Patents”
- 1973 Dodge D-100 Adventurer Pickup
- Volkswagen Demands Marchionne’s Head
- Car Seat Basics Part Three: Beyond the Booster
- 2013 Audi Q5 First Drive: Gas, Diesel, Hybrid, Good
- 2013 BMW ActiveHybrid 3 First Drive: Refined, But ...
- New Or Used?: Living In A Cheapskate Paradise
- Audi Freshens Beautiful R8 Coupe and Spyder for 2013
- 2013 Chevrolet Spark EPA Ratings Released; Tops Ou...
- Despite Abuse and Theft, Parisians Have Taken 138 ...
- 2012 Ultimate Track Car Challenge Winner Mike Skee...
- C/D Video: 48 Hours with the Wicked Lamborghini Av...
- 2013 Chevy Camaro Dusk Special Edition Has Nothing...
- Question Of The Day: Who Gave You The Best Advice…...
- Road & Track Has Exciting New Pajun Images
- Did Sexism and Racism End the Fisher Body Craftsma...
- Chrysler Would Be Hit Hardest In CAW Strike
- 2014 Chevrolet Silverado / GMC Sierra Spy Photos: ...
- 2014 Mazda 6 Revealed in Photos, Will Debut in Mos...
- Jaguar Looking For 1,100 Good Men To Help Build Di...
-
▼
July
(673)
No comments:
Post a Comment