Man United to cut players’ wages by 30% for one month to help the NHS, Glazers ‘prop up’ club share price

Manchester United will cut players’ wages by 30% for one month

Manchester United are to act unilaterally.

As conversations rage on about how the Premier League and Premier League footballers should help with raising money during the Covid-19 crisis, it appears that Man United are ready to take a stand.

According to the Mail on Sunday, Man United will cut their players’ wages by 30% for one month.

Manchester United players today became the first Premier League stars to slash their pay and they will now donate millions to the NHS, MailOnline can reveal today.

 

Man United to raise £3.5m for the NHS

According to the Mail, all players who earn up to £375,000 per week at Old Trafford will have 30% of their wages cut.

However, the players have agreed on one specific condition:

(The cuts are) on the proviso that the money is used to benefit hospitals and health centres throughout Manchester in the fight against the coronavirus.

The Mail report that Man United will raise £3.5 million for the National Health Service.

Captain Harry Maguire lead the initiative

The Mail on Sunday also reveal how the initiative came about.

The club’s chief exec, Ed Woodward, was the driving force behind the scheme with the help of club captain Harry Maguire:

Captain Harry Maguire was approached by chairman Ed Woodward about the idea, and the England defender opened up the initiative to the rest of the senior squad, who are believed to have overwhelmingly agreed.

 

Wait. Do the maths add up?

Kieran Maguire, who is Senior Teacher in Accounting and Finance at the University of Liverpool Management School, has looked into the Man United wage cut.

He’s revealed that approximately 30% of Man United’s wage bill should amount to £6.6 million.

The Glazers ‘prop up’ Man United’s share price

Kieran Maguire has also revealed how Man United’s owners, the Glazers, have sought to stabilise the club’s stock price on the New York Stock Exchange.

Back on March 12, 2020, Man United reported the following:

Manchester United Plc (NYSE: MANU, the “Company”) announced today that its Board of Directors has authorized a share repurchase program for up to $35 million of its Class A ordinary shares, effective immediately.

Pursuant to the share repurchase program, purchases of Class A ordinary shares may be made in the open market, in privately negotiated transactions or otherwise.


 

Also see: Best Netflix, Amazon & YouTube football documentaries & movies to watch during coronavirus isolation.

Best football podcasts to listen to during coronavirus quarantine.


This article was edited by Ben Green.