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It Was What It Was : The Football History Podcast

The Horse That Changed Manchester United: The Glazer Takeover - Part Two

It Was What It Was : The Football History Podcast

The Overlap

History, Rob Draper, Jonathan Wilson, Football, It What Was What It Was, The Overlap, Football History, Premier League, Four Four Two, When Saturday Comes, English Football, The Blizzard, Stick To Football, Sports, Soccer

4.9667 Ratings

🗓️ 18 April 2025

⏱️ 58 minutes

🧾️ Download transcript

Summary

Welcome back to It Was What It Was. It's time for part two of our look at the unexpected role a horse would play in the controversial takeover of Manchester United by the Glazer family.


The episode covers the period of the Glazer acquisition, the impact of their ownership, and the financial manoeuvres that transformed the club.


From Alex Ferguson's complicated relationship with the Glazers to the missed opportunities and recruitment challenges that followed, this episode gives an in-depth look at how Manchester United's fate was sealed - and the horse that might have started it all!


00:00 The Decline of Manchester United: A 20-Year Journey

00:20 Introduction to the Football History Podcast

00:48 The Gibraltar Incident and Its Fallout

01:26 The Glazers' Takeover: A Turning Point

02:24 The Financial Strategy of the Glazers

02:54 The Early Signs of Trouble

03:58 The Glazers' Background and Business Practices

04:48 The Impact of Global Capital on Football

06:24 The Glazers' Vision and Strategy

08:43 The Financial Mechanics of the Takeover

10:41 The Role of Debt in Modern Football

11:54 The Glazers' Financial Maneuvering

14:32 The Aftermath and Long-Term Consequences

16:15 The Glazers' Legacy and Future Implications

18:26 The Financial Crisis and Its Impact on Football

20:57 The Leveraged Buyout Explained

22:52 The Final Stages of the Takeover

30:47 The Glazer Takeover and Initial Success

31:17 Fan Protests and Opposition

34:52 Financial Strain and Missed Opportunities

37:32 The Role of Ed Woodward

43:18 Transfer Market Failures

46:15 Managerial Missteps

53:37 The Glazers' Disconnect and Conclusion


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Transcript

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0:00.0

The 270 million pounds that has been increased has been under their stewardship, the poor performance, the poor recruitment, the debt, the increasing debt, it's all on them.

0:14.8

20 years ago, the best stadium in the country, the best training ground in the country, the best team in the country and were debt free.

0:20.6

Welcome to What's What I Was What It Was, the Football History Podcast. I'm Jonathan Wilson. I'm with Rob Draper. And that was a clip of Gary Neville's interview with Sir Jim Rackcliffe. With Gary Neville expressing the view that I think many people hold, that United 20 years ago had the best team in the country, the best stadium in the country were debt-free, and now they very much don't and they very much not death-free.

0:40.9

So I think the word Garinellover uses neglect, which again, I think a lot of Manchester

0:46.1

Island fans would concur with that.

0:48.6

So what we're looking at today in our second part of this series on the Rocco-Jubalter

0:53.8

incident and its fallout,

0:55.5

is that decline under the glazers, why it happened, who's to blame, and was it inevitable?

1:00.9

The first episode, if you haven't listened to that, please do go back.

1:03.0

We had David Walsh talking incredibly interestingly and incredibly well, loads of detail

1:08.0

about the whole Locker-Jabter issue, which leads to the sale of

1:14.4

J.P. McManus and John Magna's stake in the club and allows the Glazers to take the club over.

1:19.6

So what we're asking really is, has Manchester United's decline been entirely down to a horse, Rob?

1:26.5

Yeah, and it's 20 years since the glazers took over Manchester Knightite. I tell you, I think it's a good time to look at this. And I think sometimes, often the decline in Manchester United is written in terms of the last season or the last two, three seasons. But I think sometimes it's where history is useful, isn't it? take a deep view, a long view of like, well, actually, I think the roots of what's been going on at Manchin United go so deep that anyone who comes in, any manager who comes in, even now you see any owner who comes in and thinks that they're going to make a couple of changes in a sporting director or sign a couple of wingers and turn it around.

1:59.5

I think you can see that that's never going to happen

2:02.1

because the foundations have been so undermined, in my opinion.

2:06.0

But let's try and make the case for that over the next sort of 45 minutes.

2:10.2

Well, I think there's a genuine case you can make.

2:13.7

And this will sign like a hyperbole, but I don't think it is that if you had been trying to run Manchester United into the ground, you could not have done it better than the glazers have done it.

2:24.7

That the incremental, you know, it's a boiling frog analogy, isn't it, that if it had been, I don't know, if it sold Old Trafford and moved onto a park pitch or something. People would have risen up.

2:34.3

It wouldn't have happened.

2:35.4

But this slow, just chipping away at everything made the club great

...

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