When the Glazers purchased Manchester United amid a tidal wave of protests back in 2005, the Red Devils were one of the best teams in the Premier League.
With Sir Alex Ferguson at the helm, and boasting future A-listers including Cristiano Ronaldo and Wayne Rooney, it seemed unfeasible that an empire would ever fall.
The first few years of their ownership saw United dominate. Between 2007 and 2009 they scooped three Premier League titles, as well as making the Champions League two years on the spin (winning one against Chelsea in 2008 before losing the other to Barcelona 12 months later).
But fans have never liked the Glazers being in charge. They always feared the club would be a cash cow and that the Americans would be reluctant to invest their own money.
Man United owners the Glazers are coming under mounting pressure as the Red Devils toil on and off the pitch
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Two decades on and their fears are being realised. United's empire is now so badly in ruins that there's almost nothing left from the way things used to be.
Lurking behind the scenes, however, are the Glazers. They're not too worried that United are bleeding money because their own pockets are being lined. Cash is king, after all.
This week, it emerged that Sir Jim Ratcliffe is cutting more cuts at the club. 200 employees, in addition to the 250 that lost their jobs last summer, are to be cut loose.
Players will get good food but others will forced to be settle for scraps. Bread and soup, specifically, for those not turning out at Old Trafford every other week.
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It is a mess. And finances, certainly, don't make for pretty reading.
Revenues from the second quarter are down, 12 per cent from £225.8million to £198.7m.
It is a similar story with broadcast revenue. That's down 42 per cent, from £106.4m to £61.6m.
Commercial revenue is up (a few cheers please) but operating profit is down. Then you've got to factor in the fact that the Red Devils spent £14.5m on sacking Erik ten Hag when the Dutchman, despite last May's FA Cup triumph, should really have been relieved of his duties.
News of more job losses at United is yet more depressing news at our club. This following financial results which show the £3m a month cost of servicing the Glazers debt, and the £200m of transfer debt due for repayment this year alone
— M.U.S.T (@MU_ST) February 24, 2025
Another £4.1m was spent on hiring then firing Dan Ashworth. He lasted just months, despite United aggressively pursuing him when he was operating at Newcastle.
The worst of the lot is, however, the club debt.
United now owe £515.7m as a club. Furthermore, an additional £414m on transfer fees. When you consider the fact they've got nowhere near a Premier League title for 12 years, that's particularly dire.
The Manchester United Supporters' Trust have long been vocal in their criticism off the Glazers. Writing on X yesterday, reacting to news that more employees will lose their jobs, they wrote: "News of more job losses at United is yet more depressing news at our club.
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"This following financial results which show the £3m a month cost of servicing the Glazers debt, and the £200m of transfer debt due for repayment this year alone
"It is clearer than ever that the only way out of our financial problems is for the leading shareholders to invest in the club they own. Or if they don't wish to then a share issue open to other investors is on the best interest of the club.
"Neither ticket price rises nor laying off staff will ever save or make enough money, and risk being futile or even counter productive."
The worst stat of all about the Glazers is they've never invested any of their own money into the club.
Man United owners the Glazers are yet to invest a single penny of their own money into the club
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Not one penny. They have borrowed and then United owe.
As employees pay the price, it must now be asked: How has this been allowed to happen?
United are 15th in the Premier League table, more in debt than ever before and the mood around the place is sombre - whether that's on the training pitch or behind the scenes.
The Glazers, and what they've done, is nothing short of scandalous.
