In an email to Forbes, Duncan Drasdo, the chief executive of Manchester United Supporters Trust wrote: "In the original filing it was made absolutely clear that ALL of the proceeds of the IPO would go to paying down debt the Glazers have loaded onto Manchester United. The revised filing reveals they now plan to take HALF OF THE IPO PROCEEDS FOR THEMSELVES. Furthermore the amount raised to pay down debt will be relatively insignificant (£75m) leaving £350m of their debt still on our club. There is now no doubt that this IPO is bad for Manchester United supporters, Manchester United Football Club and any investors gullible enough to pay the inflated price they've attached to inferior shares which have just 1/10 of the voting rights of the Glazers shares and no dividends. Their bare faced cheek is almost unbelievable."