THE END OF THE PLC?

"There has to be a review of the structure," Kenyon told BBC Radio Five Live. "Quite clearly, I don't think we can have four divisions of professional football any longer. "There are too many clubs. That's not to say they can't all exist, but they can't all be professional and that has to be reviewed. I can't see much beyond the first two divisions being professional and the third being semi-professional, so probably around 40 clubs."

There was further evidence that the United board have been considering the possibility of de-listing the plc and going private, as Red Issue revealed last week.

With Martin Edwards dumped and Old Trafford insiders hinting that he may not be replaced as football club chairman it appears that all traces of the man’s existence are being flushed away.

"I am not sure why most football clubs went public in the first place. It was almost a fad.

I think that the majority of the City think that football clubs shouldn't be quoted. They have not changed their management structure. They have not demonstrated that they can manage costs. They have not demonstrated that they can be anything other than a football clubs. There is huge uncertainty and all those things are not what the City like to invest in. They don't like shocks. They don't like great peaks and troughs, and football as an industry gives you that."

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