Manchester Rugby Club Manchester FC were also the first recognised association football side in Manchester, and they competed in the FA Cup before any of the region's other sides. In 1894 Newton Heath (present day Manchester United) were banned from changing their name to Manchester FC by the FA and RFU because of the existence of the rugby side. The full story of Manchester FC's association football history is detailed in "Manchester A Football History" where it is revealed they hold many Mancunian firsts. They were also the first English club side to play competitively in Scotland when they faced Queen's Park F.C.
Glazer ownership of Manchester United 98% ownership of the club via their Red Football parent company, forcing a squeeze out of the remaining 2%. The final purchase price of the club totalled almost £800 million. Most of the capital used by Glazer to purchase Manchester United came in the form of loans, the majority of which were secured against the club's assets, incurring interest payments of over £60 million per annum. The remainder came in the form of PIK loans (payment in kind loans), which were later sold to hedge funds. Manchester United was not liable for the PIKs, which were held by Red Football