Leeds United F.C.–Manchester United F.C. rivalry football itself first originating in Yorkshire. The club was founded in 1878 as Newton Heath L&YR by employees of Lancashire and Yorkshire Railway, with the company – as the name suggests – covering both historic counties. The club's new owners later changed their name to Manchester United in 1902. Leeds had traditionally been a rugby league city so it was a while before the attraction of football finally appealed to the local people. An association football club was finally made though in 1904, when Leeds City emerged. The two sides clashed for the first time in the Second Division at
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