Glazer now owns Manchester United
Written by JDPGlobal | Saturday, 02 July 2005
The anxious wait for Manchester Untied fans is now over...Glazer’s Red Football bidding vehicle now owns 98% of the Old Trafford club. They now claim to have 259,950,194 Manchester United Shares. This would now mean a forced sell-off from the remaining stakeholders, as he has crossed the magical figure of 97.6%. Glazer has, through a token gesture of goodwill, offered to buy the remaining shares at (a marginally generous) 300p a share. The offer is said to remain open for acceptance until further notice, but experts believe that Glazer, who has already installed his sons Joel, Bryan, and Avi to the United board is not yet ready to force the issue and legally demand the remaining shareholders sell to him.
They said that he may not stay for more than four years in the company, and added it is just a matter of weeks before before Mr Glazer took full control. Meanwhile, the supporters' group Shareholders United has not given up hope as yet, as they are raising cash in the hope of buying a stake in the club should the Glazer family sell-up in future.
The disappointed fans have secured (apparently) £2 million and have also launched a Real United souvenir retail outlet to try to deprive Mr Glazer of money from club merchandising sales. Their belief is that Glazer taking over the debt-free company is bad for the football club, especially as he has borrowed £265m secured against Man Utd's assets, and has a further £275m in other loans.
It is heard that his plans for the club involve raising revenues by 52% to £245.6 m by 2010 from £161.5m.