Man Utd share advice issued
Manchester United Football Club (MUFC) have announced the appointment of Joel and Bryan Glazer as new, non-executive directors of the club and also issued share advice to the remaining stake holders.
The club’s announcement arrived as chairman Sir Roy Gardner declared he had resigned from his post as of June 6th, 2005. Gardner was joined by the resignations of Ian Much and Jim O’Neil, two non-executive directors.
Glazer has almost complete control of Manchester United shares as part of his contentious takeover of the club, in a deal reported to be worth £790 million. His share stake is currently at around 76% of the total shares. The deal has caused a great deal of anger among the club’s loyal supporters.
The Manchester United board recently recommended that the remaining shareholders accept the £3 per share currently being offered by Glazer, so he may capture the remaining stake holding he does not own.
It is believed that the Glazer family will unveil their exact shareholding next week, after they have received all the replies to the offer of £3 per share.
On May 16th Glazer announced he had raised his stake in MUFC to over 75%, finally taking full control of the club.
The American tycoon, now aged 76, is expected to delist the club's shares by the end of June 2005, in a move which would end Manchester United’s fourteen year presence on the London Stock Exchange.
The appointment of other Glazer family member’s at the club had long been expected, with Joel Glazer expected to take on the most high-profile role.
Having worked as a vice president of First Allied Corporation, a US real estate investment company, Joel Glazer was appointed executive vice president of the NFL franchise Tampa Bay Buccaneers in 1995, being another sports club owned by his father.
Avram Glazer, aged 44, has also held the position of vice president of First Allied Corporation. Avram became president and CEO of the Zapata Corporation in 1995, another US public company trading on the New York stock exchange. He is also chairman of the board of directors of Omega Protein Corporation, a Glazer family business famous for its fish-related oils.
As with his two brothers, Bryan Glazer, 40, has also worked as a vice president of First Allied Corporation, and also serves on the board of directors of Zapata Corporation. He was made an executive vice president of the Tampa Bay Buccaneers in 1995.
Date: 08.06.05
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