Man Utd share deadline
Man Utd share holder Malcolm Glazer has just announced his share ownership at 97.3 per cent, leaving the US tycoon just short of gaining full control of the club.
On a press statement held on the 14th of June, 2005, the US billionaire was expected to declare whether or not he had passed the share threshold required to complete ownership of Man United.
Glazer revealed his share ownership at a massive 97.3 per cent and extended the deadline for the remaining shareholders to sell their stake to him at £3 per share.
The US sports tycoon originally declared he would extend his offer to Man Utd share holders if he could not attain 97.6 per cent of shares (the stage where he can forcibly buy the outstanding stock) by 13th June, 2005.
Glazer has now given the shareholders until 1500 BST on the 27th June, 2005, to decide whether to sell their stake.
Man Utd shares were being traded at 309 pence on June 14th, 2005. The share price has since fallen to 298 pence per share.
Glazer’s intention is to eventually delist Manchester United shares from the London Stock Market, joining the likes of Bolton Wanderers, Sunderland and Chelsea, who have all withdrawn their listings over the past few years.
Shareholders United Carry on the Fight
The majority of remaining Manchester United shares are believed to be held by loyal fans of the club, who, in a much publicised ordeal, have promised to continue taking the fight to the US sports tycoon.
The Glazer family require a total of approximately 258,100,000 shares to force the remaining Man Utd shareholders to sell their stake to them. Currently, the Glazer family are short by roughly 204,000 shares.
Loyal Manchester United supporters have made their opinions of Glazer transparent since the tycoon first took an interest in the club. They are primarily concerned at the amount Glazer must borrow to secure the deal, money that will be fundamentally be taken from the fans through increased ticket prices.
Indeed, ticket prices are now said to be raised by over 50 per cent over the next four years, a move which has generated outrage amongst the fans and made Glazer’s soon-to-be control of the club more tumultuous…
Date: 15.06.05
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