Manchester United Shares
The board of Manchester United Football Club (MUFC) is recommending its share holders to accept the contentious takeover bid from US tycoon Malcolm Glazer.
Glazer currently owns around 76.2 per cent of Manchester United shares and is offering 300 pence a share for the remainder.
In a letter to share holders, Man Utd Chairman, Sir Roy Gardner announced his impending resignation, along with that of non-executives Jim O'Neill and Ian Much.
Glazer is assumed to de-list Manchester United’s shares by 30 June, a move which would end their fourteen year presence on the London Stock Exchange.
In a statement, the board announced that unless MUFC shareholders had "strong non-financial reasons" for holding onto shares, they should accept Glazer’s offer.
The board also revealed it planned to sell its own shares to Glazer and encouraged other investors to do likewise.
Gardner said Malcolm Glazer had failed to provide adequate guarantees over debt, ticket prices, player transfers and lack of interference with the selection of teams.
With a share ownership of more than 75 per cent, Glazer is now able to offload his debt on to Manchester United’s books and take the club private.
A great majority of Manchester United fans, including share holders, have long opposed Glazer’s takeover on the basis that the deal relies too heavily on loans and will lumber the club in debt, leading to increased ticket prices.
Shareholders United, a Man United fan group, own approximately 15 per cent of the football club. However, Glazer intends to secure 90 per cent of the shares he does not currently own, meaning the remaining Manchester United share holders could be legally required to sell.
Fans remain unconvinced of Glazer’s intentions and aim to fight on. If their campaign to put a throttlehold on Man Utd’s income is successful and Glazer is driven out of the club, Shareholders United said it expected to be in a position to buy back a considerable share of the football club.
Related Articles:
> Man City Takeover Bid
> Randy Lerner in Villa Takeover Bid
> Juve shares bought
> Juventus share price continues to fall
> St Albans City FC plan green belt stadium
> ITV may sell Arsenal Shares
> Liverpool FC in possible takeover
> Bournemouth fans turn to Sipp
> Hearts FC shares takeover
> Aston Villa takeover bid
> Arsenal Shares buyout signal takeover?
> Arsenal look to Property Investment
> Sepp Blatter attacks football capitalism
> Aston Villa Shares soar
> Newcastle United Shares takeover?
> Football Share Review
> Football Club Share History
> Russians acquire another club!
> Takeover puts football shares in the Sun
> Cantona doubts Glazer intentions
> Glazer takes control of Man Utd
> Man Utd Share Advice Issued
> Man Utd Share Deadline
> Manchester United Shares
> Football Investment Advice
> Investment News
