Manchester United fans are hoping people power can help beat off an Old Trafford takeover bid from American billionaire Malcolm Glazer.
The club’s biggest supporters group, Shareholders United, on Monday launched a campaign, offering free membership, to attract 100 000 new members to help fight any proposed attempt to seize control.
”It’s not just about how many shares there are in the hands of fans, but how many fans there are holding shares,” said Shareholders United vice-chairperson Oliver Houston.
”A big bloc of shares gives us voting power, but a large number of shareholders gives us people power — the combination is a powerful force.”
Shareholders United believes Glazer will plunge the club into debt by borrowing heavily against future income to finance his takeover.
Glazer has so far remained undaunted by the fans’ revolt, which has included a peaceful pitch invasion during a reserve team match last week.
And he is known to have made initial contact with United’s biggest shareholders, the Cubic Expression consortium owned by John Magnier and JP McManus, whose sale remains crucial to his plans.
United supporters could seek to deter Glazer by acquiring at least 10% of shares, thereby avoiding a compulsory purchase order, which would give Glazer free rein.
Otherwise, they insist they have the power to persuade other potential partners of Glazer to think again via a more direct form of action. — Sapa-AFP