GLAZER PLANS TO TAKE MAN U INTO PRIVATE OWNERSHIP AS EARLY AS JUNE
22
United States billionaire Malcolm Glazer said on Monday he plans to take Manchester United off the London Stock Exchange as early as June 22, putting the world’s richest soccer team into private ownership.
In a statement to the stock exchange, Glazer’s Red Football company said the ”cancellation of trading in Manchester United Shares” would take effect on June 22 ”or as soon thereafter as is practicable”.
Glazer also moved on Monday to buy out remaining shareholders of the team.
The owner of the NFL’s Tampa Bay Buccaneers told the stock exchange he had increased his ownership stake to 76,2%. His total ownership is 200 623 211 shares.
Glazer said he had posted his formal offer document to remaining shareholders. The 300 pence-per-share ($5,55; €4,40) price is the same he offered earlier this month in a 790-million-pound ($1,47-billion; â,¬1,16-billion) takeover deal.
The offer expires on June 13.
As the owner of more than 75% of the club’s shares, Glazer can write off his debt on the club’s books and take it private. Man United has been traded on the stock exchange since 1991.
Glazer previously told the stock exchange he would borrow 265-million pounds ($490-million; â,¬389-million) to fund the takeover.
The bid also includes 272-million pounds ($503-million; â,¬399-million) of his own money, and another 275-million pounds ($509-million; â,¬404-million) to be generated by issuing preferred securities to large investors.
Many of the club’s fans have fiercely opposed the takeover. They fear foreign ownership, and say Glazer will raise ticket prices and sell off assets to cover the heavily leveraged takeover.
An anti-Glazer protest fizzled at Saturday’s FA Cup final in Cardiff, Wales. Arsenal defeated Manchester United 5-4 on penalties after a 0-0 draw.
Although fans held banners illustrating their anger at Glazer’s takeover, their threat to disrupt one of the biggest games in the English soccer season didn’t materialise.
One banner depicted a shattered coffin with the words ”MUFC Glazer. RIP. No customers, no profits”.
There were also signs that read: ”Glazer rot in hell”, ”Yankee Go Home” and ”MUFC = 127 years. Glazer = not in a million years.” – Sapa-AP