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Glazer raises stake in Manchester United
Tampa Bay Buccaneers owner Malcolm Glazer increased his stake in Manchester United by an additional 15.8 million shares Friday, sources told The Associated Press, increasing speculation he will try to take control of the world's richest soccer club.
The dramatic move, which means that Glazer now owns more than a quarter of the club's shares, came just hours after Manchester United confirmed for the first time that Glazer was the investor who made a preliminary approach to take over the franchise.
Glazer, who already owned 19.2 percent of the club, increased his stake Friday to 25.5 percent, according to Glazer's associates in Britain, speaking on condition of anonymity.
The shares were purchased at a cost of around $81.1 million, but not from the club's largest shareholders, Irish racehorse owners John Magnier and J.P. McManus, the associates said.
Magnier and McManus own 28.89 percent of the club through their company, Cubic Expression.
The Glazer family is required to make a statement to the London Stock Exchange on Monday.
News of Glazer's purchase sent Manchester United's share price up by 8 percent. Shares closed Friday at $5.13, a 52-week high.
Manchester United fan groups oppose any takeover of the club, which was valued Friday at $1.24 billion.
"I think Glazer is just trying to outmuscle United and outmuscle Cubic Expression," said Andy Walsh, spokesman for the Independent Manchester United Supporters Association, which opposes a takeover. "I wouldn't be surprised if Glazer's next move is to demand seats on the board."
Asked what Glazer's next move should be, Walsh replied: "He's not welcome, plain and simple. Clear off."
Earlier, in a statement to the exchange, the Manchester United board said it had received no definitive proposal from Glazer. It confirmed that talks had broken off between Glazer and the Irish racehorse owners.
The Glazer family and the two Irishmen now own more than half the club. If either party reaches 30-percent ownership, stock market rules require a formal takeover bid.
"The board understands that the Glazer family continues to consider all its options in relation to its shareholding in Manchester United, including the possibility of making an offer," the club statement said.
Manchester United announced last week it received a preliminary approach for a takeover. The club did not identify the bidder at the time, but it was widely reported to be Glazer.
The Glazer family has refused to comment.
Influential Manchester United fan groups, which helped block a takeover bid by Rupert Murdoch in 1999, contend Glazer is interested only in making a profit and would raise ticket prices.
Last week, vandals threw red paint on cars owned by a Manchester United director, Maurice Watkins, who sold 1 million shares to Glazer. About 30 fans disrupted a Manchester United reserve game to protest a possible buyout.
About 15 fans held a demonstration Friday outside the London Stock Exchange, holding up banners saying, "Not For Sale," with a dollar sign through the letter S. "Last night was good news, we thought," said Richard Stubbs of Shareholders United and Red Action Group. "Now we've heard that Malcolm Glazer isn't giving up. We need to keep working to make sure Glazer goes away. "We don't want to pay three times the price of tickets. We don't want the club to go into debt. We fought off Murdoch. We'll fight off Glazer and anybody else who tries to buy Manchester United." |
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