General Chat

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US sports tycoon Malcolm Glazer formally launched his £790.3million takeover bid for Manchester United today after winning the support of its biggest investors. A statement from his Red Football bid vehicle said he will pay 300p a share to acquire the 28.7% stake held by Irish racing tycoons JP McManus and John Magnier. The deal means Glazer has control of the club with a 56.9% stake, but he needs more than 75% of shares for the offer to go unconditional. He is now obliged to make an offer for the remaining shares. It comes a fortnight after the board of Manchester United said it would not be recommending the takeover proposal to investors because Glazer's business plan appeared 'aggressive'. Mr Glazer clinched the deal with the Cubic Expression vehicle of McManus and Magnier less than a week before a deadline set by the Takeover Panel for a formal offer was due to expire. It also takes place as Manchester United prepare for the FA Cup Final after missing out on the Premiership. Glazer first expressed an interest in acquiring the club last autumn and tabled a formal proposal in October, which was knocked back by the board after talks. Manchester United - led by chief executive David Gill - is worried that a takeover by Glazer would leave the company saddled with too much debt. In a statement on April 28, the club said the price indicated by Glazer was fair but it believed the proposals would put 'significant financial strain' on the business. United supporters have fiercely opposed the takeover bid and formed a shareholders' association to buy club shares and try to thwart Glazer's takeover ambitions. Glazer owns the Tampa Bay Buccaneers gridiron franchise and is thought to be keen on marketing the Manchester United brand more aggressively in the United States. Richard Hunter, of Hargreaves Lansdown stockbrokers, said: 'I think it's pretty much game over now as the key to all this was always going to surround what the Irish duo would do with their stake.' Manchester United issued a statement noting the announcement and said it was waiting for formal terms of the offer from Glazer to be published. It said: 'A further announcement will be made once the board has reviewed that announcement.' Glazer paid £227.2 million for the stake held by the Irishmen and it is thought the pair have made a £70 million profit on their original investment. If the US sports tycoon secures more than 75% of shares, he can take Manchester United private and de-list it from the London Stock Exchange. Gaining the support of investors owning more than 90% of the club would allow him to make a compulsory purchase and vacuum up the remaining shares. But this could prove difficult as the supporters own 18% of Manchester United and are unlikely to be willing to sell up. Magnier was at York races today and when a reporter put it to him that radio reports were saying he had sold his interest in Manchester United, he replied: 'Whatever they say, they say. 'I'm not going to comment on it, I want to talk about horses.' Red Devils fans in Manchester were united against the Glazer bid. Johnny Flacks, a season ticket holder since 1966 and former fans group spokesman, said: 'This takeover would appear inevitable. 'It is disappointing in the sense that from what we have been told he does not appear to have the funds to back it up and the club is going to be saddled with an awful lot of debt. 'Glazer is no (Chelsea owner Roman) Abramovich. 'However I think the time is right for a change because complacency has set in at the club in the last three years, hence the results on the pitch. 'The board have told us we have got no money to buy players in the summer. 'I think a majority of fans will be against the bid and there will probably be a protest at the match on Saturday, but it is an away match so you are only talking about a few fans. 'The cup final could be more eventful.' Supporters groups pledged to continue resisting the takeover bid by Glazer, claiming it would be disastrous for the club. Oliver Houston, of Shareholders United, told the ITV News Channel: 'This is by no means over. 'Our message to Malcolm Glazer and to people daft enough to lend him all this money is that not only will you not be able to increase your profits but you are going to see a very sharp fall in profits. 'Manchester United is going to become an extremely tainted brand. People will feel that this is no longer their club.' Mark Longden, of the Independent Manchester United Supporters Association, said he was staggered by the decision of the Irish duo to sell their stakes. He said: 'They have sold the Manchester United heritage. They have proved that they were never ever interested in Manchester United, or football.' Fans should go to Old Trafford to express their opposition to the takeover bid and should not give up the fight, Mr Longden said. 'If he does take over there will be no customers in the ground,' he said.

Paul....this is very bad, sad news..... BC

It's not looking good at all...

my wife was so livid she's cut her finger whilst chopping some onions lol

I will add one thing though. Whoever owns the club, I'll still support them. There'll be no ripping up of tickets from me - thats whats called cutting off your nose to spite your face.

oh dear Joy

gawd..I was thinking of Paul Michael Glazer hehe E x

Hi Paul will take my thread off now Dave

Trust you Elaine,,,lol..

i thought of starsky too elaine

wherever you go in the world,the easiest way to break down the language barrier is just by saying 'manchester united' yes,its a sad day,but united will never die!! bryan.

i think its the best think to happen to United, they were to big for there boots, they think there the best in the world ( dont mention world club championship in brazil) hope they go bust. p.s not a football fan just a casual observer.

The writing was on the wall (or rather it wasn't any longer) when they removed 'Football Club' from their name. In the world of business, it's officially a 'medium sized company' and subject to the laws of that particular jungle. Being a PLC obviously seemed like a good idea at the time.

It is...unfortunately fans and supporters don't count...only the shareholders. Those shareholders who sold out to Glazer obviously thought more about their pockets, rather than the club.

Fergie hasnt help in this, beeing greedy, he sued the irish guy over The Rock Of Gibralter, maybe if he had kept on good terms with them, they would not have sold out, he is a horrible man and i hope this is the begining of the end for him and the club, cant wait to see them playing Accrington Stanley.

Paul I think Roy Keane saw the writing on the wall a few years ago when he said 'Prawn Sandwich Brigade' the club as gone away from the fan to big business and that is sad and unfair on true fans and I mean that,(you know where my allegiance stands) but I dont want to see a big club go the wrong way. Dave

NewsFlash, Man U have just signed Ronald Mc Donald as a center forward as Wayne Rooney has got the job as leader of the Cheerleaders

counting to 10....

Thanks for spoiling the thread Gary, why am I not surprised eh ?