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Glazer Buys Out Irish Tycoons & Launches Formal Man Utd Takeover

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Woozie:


American sports tycoon Malcolm Glazer has launched a formal £790 million takeover bid for Manchester United.
In a move that has taken observers by surprise, Glazer has crucially secured the 28.7% stake owned by the Irish horse-racing tycoons JP MacManus and John Magnier. That means he now owns almost 57% of the Premiership club.

Red Football Ltd, acting on behalf of Glazer, said the Irishmen had sold their stakes for 300p (£3) a share.

The bid comes five days before the 17 May deadline when Glazer had to make it known whether he planned to bid.

He is now 18% short of the 75% of shares he needs for the offer to go unconditional. If he gets 75% plus one share, United could be de-listed from the stock exchange and Glazer could transfer his debt onto the club.

If he can get to 90% plus one share, he can make a compulsory purchase and scoop up the other 10% of the club's shares.

United's share price rallied by 34.25 pence to 299.25p shortly after the announcement.

A fortnight ago the Manchester United board said it could not recommend Mr Glazer's takeover proposals to shareholders because his business plan looked too "aggressive".

His first two offers were rejected by the board, on the grounds that his plans relied too heavily on borrowed money.

"A further announcement containing more detailed terms of the offer will be made shortly," Red Football said in a statement.

The Predator:
That infos correct ^. Its a done deal. They will try to stop him at 75% and fight to the end  but this guy it seems way too determined to get his way. The club is basically his now. The fans are pissed at the treachery of the JP and Magnier duo and say thier betrayal will be remembered for years, but to me that just buisness they made 70 mill i think out of the deal and lots of other profits out of the club. But Man Utd is now at Civil War a David vs Goliath battle between the fans and Glazer but Man Utd is now more or less owned by an American.

I just wanna know what he will do to win the support of the fans coz at the moment they hate his guts and are rallying to cause all sorts of disruption for his future plans. He better offer a big transfer budget or something to win some sort of respect.

For a guy to be that determined to buy the club against the will of the fans and putting the club in debt 5 times that of Leeds Utd a while back he must have some big buisness plans or is one crazy son of a bitch.

Mac 10 †:
Nick Towle, chairman of fans' pressure group, Shareholders United, claimed he has ripped up his season ticket.

He said: "I am very sad - I still love the club but I refuse to put a penny into the company. And I believe as many as 20,000 fans may also leave Man Utd."

Doesn't this just mean that 20,000 other fans will get their season tickets?

The Predator:

--- Quote from: Mac 10 on May 12, 2005, 11:05:53 AM ---Nick Towle, chairman of fans' pressure group, Shareholders United, claimed he has ripped up his season ticket.

He said: "I am very sad - I still love the club but I refuse to put a penny into the company. And I believe as many as 20,000 fans may also leave Man Utd."

Doesn't this just mean that 20,000 other fans will get their season tickets?

--- End quote ---

Yep youre right, theres a lot fans that have been waiting to get thier tickets.

Mac 10 †:
so then this will go un-noticed?

does glazer care which set of 20000 fans he gets?

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