Glazer takes complete control

The General · Posted: Tue Jun 14, 2005 12:29 pm

Malcolm Glazer has passed the 90% threshold needed for complete ownership of Manchester United.

The American tycoon has increased his United shares to take his total to 97.3%, following an offer of 300p per share.

The announcement, made from Glazer's Red Football investment vehicle, means he could commence the compulsory purchase of any remaining shares.

Reaching 97.3% of shares means the business magnate can take the club off the Stock Market and United would be a private company.

A statement from Red Football read: "Red owns or has received valid acceptances of the offer in respect of a total of 257,906,287 Manchester United Shares, representing approximately 97.3% of the issued share capital of Manchester United."

The American tycoon already had control with 75% ownership, although fans had hoped to hold on to a sufficient number of shares so they could put pressure on him, as they believe he will saddle United with too much debt.

The remaining shares are now expected to be purchased by Glazer, with an announcement to de-list the company expected soon after.

Henk Potts, a Barclays stock broker, told the Press Association: "It may be 97.3% ownership but it's 100% game over now.

"He's won the battle for Manchester United, the question is now whether he can win the war - which is replaying the loans and huge premiums.

"He has extended the deadline to the remaining shareholders but I would expect them to make the company private."

Red Football have extended their 300p-per-share offer to shareholders until June 27. However, whether Glazer snaps up the remainining shares or not is immaterial, as he is now effectively in complete control at Old Trafford.

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Glazer takes complete control

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