Soccer: ManU buyout almost certain

[Gabriel013]

BBCnews:
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Glazer set to complete Man U coup

Manchester United fans have made their feelings clear
US sports tycoon Malcolm Glazer is expected to buy more shares in UK football club Manchester United on Friday in a £790m ($1.47bn) takeover.
He owns 70% of United - having bought the 28.7% stake of Irish racing tycoons JP McManus and John Magnier - but needs 75% plus one share to delist the club.

Mr Glazer's buyout is facing fierce resistance from United fans.

The UK government said it had urged Mr Glazer to hold talks with fans, the Football Association, and the club.

Next step?

Fans have voiced concerns about what Mr Glazer plans to do with United once he gains control.

TIMELINE OF A TAKEOVER
March 2003 - Glazer buys 2.9% stake in club
March 2004 - Glazer says he has "no current intention" of making a bid
June 2004 - Glazer's stake in club nears 20%
October 2004 - United confirms bid approach from Glazer, as his stake nears 30%
November 2004 - Glazer ousts three directors from United's board
December 2004 -Glazer makes revised bid
February 2005 - Glazer makes new bid approach, valuing United at £800m, the club later opens its books to the tycoon
14 April 2005 - Glazer moots £800m bid for club
28 April 2005 - Takeover Panel sets 17 May deadline for Glazer to announce whether he intends to buy United
12 May 2005 - Glazer launches formal takeover bid for United after upping his stake in the club to almost 57%



Many fear that ticket prices will soar, and ultimately Mr Glazer will delist United from the London Stock Exchange and transfer to the club all the debts he took on to finance the deal.

To do that, Mr Glazer will need to get more than 75% of United's shares.

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

Analysts said that it was looking more and more certain that Mr Glazer would get the shares he needs, especially following the heavy trading and a 13% surge in United shares on Thursday.

In early trading on Friday, United shared added 0.25 pence to 299.50p, close to the 300p a share Mr Glazer paid for the stake held by Mr Magnier and Mr McManus.

The Irishmen are estimated to have made a £70m profit from their stake.


Mr Glazer first showed an interest in buying the club last autumn and tabled a formal proposal in October, which was rejected by the board.

The owner of the Tampa Bay Buccaneers American football team is thought to be keen to exploit the strength of the Manchester United brand in the US.


Thursday's bid came five days ahead of the 17 May deadline for Mr Glazer to make known whether he planned to bid.

Constitutional affairs minister Harriet Harman said the government had urged Mr Glazer to have talks with fans, the Football Association and the club in order to ensure there was "constructive involvement".

She told BBC One's Question Time: "Manchester United is very important to English football and the government is keeping a very close eye on the situation.

"The fans are very worried."

Last year Manchester United fans formed a shareholders' association to buy club shares and try to protect it from Mr Glazer's clutches.

Oliver Houston, a spokesman for Shareholders United, which represents 17% of the club's shareholders, told that BBC that fans "feel completely betrayed".

Shareholders United president Nick Towle said it still hoped to stop the tycoon getting a 75% stake.

"If we can get to that 25% of the remaining shareholders, that would be great," Mr Towle added. "But it's looking like an uphill battle for us."


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I don't like Man U but this could possibly shake up football in the UK.


What do our American friends think of Glazer? He's obviously not popular here but is he well liked over there?

[Goten]

I ****ing hate Man U but, its never nice to see a club in financial troubles (not that thats happened yet), or anything business related, but their fans are so arrogant and glory seeking that I would laugh alot of something bad happened to them.

What annoys me alot though is that when United are going into even the slightest of problems, everyone makes a fuss, but when teams like Cambridge, Brighton and my home club Wrexham are facing problems with their ground being closed or having to worry whether there will even be a club next season, no one other than teams in the lower leagues give a shit. They are teams that should have coverage and support from the BBC and the rest of the media, not a multi-million pound club that could easily get back on its feet

/rant

[Gabriel013]

Spot on Goten.

I think the main reason is because the fans of the local teams are the ones who live in that area. ie you support Wrexham because it's your local team, whereas ManU fans are scattered across the country (glory seekers just as you said)

[Goten]

Yeah, I agree with you there, it annoys me to see people in Wrexham that could quite easily come to the games, even if they aren't much of a Wrexham supporter the least they could do is come to the match and come help out a club in dire need of support. Instead they sit in a pub or at home watching Man U on tv.

Saying that Wrexham have been fortunate to have a lot of support from clubs like Brighton (Fans United!), who have just escaped the financial troubles and clubs who are in the same poistion as us or have been. A lot of those clubs didnt even get that, its about time the media started helping out the little man in football and to try and stop property developers or people with bad intentions from taking over lower league clubs and sucking them dry. The Football League should try and do something at least.

[sabbas]

As much as I hate Man U, it does suck to see teams in financial trouble. (too many people in North America who aren't too familiar with European football just jump on the bandwagon of large Premiership teams like Man U and Arsenal because they're popular or "glory seekers" as you've said - I HATE that)

Then again, this is prevalent in almost ANY professional sport. Look at the NHL for example. The lockout this past season will probably result in a bunch of "lower" teams that don't have as much money or support closing their doors and folding. It's even in question if there will be a season next year as well. It's something that's often overlooked by the media as all the "big" clubs receive all the attention.

[hawkster]

Was listening to an interview with one of the fans from the Shareholders united group and they were saying that they may protest at the FA cup final. That would be interesting. No Manu fans in Cardiff for the final. He was saying they would just stay outside the ground.

Personally, I think if Glazer (sp) gets to the 79 - 80% he needs then his debt is transferred to the club, that is when the s**t will really hit the fan. I mean he is 500 million in debt. Now thats an overdraft!!!

[Gabriel013]

an estimated minimum interest bill of 20mil GBP per year!

bye bye ManU if the fans stop going to matches and buying merchandise.

[Goten]

They should really get all the fans going to the games, those ticket prices could really mean the difference between death and life for Man U. And $500 Million? FKG HELL is all I can say.

Sabbas, its just typical no one hears about lower league NHL as well, in a freaky way it makes me glad its not just lower league football that is neglected.

[hawkster]

The press are saying that there is no change at the moment, he is taking a back seat and letting the current cheif exec, David Gill carry on. What made me laugh though was the fact that he is letting his son Joel take charge of the family interest in Man U. Laugh it must have been like, 'he you go son something to keep you busy'

I hope they do not screw it up for the sake of English football. I don't even like Man U being a Liverpool supporter, but I don't want to see the leagues screwed up in England by this.....