Ursa Majoris Posted May 13, 2005 Share Posted May 13, 2005 Story FYI, 790 million British pounds = 1,472 million dollars. Manchester United fans protested outside Old Trafford last night after Malcolm Glazer, the American sports tycoon, announced that he was on the verge of taking over the club. Some destroyed season ticket renewal forms while others burned Mr Glazer in effigy and there were five arrests for public order offences. The protests came within hours of it being disclosed that Mr Glazer was in a position to launch a £790.3 million takeover bid. A statement from his Red Football bid vehicle said he would pay 300p a share for the 28.7 per cent stake held by the Irish racing magnates JP McManus and John Magnier. The deal meant that Mr Glazer owned 56.9 per cent of the club and by last night he had reached more than 70 per cent. Once he reaches 75 per cent, plus one share, he can make fundamental changes on his own terms. Mr Glazer, who runs the Tampa Bay Buccaneers American football team, paid £227.2 million for the stake held by Mr McManus and Mr Magnier, leaving them an estimated £70 million profit. Owning more than 90 per cent of the club would allow Mr Glazer to make a compulsory purchase of the remaining shares, and then take the club private. But supporters own 18 per cent and are unlikely to be willing to sell. The news came less than a fortnight after the United board said it would not recommend the takeover because Mr Glazer's business plan appeared "aggressive". It resisted primarily on the grounds that it would leave the club with too much debt. Quote Link to comment Share on other sites More sharing options...
The Darkside Posted May 13, 2005 Share Posted May 13, 2005 (edited) it's nice to see that soccer fans are remaining there usual cool, calm and collected selves over this. I think the total price he had offered works out to over 1.3 billion dollars!!! Edited May 13, 2005 by The Darkside Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted May 13, 2005 Author Share Posted May 13, 2005 it's nice to see that soccer fans are remaining there usual cool, calm and collected selves over this. I think the total price he had offered works out to over 1.3 billion dollars!!! 812493[/snapback] $1.47 billion. Quote Link to comment Share on other sites More sharing options...
Big Red Posted May 17, 2005 Share Posted May 17, 2005 Glazer is a toad. I could be wrong, but I'm guessing he just wants to own a big name company. If he has to raise prices and cut back salary, he will kill that team. Man U is, I believe, worth more than any other sports franchise on the planet. It would be a shame if he ruined them. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted May 17, 2005 Author Share Posted May 17, 2005 Glazer is a toad. I could be wrong, but I'm guessing he just wants to own a big name company. If he has to raise prices and cut back salary, he will kill that team. Man U is, I believe, worth more than any other sports franchise on the planet. It would be a shame if he ruined them. 815661[/snapback] He now owns over 75% of the shares, which gives him the right to dump his debt on the club's books. United have gone from being the powerhouse of world soccer to a debt-ridden shadow of themselves in one swoop. Glazer will likely sell their wholly owned 67,000 seat stadium, raise prices and generally be a disaster for the team. Quote Link to comment Share on other sites More sharing options...
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