Glazer gains total control of United
AMERICAN sports tycoon Malcolm Glazer has finally won his battle for complete control of Manchester United and will delist the company from the stock market on Friday.
Glazer succeeded in taking his stake over 73.6% yesterday, meaning he can now compulsory purchase the remaining stock.
The club was expected to be delisted on 22 June, five days before Glazer's 300-per-share offer expired, but it was announced today he will take the company private on 17 June.
Glazer only needed to increase his holding by 0.3% at the start of trading yesterday and it is believed he achieved that target easily despite hardcore shareholders insisting they would not sell their stake.
The news is a blow to anti-Glazer groups, such as Shareholders United (SU), that had been hoping to block the move.
They fear that Glazer will change the commercial profile of the club by lifting ticket prices and generating more from sponsorship deals. Many fans fear that the club will be restricted in how it buys new players ? Glazer has publicly committed to restricting player transfer spending to £25m a year, which at today's prices will buy a limited number of players.
SU's only hope now to stop Glazer taking over the club is the Office of Fair Trading, which it is urging to investigate the takeover.
The club needs a season of success in the forthcoming campaign after ending last term trophyless. However, manager Sir Alex Ferguson is competing on a limited budget compared with super-rich Chelsea, funded by Russian tycoon Roman Abramovich.
Glazer has already started stamping his authority on the club by installing sons Joel, Avram and Bryan on the board. Chairman Sir Roy Gardner quit following the appointments, along with non-executive directors Ian Much and Jim O'Neill.
