LONDON (AFP) - US sports tycoon Malcolm Glazer has been guaranteed 100-percent
ownership of Manchester United after his stake in the world's richest football
club passed a key barrier, his takeover vehicle said.
Glazer has now acquired 98 percent of the total issued equity in Man United and
is free to force a compulsory purchase of the remaining two percent under
British stock market rules, should he choose to do so.
He now owns 91.8 percent of the shares he did not already own when he launched
his takeover in May for the world-famous Premiership club, his takeover vehicle
Red Football told the London Stock Exchange Tuesday.
Most of the remaining shares are in the hands of loyal United fans who have
previously vowed not to sell their stake.
Red Football, who had given minority shareholders until Monday to accept his
offer of 300 pence-per-share, urged them to sell their stock "as soon as
possible" to avoid a compulsory purchase.
"The offer will remain open for acceptance until further notice," Red Football
added in the statement.
The 76-year-old tycoon, who owns NFL franchise Tampa Bay Buccaneers, launched
on May 13 his formal cash takeover offer valuing the club at 790.3 million
pounds (1.16 billion euros, 1.47 billion dollars).
This was after he had already snapped up 76.2 percent of the club's shares,
giving him free reign to do as he pleased with the club. But Glazer is intent
on acquiring 100 percent of United.
Fans opposing the deal say the massive borrowing needed to finance Glazer's bid
will saddle the previously liquid Premiership side with unnecessary debts,
forcing up ticket prices and reducing transfer spending.
Glazer has already appointed his sons, Joel, Avram and Bryan, to the board of
the English club. Joel Glazer was expected to be actively involved in running
United on behalf of his father and he could be installed as chairman after the
long-serving Sir Roy Gardner stepped down from the position.
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