Labour 'powerless' in the battle for United By Ian Craig MEN November 6th 2004
THE government says it has no power to stop a takeover bid for Manchester United. With American sports tycoon Malcolm Glazer back on the trail of United, Science Minister, Lord Sainsbury has told Manchester peer, Lord Morris that ministers can only intervene in cases of public interest. "The only consideration currently specified as national interest is national security and media mergers," Lord Sainsbury told Lord Morris. The United board had cut off negotiations with Glazer because of the high level of debt the billionaire owner of the Tampa Bay Buccaneers American football team was believed to require to complete a takeover. But he appears to be back in the running after revising his offer to buy the 30 per cent stake in the club owned by major shareholders John Magnier and JP McManus. Lord Morris, the former Wythenshawe MP, had tabled questions in the Lords asking ministers what action they could take to prevent Manchester United being taken over by a single owner. Lord Sainsbury has told him it is up to independent competition authorities to determine whether any aspect of the proposed takeover should be investigated. He said this would apply if it was an individual or a group of people who wanted to take over the club. Lord Morris, a patron and shareholder of Shareholders United, said: "Lord Sainsbury's reply is deeply disappointing and I am surprised that the Department of Culture, Media and Sport has not been involved in this situation," said Lord Morris. "Small shareholders are determined not to be trampled on by people whose interests are not in the future of this great football club, but in private profit making and milking the club for their own benefit. Their views have been swept aside," said Lord Morris. Shareholders United have enlisted the backing of prestigious international law firm Weil, Gotshak and Manges in their fight to halt Glazer's moves. The fans' group will be advised by the New York firm's London-based partners Will Rosen and Ian Hamilton. ------------------------ Yahoo! Groups Sponsor --------------------~--> $9.95 domain names from Yahoo!. Register anything. http://us.click.yahoo.com/J8kdrA/y20IAA/yQLSAA/GtUolB/TM --------------------------------------------------------------------~-> Please use [EMAIL PROTECTED] for general discussion. To unsubscribe send a blank message (from the email account in question) to: [EMAIL PROTECTED] Join as a full member of IMUSA today: http://www.imusa.org/join.htm Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/imusa/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
