Gill to stay on for Glazer, Gardiner ready to quit Richard Wachman Sunday May 22, 2005 The Observer
David Gill, chief executive of Manchester United, is expected this week to confirm that he will work with Malcolm Glazer, the controversial US tycoon who is buying the club for �800 million. Gill, who took over as chief executive from Peter Kenyon two years ago, will continue in the same role under Glazer, according to City sources. But chairman Roy Gardiner and the rest of the club's non-executives will resign, possibly as early as this week. Glazer's offer document for Manchester United is expected to be posted on Monday or Tuesday. Once it is out, United's board will probably advise shareholders who have not already accepted Glazer's 300p a share offer to accept. 'It is pointless to do anything else, as more than 75 per cent of the equity is now owned by the Glazer family,' said a City analyst. Shareholders, many of them fans, who do not sell will be unable to exercise any control over the club, nor will they be eligible for a dividend, he added. But given that a hardcore group of fans, many of whom are investors, are opposed to Glazer's takeover, it is unlikely that the American will reach the 90 per cent threshold that would allow him to compulsorily acquire the shares that he does not already own. That means he will be forced to hold annual shareholder meetings and to publish the club's accounts. ------------------------ Yahoo! Groups Sponsor --------------------~--> What would our lives be like without music, dance, and theater? Donate or volunteer in the arts today at Network for Good! http://us.click.yahoo.com/2xaSZB/SOnJAA/Y3ZIAA/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/
