Oft 'Will Wish to Consider Manchester United Takeover' June 8th 2005 By Chris Moncrieff, PA
The Government believes the Office of Fair Trading will wish to consider whether the takeover of Manchester United by the US billionaire Malcolm Glazer raises any competition concerns, it emerged today, amid new concerns about the future of the club. Junior Government Minister Lord Davies of Oldham made this clear in written House of Lords answers to Labour peer Lord Morris of Manchester. But he added that Ministers could intervene only in cases that raised specific �public interest considerations�. Lord Morris, who said he was �deeply concerned� about the situation, had asked whether the Government proposed to take any action and whether ministers were inquiring into the extent to which the interests of stakeholders in Manchester United were being protected. Lord Davies told him: �The Government are committed to ensuring that all football clubs are run in the best possible way and that they remain a focal point of their local community, including for the clubs� supporters. �However, ownership is a matter for the football authorities and clubs. In the case of Manchester United, it was for shareholders to decide on the merits of takeover proposals and independent competition authorities will look at the effects of any deal on competition. �The Office of Fair Trading will wish to consider whether the proposed takeover raises any competition concerns. Such consideration is a matter for the independent competition authorities. �Ministers may only intervene in cases that raise specific �public interest considerations� as defined in the Enterprise Act 2002, presently relating to mergers in the defence sector and the media. �While the Government have looked at football clubs, there are no plans to introduce an additional public interest consideration concerning football.� Lord Morris commented: �If football is the beautiful game, Glazer is not my nominee for role model. What causes me very deep concern is the extent to which the club was purchased with borrowed money. �This will place new burdens on the club. The stakeholders are asking how can it be that one day their club was in profit and the next day it was the most indebted football club in the world?� ------------------------ Yahoo! Groups Sponsor --------------------~--> Has someone you know been affected by illness or disease? Network for Good is THE place to support health awareness efforts! http://us.click.yahoo.com/0xaSZB/UOnJAA/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/
