United to tell Glazer 'put up or shut up'
Manchester United will this week order billionaire Malcolm Glazer to “put up or shut up” on his plans to take over the club, it was reported today.
Chief executive David Gill will urge the Takeover Panel to put pressure on the sports tycoon to come out and declare his intentions.
He will tell the panel that uncertainty created by the American – who lost the support of his bankers after ousting three of the club’s board directors on Friday – is harming the company, according to The Sunday Telegraph.
The club hopes the panel will order Glazer to either make a formal takeover offer or back off for a set period of time.
Manchester United cannot officially go to the Takeover Panel as it is not in the middle of an offer period, but it is thought the club will try and persuade it to intervene.
Glazer first approached United for takeover talks last month but was rejected because of the amount of borrowing he wanted to incur.
He then demanded to be allowed to view confidential information about the club to launch a hostile bid. But he was refused and took revenge by voted long-serving legal adviser Maurice Watkins and two other directors off the board by 74.3 million votes to 34.9 million.
This resulted in JP Morgan quitting as his investment bank adviser and Brunswick as his public relations adviser after he refused to follow advice by using his 28% stake in the club to make the move.
A separate report today suggested Manchester United’s directors are seeking an emergency meeting with Malcolm Glazer.
The 78-year-old must secure 75% of United’s shares to win control of the club and currently has just under 30%.
His bid to buy the club has been strongly rejected by many fans and his predatory takeover approach has led to protests at football matches at Old Trafford.
A spokesman for Manchester United said today that the club would not comment on media speculation.
