Glazer takes control
Malcolm Glazer has passed the threshold required to force a compulsory purchase of the remaining five million Manchester United shares not already under his control – but has yet to set a deadline for their sale.
Following the expiry of yesterday’s 3pm deadline for investors to offload their Red Devils stock to Glazer’s Red Football group, the Tampa Bay Buccaneers owner controlled 98% of the club.
Although the figures are academic given Glazer already had effective control at Old Trafford and previously installed sons Joel, Avi and Bryan on to the United board and de-listed club shares from the Stock Exchange last week, it does mean he is legally in a position to force any reluctant sellers to offload their stake.
The £15m (€22.5m) required to complete those transactions will remain in trust until such time as Glazer wishes to set another deadline for the deal to be completed.
Although there has been no public comment from the family, it is thought they would be willing to wait around three months for the shares to come into their ownership before taking action to secure them.
Glazer’s involvement with the Red Devils has sparked widespread unrest among sections of the United support, with some fans forming a breakaway club – FC United – to highlight the extent of their opposition.
Others, such as Shareholders United and the Independent Manchester United Supporters’ Association, are continuing their protests as part of a long-term strategy aimed at eventually forcing Glazer out.
Their latest move is a letter to the Office of Fair Trading, urging an official inquiry into the takeover on the basis that Glazer’s involvement is against the interests of United supporters and football in general.
