Shareholders United have expert help
Influential Manchester United supporters’ group Shareholders United have acquired the support of a leading international law firm in an effort to stave off a takeover by Malcolm Glazer.
New York-based Weil, Gotshal and Manges have offered to advise SU for nothing because they believe the organisation is “acting in the best interests of football supporters generally” in an effort to protect the Old Trafford club.
Having thought Glazer’s plan to buy United was temporarily on hold following the Red Devils board’s decision to cut off negotiations with the American about the potential for a takeover on the grounds the bid would have involved the club taking on too much debt, SU and other United fans’ groups are now back on red alert.
News emerged yesterday that Glazer, who recently increased his shareholding to 28.11%, had re-defined the terms of an offer he is prepared to make to major shareholders John Magnier and JP McManus for their 28.9% stake.
Glazer is now prepared to pay the Irish duo an estimated £250million for their shares within seven days of a deal being done, once due diligence has been completed.
This is a major concession over his previous intention to pay Magnier and McManus once he had acquired 75% of the club.
Magnier and McManus previously informed the Takeover Panel that they were no longer communicating with Glazer – a situation that has not changed today, with sources close to the Irish camp insisting no offer has ever been received from the American.
