United fans threaten court action
The Manchester United fans’ pressure group fighting Malcolm Glazer’s right to take over their club are threatening court action to “make life difficult” for the American.
Shareholders United chief Nick Towle has conceded that Glazer now controls the club, but the fans group are determined to keep fighting while even the faintest hope remains.
Glazer’s 300p-per-share offer expires today at 3pm, and the businessman’s camp are looking to have built up their holding by that time to such a level that they can take United private, removing it from the Stock Exchange.
According to Towle, they would require 97.2%, and Glazer is already widely reported to have broken through the 90% barrier.
“Stopping Glazer controlling the company is difficult,” Towle admitted on BBC Five Live.
While Glazer has steadily built up his holding, SU have fought what increasingly has looked like a losing battle.
But Towle said: “I’m not so sure it is.
“We can also take legal action. If he gets to less than 95% then 5% of shareholders can go and take him to court to block the special resolution to take the company private.
“He certainly gets control of the company and will certainly end up with more than 90%, that is my guess.
“We will wait and see how far he gets, but there are things we can do by law to make life difficult for him and a lot of Manchester United fans want to do that.
“He’s been hostile to us and we want to show him we are not going to roll over and die.
“He chucked three directors off the board in November and with his hostile takeover he is taking the club over against the wishes of the board, the players, the manager, the fans, everybody.”
Glazer made his formal offer to the plc’s shareholders after taking his holding to 76.2%, and the company’s board grudgingly accepted last month that it represented good business, despite holding reservations over whether the bid was in the “best interests of the company”.
Red Football, Glazer’s investment vehicle, are expected to confirm details of their stake tomorrow morning, with a view to cancelling United’s Stock Market listing on June 22.
Should that happen, then the supporters would have no further comeback against Glazer.
They are continuing to build a ‘phoenix fund’, into which supporters are being urged to pay whatever they receive for the sale of their shares.
The theory is that SU will build up cash reserves and then invest in the club if the Glazer family eventually relinquish control.
