Post by tajiritarantula on May 13, 2005 21:59:06 GMT -5
Personally, I hope he doesn't as God knows what terrible things he will do to the club.
Malcolm Glazer has this afternoon launched his formal takeover bid for Manchester United.
The American business tycoon has taken his stake in the club to 71.8% over the last 24 hours and in accordance with City regulations has been required to offer his £3 per share deal to the remaining shareholders.
It is not expected United will immediately respond to the bid, although given Glazer's position of power, it appears likely Red Devils chief executive David Gill will be forced to recommend the bid.
Glazer's son Joel is believed to be leading the bid and for the first time in the whole process has commented on the buyout.
And he indicated that Gill, the remainder of the United management team, plus manager Sir Alex Ferguson, will all be kept on in a bid to return United to the top of the domestic game.
Joel Glazer said: 'We are delighted to make this offer to acquire one of the pre-eminent football clubs in the world.
'We are long-term sports investors and avid Manchester United fans,
'Our intention is to work with the current management, players and fans to ensure Manchester United continue to develop and achieve even greater success.'
The news that the Glazer family are `long-term' United supporters will be greeted with scepticism by the fans who demonstrated outside Old Trafford last night given neither the American, nor his sons have ever watched a Premiership game in England.
There will also be eyebrows raised at confirmation that the intention is for Gill to remain on the board given his repeated opposition to Glazer's proposals, which have been described as 'aggressive' and `potentially damaging' to the long-term interests of the club.
Of less surprise is confirmation that Glazer will borrow £540million to complete the deal, £265million of which will be attached to Manchester United's assets.
Providing, as expected, Glazer's share ownership reaches the critical 75% point, the American will delist United from the Stock Exchange, although that will not happen until at least 20 days after the offer document is posted to the club's remaining shareholders at some point next week.
Leading fans groups predictably scoffed at Joel Glazer's statement citing his United allegiance.
'That statement is an insult to human intelligence,' said Mark Longden, spokesmen for the Independent Manchester United Supporters' Association.
'Does this guy really think anyone will actually believe him. Maybe it should not be a surprise given what has gone before but the ignorance of the Glazers about ordinary Manchester United fans is truly astonishing.'
Despite losing the battle to keep their club out of Glazer's hands, Shareholders United officials report their phones have been on `meltdown' since news of the American's buy-out of Cubic Expression's 28.9% stake became public knowledge.
And they have vowed to continue their battle against the American and his family by calling for a mass boycott of club merchandise and that of major club sponsors Vodafone and Nike.
'The most recent poll suggested 93% of United fans were totally opposed to Malcolm Glazer's involvement with the club,' said SU vice-chairman Sean Bones.
'He has to launch some kind of charm offensive and this is probably the start.
'But I doubt very much anyone will be taken in by it and our fight to get rid of him continues.
'We are urging all supporters to boycott any club merchandise and even refuse to buy a pint and a pie inside the ground on match days.
'Sponsors products should also be avoided and eventually we hope the message will get through.
'We now know how much debt he has taken on. We know he has massive repayments to service and we are confident we can affect club turnover to such an extent it will be impossible for him to continue.'
United released their own statement from Old Trafford this evening, confirming their position will be reviewed when the offer document is received.
'During recent discussions, the board sought a range of protections for the football club, its fans and any minority shareholders who wish to remain invested in Manchester United,' said the statement.
'The board will review the position in respect of these issues when the full facts are available and will advise shareholders accordingly.'
Malcolm Glazer has this afternoon launched his formal takeover bid for Manchester United.
The American business tycoon has taken his stake in the club to 71.8% over the last 24 hours and in accordance with City regulations has been required to offer his £3 per share deal to the remaining shareholders.
It is not expected United will immediately respond to the bid, although given Glazer's position of power, it appears likely Red Devils chief executive David Gill will be forced to recommend the bid.
Glazer's son Joel is believed to be leading the bid and for the first time in the whole process has commented on the buyout.
And he indicated that Gill, the remainder of the United management team, plus manager Sir Alex Ferguson, will all be kept on in a bid to return United to the top of the domestic game.
Joel Glazer said: 'We are delighted to make this offer to acquire one of the pre-eminent football clubs in the world.
'We are long-term sports investors and avid Manchester United fans,
'Our intention is to work with the current management, players and fans to ensure Manchester United continue to develop and achieve even greater success.'
The news that the Glazer family are `long-term' United supporters will be greeted with scepticism by the fans who demonstrated outside Old Trafford last night given neither the American, nor his sons have ever watched a Premiership game in England.
There will also be eyebrows raised at confirmation that the intention is for Gill to remain on the board given his repeated opposition to Glazer's proposals, which have been described as 'aggressive' and `potentially damaging' to the long-term interests of the club.
Of less surprise is confirmation that Glazer will borrow £540million to complete the deal, £265million of which will be attached to Manchester United's assets.
Providing, as expected, Glazer's share ownership reaches the critical 75% point, the American will delist United from the Stock Exchange, although that will not happen until at least 20 days after the offer document is posted to the club's remaining shareholders at some point next week.
Leading fans groups predictably scoffed at Joel Glazer's statement citing his United allegiance.
'That statement is an insult to human intelligence,' said Mark Longden, spokesmen for the Independent Manchester United Supporters' Association.
'Does this guy really think anyone will actually believe him. Maybe it should not be a surprise given what has gone before but the ignorance of the Glazers about ordinary Manchester United fans is truly astonishing.'
Despite losing the battle to keep their club out of Glazer's hands, Shareholders United officials report their phones have been on `meltdown' since news of the American's buy-out of Cubic Expression's 28.9% stake became public knowledge.
And they have vowed to continue their battle against the American and his family by calling for a mass boycott of club merchandise and that of major club sponsors Vodafone and Nike.
'The most recent poll suggested 93% of United fans were totally opposed to Malcolm Glazer's involvement with the club,' said SU vice-chairman Sean Bones.
'He has to launch some kind of charm offensive and this is probably the start.
'But I doubt very much anyone will be taken in by it and our fight to get rid of him continues.
'We are urging all supporters to boycott any club merchandise and even refuse to buy a pint and a pie inside the ground on match days.
'Sponsors products should also be avoided and eventually we hope the message will get through.
'We now know how much debt he has taken on. We know he has massive repayments to service and we are confident we can affect club turnover to such an extent it will be impossible for him to continue.'
United released their own statement from Old Trafford this evening, confirming their position will be reviewed when the offer document is received.
'During recent discussions, the board sought a range of protections for the football club, its fans and any minority shareholders who wish to remain invested in Manchester United,' said the statement.
'The board will review the position in respect of these issues when the full facts are available and will advise shareholders accordingly.'
