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25/10/2004
Man Utd 'terminate' talks with US tycoon
Manchester United has terminated talks with Malcolm Glazer after the US billionaire upped his stake in the club last week.
In a statement, the board said that it regarded Mr Glazer's position to be "overly leveraged" – or too dependent on borrowed money – and so it was "not in the best interests of the company" to continue talks.
According to the club's in-house broadcast channel, MUTV, the board felt that the level of debt, coupled with the business plan, meant Glazer's was an "unattractive proposal".
Mr Glazer has not yet made any definitive proposal, but a takeover bid is required to be launched when a 30% stakeholding is reached. He currently holds a 28.11% stake in the club, a holding of 73,711,458 ordinary shares.
However, discussions with Mr Glazer and other interested shareholders will continue in order to "seek to develop a long term solution that brings stability to the company's ownership structure".
Chief executive David Gill was keen to point to out that there was no personal issue with Mr Glazer, talks had foundered over finance issues.
However, Mr Gill acknowledged that the interest from Mr Glazer had been "disruptive". "As a distraction, this can’t be helpful and we want to move forward," he said.
For the fans, Mr Gill said that they should understand that the board had to consider any bona fide proposal for the company.
Assessing its current circumstances, the board said that Manchester United was in a strong position.
The club's "present capital structure is appropriate and gives it a distinct competitive advantage to pursue commercial opportunities as they arise and invest to sustain the playing success", the board said.
(gmcg/sp)
In a statement, the board said that it regarded Mr Glazer's position to be "overly leveraged" – or too dependent on borrowed money – and so it was "not in the best interests of the company" to continue talks.
According to the club's in-house broadcast channel, MUTV, the board felt that the level of debt, coupled with the business plan, meant Glazer's was an "unattractive proposal".
Mr Glazer has not yet made any definitive proposal, but a takeover bid is required to be launched when a 30% stakeholding is reached. He currently holds a 28.11% stake in the club, a holding of 73,711,458 ordinary shares.
However, discussions with Mr Glazer and other interested shareholders will continue in order to "seek to develop a long term solution that brings stability to the company's ownership structure".
Chief executive David Gill was keen to point to out that there was no personal issue with Mr Glazer, talks had foundered over finance issues.
However, Mr Gill acknowledged that the interest from Mr Glazer had been "disruptive". "As a distraction, this can’t be helpful and we want to move forward," he said.
For the fans, Mr Gill said that they should understand that the board had to consider any bona fide proposal for the company.
Assessing its current circumstances, the board said that Manchester United was in a strong position.
The club's "present capital structure is appropriate and gives it a distinct competitive advantage to pursue commercial opportunities as they arise and invest to sustain the playing success", the board said.
(gmcg/sp)
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07 June 2005
Glazer’s sons take positions on Man Utd board
Malcolm Glazer’s three sons have been appointed posts on the board of Manchester United football club. It was announced that Joel, Avram and Bryan Glazer would take up posts as non-executive directors on the board, as the non-executive chairman Sir Roy Gardener confirmed that he would be resigning from his post.
Glazer’s sons take positions on Man Utd board
Malcolm Glazer’s three sons have been appointed posts on the board of Manchester United football club. It was announced that Joel, Avram and Bryan Glazer would take up posts as non-executive directors on the board, as the non-executive chairman Sir Roy Gardener confirmed that he would be resigning from his post.
13 May 2005
US tycoon’s bid secures control of Man United
A £790 million takeover bid has given control of Manchester United to US sports tycoon Malcolm Glazer. Glazer’s stockholding company Red Football Limited has secured the 28.7% stake held by Cubic Expression Company Limited which represents the interests of Irish tycoons JP MacManus and John Magnier. The bid will give Mr Glazer a 56.
US tycoon’s bid secures control of Man United
A £790 million takeover bid has given control of Manchester United to US sports tycoon Malcolm Glazer. Glazer’s stockholding company Red Football Limited has secured the 28.7% stake held by Cubic Expression Company Limited which represents the interests of Irish tycoons JP MacManus and John Magnier. The bid will give Mr Glazer a 56.
30 June 2005
Glazers return to Old Trafford
Malcolm Glazer’s three sons have reportedly returned to Old Trafford, a day after they were forced to leave in a police van, following protests by angry Manchester United fans. Joel, Avi and Bryan, were reported to have continued their first tour of the ground today and met with Sir Bobby Charlton.
Glazers return to Old Trafford
Malcolm Glazer’s three sons have reportedly returned to Old Trafford, a day after they were forced to leave in a police van, following protests by angry Manchester United fans. Joel, Avi and Bryan, were reported to have continued their first tour of the ground today and met with Sir Bobby Charlton.
28 June 2005
Glazer gains 98% of Manchester United shares
American tycoon Malcolm Glazer has confirmed that he has acquired 98% of shares in Premiership football club Manchester United. Mr Glazer needed to have 97.6% ownership of the club in order to be able to force the remaining shareholders to sell their shares to him. He will now be able to force a compulsory buyout of the remaining shareholders.
Glazer gains 98% of Manchester United shares
American tycoon Malcolm Glazer has confirmed that he has acquired 98% of shares in Premiership football club Manchester United. Mr Glazer needed to have 97.6% ownership of the club in order to be able to force the remaining shareholders to sell their shares to him. He will now be able to force a compulsory buyout of the remaining shareholders.
16 May 2005
Glazer secures control of Manchester United
US sports tycoon Malcolm Glazer has secured sufficient shares in Manchester United to give him control of the club.
Glazer secures control of Manchester United
US sports tycoon Malcolm Glazer has secured sufficient shares in Manchester United to give him control of the club.
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