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Manchester United fans reject takeover
(Agencies)
Updated: 2004-10-13 09:35
Manchester United's largest fan group is launching a registration drive to
stop U.S. businessman Malcolm Glazer from buying the Premier League club.
Shareholders United, which controls about 2 percent of the club's shares,
started enrolling fans Tuesday for free membership in the group's trust. The
group's goal is to sign up 100,000 United fans worldwide.
Manchester United
fans are hoping people power can help beat off an Old Trafford takeover
bid from American billionaire Malcolm Glazer.
[AFP] |
Manchester United announced last week
it received a "preliminary approach" for a takeover of the club. Although the
club did not identify the bidder, it was widely reported to be Glazer — whose
company owns a 19 percent share in the club and steadily has been increasing his
share.
Shareholders United calls the initiative "Shares, Not Shirts." In exchange
for free membership in the trust, registering fans promise not to buy United
merchandise until the Tampa Bay Buccaneers owner backs off.
The group, which claims 15,000 members, said it is reaching out to the 250
Manchester United fan groups across the world to get supporters to register for
the trust.
"The phone is ringing off the wall about this," vice chairman Sean Bones
said. "We're only limited by the speed with which we can process the
applications. You get the feeling something magical is happening."
American billionaire Malcolm
Glazer. Manchester United, the world's wealthiest football club, confirmed
it had received a "preliminary approach" regarding a possible takeover
offer. [AFP] | Glazer holds the second-largest
stake in the club behind Irish racehorse owners J.P. McManus and John Magnier.
Their company owns about 29 percent. Glazer would have to buy the Irishmen's
shares to gain control of a club valued at more than $1.25 billion.
Private shareholders and SU trust members hold about 18 percent of the club's
shares.
Some fans contend Glazer is interested only in making a profit and would
raise ticket prices.
"This battle is not about the number of shares that he (Glazer) can
accumulate or we can accumulate," Bones said. "It's about the fans standing
together and showing Glazer how unpopular he is with the fan base.
"Man Utd can be a profitable club in the future. But we don't want the
profits to go straight into the pockets of Malcolm Glazer or anyone else. We
want the profits to stay in the club."
The Glazer family has refused to comment on a possible bid for Manchester
United.
Dissent against a possible Glazer takeover has been growing.
Last week, vandals threw red paint on cars owned by a prominent Manchester
United director, Maurice Watkins, who sold 1 million shares to Glazer. About 30
fans disrupted a Manchester United reserve game to protest a possible buyout.
Another fan group, the Red Action Group, said it plans to demonstrate outside
the London Stock Exchange on Friday.
Two Conservative legislators submitted a motion in Parliament that would keep
Glazer from bidding for United unless he could "clearly demonstrate that he
would strengthen rather than weaken the club."
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