United fans slam Glazer
Manchester United fans today reacted angrily to the idea of a takeover by American billionaire Malcolm Glazer.
The club's board this morning confirmed a " preliminary approach" regarding a "possible offer" for the company following weeks of speculation.
The statement almost certainly relates to Glazer, who already owns a 19.2 per cent stake, and is understood to be considering an outright bid for the world's richest football club. But fans are deeply suspicious of the bid which would mean United coming under the control of a single individual rather than a group of shareholders.
They are also concerned of reports that Glazer intends to borrow the money for the £700million by taking out loans secured against the club's future income.
Oliver Houston, a spokesman for fans' group Shareholders United, said: "This little leprechaun has got nothing to offer but fool's gold. The headline figure is just the price of the shares, he is not putting any new money in.
"He is talking about using the club's assets to raise the money. United do not have any debts so why should these assets be put at risk? Chief executive David Gill said last year that the club does not need a sugar daddy, we want to hear a similar statement now.
"Glazer is not someone we felt comfortable with having a large stake in the club, let alone take it over.
" We are against any takeover bid in principle as if the club goes private it denies fans a chance for a stake in their club. The club's plc stages its AGM on 12 November and it promises to be a heated meeting."
Glazer, who is also the owner of the Tampa Bay Buccaneers American football team, has hired investment bank JP Morgan to act as advisers for the bid.
To succeed, he will need the support of John Magnier and JP McManus, the Irish racing tycoons whose Cubic Expression investment vehicle is United's largest shareholder with a 28.9 per cent stake.
United reported a 29 per cent fall in annual pre-tax profits to £27.9m last week but shares lifted almost four per cent following the announcement. The current price values the club at around £700m.
On the pitch, United have made a disappointing start to the season and sit nine points behind Arsenal in the Premiership.
