|
|
|
| May 15, 2005 | Sunday | Rabi-us-Sani 6, 1426 |
Fans vow to fight Manchester United takeover
LONDON, May 14: Die-hard supporters of Manchester United pledged on Saturday to keep fighting a takeover by US billionaire Malcolm Glazer as he edged nearer to gaining full control of the world-famous English soccer club.
The owner of the Tampa Bay Buccaneers American football team only needs to buy a few thousand more shares when markets open on Monday to reach the 75 percent stake level needed to delist the 127-year old club from the stock market and make it private.
Glazer’s son Joel tried to appease disgruntled United fans on Friday by insisting that the family were long-term investors and avid supporters of the club.
But his appeal fell on deaf ears as supporters planned on Saturday how to demonstrate against Glazer at United’s last Premier League match of the season at Southampton on Sunday.
Fans writing on one of the largest United supporter Web sites, Red Issue, called for protests at the match ranging from singing anti-Glazer chants to a mass walkout.
Supporters say Glazer has no knowledge of soccer and plans to cream the profits off the club to pay back the debts used to buy it.
Fans pressure group Shareholders United, which says it speaks for around 2 percent of the club’s shares, called for a boycott of club merchandise.
“A third of the revenues that come into the club come from merchandising. We think we can make a big dent in these revenue streams,” the group’s vice-chairman Sean Bones said.
The group wants fans to also boycott products sold by the club’s sponsors.
Analysts say around 10 to 15 percent of the club’s shares are held by individual supporters.
Glazer raised his stake in the club to 74.81 percent on Friday and confirmed that his 790 million pound ($1.47 billion) bid would include piling 265 million pounds of debt onto United’s books.
Under the takeover terms, Glazer will offer to buy the shares in United that he does not already own for 300 pence a share.
The club’s acerbic and long-standing manager, Alex Ferguson, has said he will “wait and see what is going to happen”, with media reports saying the Glazers want him to stay.
The Glazers have promised to work with “current management, players and fans to ensure Manchester United continues to develop and achieve even greater success”.—Reuters
|
|
|
|
