American entrepreneur Malcolm Glazer last week submitted his formal offer
document, detailing his plans for the corporate take over of Manchester United.
Glazer acquired a controlling shareholding in the football club in October
2004. Through a series of share acquisitions from existing shareholders J P
McManus, John Magnier and Harry Dobson, Glazer has now achieved an excess of
76% shareholding in the premier division side.
Glazer is President and Chief Executive Officer of First Allied Corporation,
which is a holding company for his varied business interests. These include
a diverse portfolio of investments which comprise food service equipment for
a food service, equipment, supplies and packaging, real estate, broadcasting,
health care and marine protein. Perhaps his best known business venture to
date has been his 1995 purchase of NFL Team Trampa Bay Buckineers for $192m.
Following their SuperBowl victory in 2003, the team is now valued at $675m.
Concern has been expressed that this financial success will not be replicated
with the Old Trafford club. Glazer has had to borrow £540m to fund his £790m
takeover, of which £265m will be secured against Manchester United's
assets. Glazer has vowed to use his controlling shareholding to achieve exclusive
ownership of the club and delist it from the London Stock Exchange.
Manchester United's board has until 6th June to respond to Glazer's formal