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That sucks BIG TIME.
no, not MANU, ginobili... MAN-U
Glazer gains control of Manchester United
LONDON (AP) -- Tampa Bay Buccaneers owner Malcolm Glazer took complete control of Manchester United on Monday by increasing his stake in the world's richest soccer club to more than 75 percent.
Glazer bought more shares to take his ownership level to 75.70 percent by the end of Monday's trading, Glazer's Red Football Ltd. said in a statement to the London Stock Exchange.
With 75 percent, Glazer can place his personal debt on United's books and take the club off the stock exchange and into private ownership. Manchester United has been listed on the stock exchange since 1991.
The NFL, which usually frowns upon cross-ownership, isn't sure if its rules would prevent Glazer from owning a foreign club. The league's finance committee will discuss it during spring meetings in Washington next week.
Glazer is expected to submit a formal do ent to shareholders on Wednesday.
Reaction to Glazer's takeover has been mostly negative and defiant. Fans fear Glazer will sell off the club's 67,000-seat Old Trafford stadium and raise prices. They also oppose foreign ownership.
Fans groups are calling for a boycott of Man United sponsors and planning demonstrations at the FA Cup final against Arsenal on Saturday in Cardiff, Wales.
"We won't do anything that endangers safety, but they may have to draft in the army to police the match," said Oliver Houston, a vice chairman of Shareholders United.
"We are calling on all supporters to wear black in Cardiff on Saturday," said Mark Longden of the Independent Manchester United Supporters Association. "If they can get hold of black flags, they should wave them because it represents what is happening to the club."
The group is also calling on fans not to renew their season tickets, to cancel subscriptions to Manchester United's in-house television station, and boycott sponsors Vodafone, Nike, Budweiser and Audi.
Financial analysts said Glazer could soon raise his stake to 90 percent. At that level, remaining shareholders would be required to sell their stocks to Glazer.
Glazer told the stock exchange Friday he would borrow $490 million to fund the $1.47-billion takeover.
Glazer said the bid also included $503 million of his own money, and another $509 million to be generated by issuing preferred securities to large investors.
Glazer's ownership reached 56.9 percent on Thursday after he bought out joint majority shareholders J.P. McManus and John Magnier, Irish racehorse owners. He previously owned 28.1 percent of the club.
That sucks BIG TIME.
Thats the end of Man. U.. He has taken on a load of debt to finance his buying.. unless Man U starts going Yankees way over there and gets it's own television network they will have to cut costs..
crafty, you are. fooled me, you did.American in complete control of MANU
sucks, soccer does.
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