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Glazer makes bid

Last updated: 2005-05-13

Manchester United

Manchester United

American businessman Malcolm Glazer has launched a $1.47bn (£800m) takeover bid for the world's richest football club, Manchester United.

Glazer, the owner of the National Football League's Tampa Bay Buccaneers, bought a 28.7% share of the club owned by Irish racehorse owners JP McManus and John Magnier. Glazer previously owned 28.1% of the club and is offering $5.58 a share for the Irishmen's stake.

Even though he has a majority share, Glazer does not have complete control of Manchester United. He needs 75% of the shares to control the club, but he could make Man U a private company with his current interest.

Glazer faces strong opposition from the fan-based Shareholders United, which represents 17% of the club's stockholders. Fans fear Glazer would raise ticket prices and sell the 67,000 seat Old Trafford Stadium.

Manchester United dominated English football for several years, taking the F.A. Cup four times and winning eight titles in 11 seasons. However, the Red Devils are third in the English Premiership this season behind Chelsea and Arsenal. Man-U plays Arsenal in the FA Cup final May 21.

Story supplied by: VOAnews