Utd Drop Glazier negotiations

The Muppet

From The BBC

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Manchester Utd have ended talks with the US sports tycoon Malcolm Glazer over a possible takeover.

United said Mr Glazer's proposed move was "not in the best interests" of the club because it relied too much on borrowed money.

However, United added they would have further talks with Mr Glazer and other shareholders about the club's future.

Mr Glazer has recently increased his stake in the club to 28.1%, but he has not yet made a firm takeover offer.

Shares in Manchester United were trading down 3 pence at 280.75p in lunchtime trade.

Talks 'terminated'

"The financial returns in any football club are very closely correlated with performance on the pitch," United said in a statement.


It is fantastic news and due in no small part to the campaign we have waged against him (Mr Glazer)
Oliver Houston, Shareholders United

See Man Utd's share price
Fans pleased

The club said that it considered its current financial structure was "appropriate" and gave it a "distinct competitive advantage to pursue commercial opportunities as they arise and invest to sustain the playing success".

"The board has decided to inform all shareholders that it would regard an offer which it believes to be overly leveraged as not being in the best interests of the company," the club said.

"Accordingly the board has determined that it would not support any offer underpinned by the structure which has been outlined in relation to the Glazer family's potential offer.

"The board has informed the Glazer family of these views and that it has therefore terminated discussions with respect to the current proposals."

Further talks

Mr Glazer has upped his stake in United significantly in the past couple of weeks, but remains short of the 30% mark which would force him to make a formal takeover offer.

He raised his stake following the breakdown of talks between him and the Irish racing millionaires JP McManus and John Magnier who own a 28.89% stake in the club.

United said that they intended "to have further discussions with the Glazer family and other interested shareholders in order to seek to develop a long term solution that brings stability to the company's ownership structure".

The end of negotiations between Man Utd and the Glazer camp was welcomed by fans, who have been campaigning against the takeover.

"It is fantastic news and due in no small part to the campaign we have waged against him (Mr Glazer)," said Oliver Houston, spokesman for Shareholders United.

It looks like thats the end of another Utd takover bid.

Big Ears

The Muppet wrote:

From The BBC

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It looks like thats the end of another Utd takover bid.

unless he can convince Mcmanus and Magnier(Cubic expression) to sell their shares in which case a full takeover would be inevitable as he would hold over 56% , other than that I can't see a way of him takeing over , and I wouldn't be suprised if he starts selling his shares within the next 6 months .