Waiting game hits United shares
The shares gained 5% on Monday when the club confirmed it had a takeover approach, believed to be from its second largest investor, the American businessman Malcolm Glazer.
Brokers speculated yesterday that Mr Glazer will have to offer at least 300p a share to secure the club and get the support of its largest shareholders, the Irish multi-millionaires John Magnier and JP McManus.
They hold just under 29% of Man U's shares and could make or break any offer for the club. The pair, who would net tens of millions profit from the sale of their stake at 300p a share, have not yet said whether they would accept an offer.
It is thought their aim in building up the holding is mainly to give them greater sway over the way the business is managed than with an eye to a takeover. In January, the two forced Manchester United to announce an internal review of transfers after threatening to demand an internal audit. A person familiar with the situation said the Irish duo are not interested in running a football club, and now see their holding only as an investment. But their major shareholding also gives them significant clout to block a bid.
Meanwhile yesterday Tottenham have posted a €1.5 million loss for the year ending June 30 2004.
The club announced an operating profit of €14m before player trading but heavy spending in 2003-04 made for an overall loss.
“Following a process of change within the club we now have in place a structure that we hope will bring a steady return to the winning performance we all desire for Tottenham Hotspur,” chairman Daniel Levy said in a statement.
“We have continued to invest in the playing squad and training staff during the summer and we continue to pursue our objectives on and off the pitch."
A €21.8million share issue boosted the club's net assets by €15m to €60m and helped to fund the club's extensive transfer dealings this summer.
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