Glazer scores 15.4 million shares in United
Glazer’s retail therapy came at a cost of £45million (€65million) and gave the investor more than a quarter stake in the club.
The move came 24 hours after the Press Association revealed his plans for an outright takeover had collapsed as Manchester United’s majority shareholders John Magnier and JP McManus had opted not to continue discussions of the sale of their 28.9% stake in the Old Trafford outfit.
Despite the setback, Glazer clearly has no intention of backing down, although in effect the owner of the Tampa Bay Buccaneers NFL franchise remains in the same position he was last night, albeit with 25.3% of the club now under his ownership. It is not yet known whether the sellers were some of the big City institutions or Scottish mining entrepreneur Harry Dobson, whose 6.5% stake roughly equates to Glazer’s purchase, but either way the deal sent the share price rocketing by eight percent to £2.85 (€4.12), the average purchase price of tonight’s investment.
Glazer is hopeful the supporters who have been so fierce in their opposition to his interest will see his latest move as an indication that he views United as a long-term investment and will help deflect some of their criticism.
That seems unlikely and fans have been quick to tell the Florida-based businessman he is not wanted at the club.
Glazer though is clearly intent on hanging around, although there is no clear indication as to his next likely move.
One theory is that he will ask for board representation, something Cubic have opted against pursuing in the past, thereby increasing his own influence at Old Trafford and forcing the Irish duo to either follow suit, accept a reduced role or sell out.
Another rumour is that Glazer will try to lever more profits out of the Red Devils by attempting to negotiate separate television deals, a move chief executive David Gill has always claimed to be counter-productive as it would increase revenues in the short term but wreck the already loose notion of competition within the Premier League.
Increased profits should translate into an increased share price, although it is Cubic, whose average share purchase is way below that of Glazer, who would be the main beneficiaries of that situation.
