Glazer close to 100% United goal

MALCOLM GLAZER is within touching distance of owning 100% of Manchester United.

Red Football, the American’s investment vehicle, said yesterday it owns 97.3% of United, just shy of the level where he can force the remaining investors to sell their shares to him.

When Mr Glazer launched his €1.1 billion bid for United last month he owned 75.7% of the club and needed to acquire 90% of the remaining shares to be able to compulsorily purchase the outstanding investors who had not accepted his offer.

As of yesterday, he was only 0.3%, or 800,000 shares, short of that level. He is also expected to apply to have United delisted from the London Stock Exchange.

Once the company is taken off the stock exchange, Mr Glazer can call an extraordinary general meeting to ask for United to become a private company and for his personal debts to be transferred onto the club.

Through Red Football, Glazer has borrowed £265m secured against United’s assets and a further £275m in “pay-in-kind” loans known as Piks. These are thought to have to be repaid within five years and have very high interest rates of about 18%, and it is these which could then be transferred to the club. Shareholders United vice-chairman Sean Bones said the anti-Glazer campaign would carry on whether or not the American reached the 97.6% figure.

Mr Bones said: “It’s disappointing news because it is another day closer to when Glazer can plunge this debt mountain onto the club.

“We will redouble our efforts and do everything we can to hasten his exit from Manchester United because we feel passionately about this club.

“Shareholders United have never asked supporters not to attend matches, but we can hit the Glazer brand where it hurts in terms of not buying products from United’s sponsors.”