Bid to halt Glazer takeover gains momentum

THE bid by Manchester United fans and shareholders to prevent Malcolm Glazer buying the club gathered momentum over the weekend.

Shareholders United, which represents the shares held by fans, said its membership has surged by almost 300% since Mr Glazer began stalking the club more than a year ago. The group, which is looking to block the £800 million (€1.2bn) takeover by building a 10% stake in the club and rejecting the bid, said the number of members has risen to nearly 26,000 compared with 8,600 in March 2004.

The organisation said that were it not for the opposition of ordinary fans, Mr Glazer would be charging higher ticket prices to pay off the hundreds of millions in debt with which the club would be saddled by the American.

"Each step in this battle takes us another inch towards the goal we are aiming for the continued independence of Manchester United," Shareholders United chairman Nick Towle said at the group's AGM on Saturday.

Maurice Watkins, a veteran United board director, who owns 1.7% of the club's shares, indicated his support for a supporters trust that would prevent any takeover.

Investment bank Nomura is advising Shareholders United in the bid to buy up the number of shares required to block the bid.

However, the group is still facing an uphill battle with reports yesterday that Mr Glazer, the owner of the Tampa Bay Buccaneers, was increasingly confident about his offer.

He is expected to put the 300 pence a share offer to investors by the end of this week, ahead of the May 17 deadline imposed by the British Takeover Panel.

The club's board has told Mr Glazer it cannot recommend that his offer be accepted.

If fans do not build the 10% stake necessary to block the offer, the takeover will end being decided by John Magnier and JP McManus, who own almost 29% of the club's shares.

They have repeatedly maintained the stake is a long-term investment but may be tempted by the £150m (€222m) profit they will net by selling out to the American.

If they reject the offer, it will end Mr Glazer's hopes of buying United as he cannot go higher than 300p.