Glazer to take Man United private

US sports tycoon Malcolm Glazer today said he had acquired enough shares to take Manchester United private.

In a statement to the London Stock Exchange, Mr Glazer said he had acquired 75.70% of the total issued equity of the club.

The stake is just above the 75% required to end United’s 14-year stretch as a stock market-listed company.

Attention will now focus on whether Mr Glazer has secured the 90% of shares that would allow him to buy the rest of the stock on a compulsory basis.

Anything below 90% and existing shareholders would be entitled to remain as minority owners, but with next to no rights over the company.

They would be able to receive copies of the club’s accounts and the right to attend annual meetings, although Mr Glazer has already warned that the payment of a dividend was likely to be withdrawn.

Analysts said Mr Glazer, who began the day with 74.81% of United’s shares, had achieved a lot in a relatively short space of time.

Hilary Cook of Barclays Stockbrokers said the question now was whether Mr Glazer could overcome the resistance of United fans in his efforts to get the 90% he needs to compulsorily purchase the remaining 10% of the stock.

“I think he might not get the 90% he needs because quite a lot of the fans won’t sell out,” she said.

“It’s never that easy to get over 90% and so it could take some time.

“But he’s got what he wants and it has happened with astonishing speed.”