Ferguson’s United fate in doubt
On Monday, Mr Glazer will mop up the remaining shares he needs to bring his holding to over 75%, enough to remove the club from the stock market and use its assets as security for the loans he is taking out to buy United.
As the Glazer family announced details of their offer for the world’s largest football club, the veteran manager was still unsure of his future after 19 seasons in charge.
“I always look forward, and I do so again, but we’ll just have to wait and see what is going to happen,” Mr Ferguson said.
He later pulled out of a planned press conference to talk about the final league game against Southampton. The speculation about his tenure was not helped by reports that Celtic manager Martin O’Neill was preparing to leave his job at the end of the season.
Mr Glazer, the Florida-based owner of the Tampa Bay Buccaneers American football team, now owns 74.8% of United’s shares.
Getting over the 75% mark will allow him to load the money he is borrowing to fund the takeover onto United’s own books.
Red Football, Mr Glazer’s company, is offering 440 cents per share, valuing the club at €1.15 billion.
Mr Glazer is using €398m of his own cash to fund the takeover, but is borrowing €388m from a consortium of banks, secured against United’s assets, including the Old Trafford stadium.
The banks have also extended an unsecured loan of €403m to the American.
His son Joel Glazer said: “We are long-term sports investors and avid Manchester United fans.
“Our intention is to work with the current management, players and fans to ensure Manchester United continues to develop and achieve even greater success.”
It is believed that once the Glazers get control, Joel will take over from David Gill as chief executive.
Fans’ groups said the level of debt being landed on the club will limit the opportunity to buy new players and they fear prices for tickets and merchandise will rocket. Further protests are expected at Old Trafford over the weekend and in Southampton against Mr Glazer.
Sean Bones of Shareholders United said: “We are advising supporters to boycott merchandise from tops to half-time pies and not to buy sponsors’ products and that will blow holes in Glazer’s financial projections.”
Meanwhile, security at the Ballydoyle stable in Tipperary, home to many of John Magnier’s prized horses, was being stepped up due to because of security threats.
As the fallout continued over the sale of his stake to Mr Glazer, hard line soccer supporters were alleged to be targeting the stables.
“We’re aware of certain threats being made. We’re monitoring the situation,” said Tipperary Garda Sgt Martin O’Keefe.
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