United: No takeover bids

Manchester United today informed the Stock Exchange they have received no multi-million pound takeover approaches.

United issued the statement in response to a weekend press report of a potential £600m (€855m) bid from a trio of foreign billionaires.

The announcement, released to the Stock Exchange this morning, read: “The board of Manchester United PLC notes weekend press reports about potential bidders for the company.

“The board wishes to make it clear that it has had no approaches from any parties and therefore regards the reports as pure speculation.”

Speculation over United's financial position has grown in recent weeks and has been upped again in the wake of chief executive Peter Kenyon's move to Chelsea.

But an influential United supporters group warned prospective buyers over the weekend that they would not be willing to give up their stake in the club without a fight.

United’s dependence on the approval of shareholders is perceived as a weakness by some who point to the benefits of having one owner calling the shots.

But Shareholders United spokesman Oliver Houston says his organisation is opposed to moves which would turn control of the club over to an individual.

“Manchester United is not the plaything of wealthy individuals or international corporations,” said Houston.

“It is a 125-year-old community asset that should be run in the interests of its supporters.”

On their own, the members of Shareholders United do not have significant financial clout.

But as an organisation they have had their victories in the past, notably when they played a key role in foiling a takeover by BSkyB.

Houston added: “Anyone ignoring the 15%, or so, of the shares held by fans is going to wind up with a bloody nose.”

“SU, IMUSA (Independent Manchester United Supporters Association) and the fanzines are united in the belief that no one, other than the Supporters’ Trust, should control 50% or more of the club.”

Yesterday’s report in The Observer claimed that there are three separate individuals – one like new Chelsea owner Roman Abramovich from Russia, one from the Middle East and one European – preparing to launch £600m (€855m) bids for control of the club.

Shares in United, priced at around 168p, are thought to be overvalued. But the scale of wealth available to individuals like Abramovich, who is thought to be worth around £5bn (€7.1bn), mean a takeover would still not be beyond them.