Kenyon: Takeover threat always there

Peter Kenyon believes hostile takeover bids for Manchester United, like that by Malcolm Glazer, are inevitable because they are a public limited company.

Kenyon, who quit as chief executive at Old Trafford to take up the same position with champions-elect Chelsea, claims being a plc means the club will always be “in play”.

He contrasted it with the protection afforded to the Stamford Bridge club by Roman Abramovich’s private ownership, which he admitted was preferable.

The Chelsea supremo also claimed the key shareholders, rather than the club, were the ones to benefit from going public.

Kenyon told The Guardian: “Within the industry the preference would always be for private ownership over public.

“There was a time that it was seen as the golden goose for clubs to go to (the) market.

“Manchester United gained liquidity in shares, which allowed some money to go to key shareholders, but apart from about £16m (€23.4m) the bulk of the £150m (€219.7m) to £160m (€234.4m) we invested in players and stadia came from within the football club.

“As a public company you are always in play, and in terms of long-term planning that makes life difficult.

“As a private business it means literally three of us (at Chelsea) can decide what to do.”

Kenyon underlined a five-year plan for the Blues, which he hopes will see the business become profitable by 2009.

He revealed the club would focus on four key markets, “London, Russia, where we feel we have a competitive advantage, China – not Asia – and north America.”