United fans keen to snap up shares

Scottish mining entrepreneur Harry Dobson could hold the key to Manchester United fans group Shareholders United thwarting Malcolm Glazer’s takeover bid.

The Press Association understands SU is hoping to purchase a 6% block of shares, helping to counter Glazer, who has been told by the Takeover Panel he must lodge a formal bid by May 17.

It has emerged SU has been in contact with all United’s major shareholders - including Cubic Expression and Dobson – to provide details of their aims, which they expect to confirm within the next week.

Only 12 months ago, SU were at loggerheads with Cubic, the investment vehicle of Irish horse-racing tycoons JP McManus and John Magnier, whose private dispute with Alex Ferguson over the record-breaking stallion Rock of Gibraltar raised considerable anger among the wider United support.

Although they would be interested in purchasing part of Cubic’s 28.9% stake, SU do not believe the Irish duo are actively looking to sell.

Instead, they are targeting Dobson, who stands to make a hefty profit on his 6.5% interest, and who openly urged Glazer to make a bid just over two months ago.

If SU get close to the 300p-per-share Glazer is offering, it would set them back over £45million and, so far, there has been no indication where the money is coming from.

A fax, sent to all major shareholders, but with specific reference to Cubic, outlined details of SU’s bold proposals.

“As you are aware, our aim is for the club to remain independent from ownership by any single person or company,” said the fax.

“We favour a diverse ownership model for Manchester United, with supporters owning a significant stake alongside investors such as Cubic Expression, who see themselves as long-term investors and who are ready to work in partnership for the future benefit and success of the club.

“For the record, we also support what we understand to be the position of Cubic Expression with regard to agents’ fees and corporate governance and the need to maximise the commercial revenue of the company.

“In our view, Malcolm Glazer is the kind of person who will keep going forward until he has nowhere to go. We think his next move will be to approach yourselves (Cubic) to urge you to accept his offer, less there should be a fall in the share price that would hurt you.

“We believe this is a false, as well as insulting analysis. Within a relatively short space of time, we (SU) intend to have in place a vehicle that will be an active buyer of Manchester United plc shares.

“We look forward to a long, fruitful relationship as partners in the future success of Manchester United both on and off the pitch.”