Board recommends Glazer offer to shareholders

Manchester United’s board today recommended the club’s shareholders accept the offer for their shares from Malcolm Glazer.

The American billionaire has already taken control of the Old Trafford club after buying 76.2% of shares in the Plc.

In a circular to shareholders, the board outlined why they were “unable to support the proposals as being in the best interests of the company” but advised “there are risks of remaining as a minority shareholder in Manchester United”.

A statement to the Stock Exchange revealed: “In light of the risks of remaining as a minority shareholder, the board has now unanimously concluded that, unless Manchester United shareholders have strong non-financial reasons for wishing to stay invested in the company, they should accept the offer, as the board intends to do in respect of its own beneficial holdings.”

Shareholders have until 3pm on June 13 to accept the offer.