Fans' group carries the battle to Glazer

Shareholders United (SU) still aims to scupper Malcolm Glazer’s ambitious business plan for Manchester United after the American tycoon reached the verge of complete ownership of the club.

Glazer’s investment vehicle Red Football revealed yesterday he now owned 97.3% of the issued share capital in United as he presses ahead with his plan to de-list the club from the London stock exchange on June 22.

SU, the trust representing the interests of small shareholders in United and fierce opponents of the Glazer takeover, wants supporters to boycott club merchandise and sponsors’ products to “deprive Glazer and his backers of the income they need to service his punitive debts”.

It also wishes to publicise the Phoenix Fund, money raised from the sale of shares to Glazer, which they hope to use to buy back a stake in the club at the earliest opportunity.

SU chairman Nick Towle said: “I have held on to a number of my shares in the club, largely for emotional reasons. The rest I have sold and will be putting Glazer’s money in our Phoenix Fund, which we are in the process of establishing with our advisers.

“This fund will be used to buy back our shares at the first available opportunity and we urge all fans to back the fund as the best chance we may ever have of getting an ownership stake in our club.”