What’s the score, takeover panel asks United

MANCHESTER UNITED could find itself before the British Takeover Panel after it held talk with one of its main shareholders.

Landsdowne Partners, which now has more than 5% of the club’s shares, held talks with United’s chief executive Peter Kenyon and other senior executives last month about what was happening at the club.

Though it is not known what exactly was said at the meeting, it is believed that Landsdowne was seeking information on whether the club is the subject of a bid from its Irish investors, the millionaires John Magnier and JP McManus, who hold 8.65% of the club’s shares.

It is believed that the Takeover Panel wants to know whether Landsdowne informed United that it will make a bid itself or whether it will back any offer by Cubic Expression, the investment vehicle of Mr Magnier and Mr McManus.

The Takeover Panel only becomes involved in mergers and acquisitions when it believes all shareholders have a right to information and it could force the two sides to disclose the detail of their discussions.

London-based Landsdowne has been involved in a number of takeover battles over the past year, building up a stake in fashion group Arcadia before it went private.

It has also invested in Harvey Nichols and Waste Recycling Group, both of which are the subject of takeover bids.

Lansdsdowne first bought into United, now fighting a desperate battle to rein in Arsenal for the Premier League title, last July. However, it has not disclosed who actually owns the shares it acquired as they are held on behalf of clients.

United shares were down 2.5% yesterday at £1.17. The club has a market value of £303 million, a far cry from the £1 billion market cap on the club three years ago when Rupert Murdoch’s BSkyB launched a bid.

The 9.9% stake held by the media mogul could be a stumbling block to any offer for the club as the shares were acquired at the top of the market.

Though United is the largest British club by far, television and sponsorship revenues at football clubs is falling and the shares are not expected to hit their peak again.