Glazer gets full control of United
Tuesday, June 28, 2005
Article summary
American billionaire Malcolm Glazer has achieved 98 per cent ownership of English giants Manchester United FC.
Article body
Compulsory buyout
Glazer said he had increased his holding above the key 97.6 per cent mark needed to compulsorily buy out any last shareholders. On 14 June, Glazer had revealed he held 97.3 per cent of the English Premiership club.
Two-year battle
The sports tycoon won control of Manchester United last month after a two-year battle with a cash bid at 300 pence per share, which valued the 15-times English champions at £796m (approximately €1.2bn).
Full control
Glazer soon clinched full control of the Old Trafford team by pushing his shareholding above 75 per cent, which gave him the right to delist the shares from the stock market, and launched his formal bid for all shares in the club when his holding reached 75.7 per cent.
