A year ago, few soccer fans had heard of reclusive American businessman Malcolm Glazer. Now he's on the verge of a possible takeover of Manchester United -- the world's richest and one of the most storied soccer clubs -- much to the dismay of its fans.
In three consecutive trading days, Glazer has pushed his ownership share to 28.11 percent in Manchester United PLC -- an increase of 72 percent. If his ownership reaches 30 percent, he is required by British law to make an offer to buy out the remaining stockholders.
Attempts to reach Glazer, the owner of the 2003 NFL Super Bowl champion Tampa Bay Buccaneers, or his sons Bryan and Joel Glazer, were unsuccessful Tuesday.
Since Friday, Glazer has increased his stake in the 126-year-old club from 16.3 percent and has spent more than ?60 million (US$108 million), to add to his holdings.
After two big days of buying, Glazer purchased 1.27 million shares for ?3.62 million (US$6.5 million) Tuesday, his banking advisers told the London Stock Exchange.
The announcement was made by J.P. Morgan Chase & Co. on behalf of the Malcolm I. Glazer Family LP.
Glazer bought the Bucs in 1995 and also made an unsuccessful bid to buy Major League Baseball's Los Angeles Dodgers in April 2003. The NFL isn't sure if the rules allow Glazer to own a foreign club.
"It's not expressly prohibited by our cross-ownership policy, but it is something our finance committee would want to review," NFL spokesman Greg Aiello said in New York.
Influential Manchester United fan groups, which helped block a takeover bid by Rupert Murdoch in 1999, contend Glazer is interested only in making a profit and would raise ticket prices.
Glazer first invested in Manchester United in March 2003, buying a 2.3 percent stake. Despite now being on the verge of a takeover, the club and other shareholders are still unsure as to Glazer's intentions.
"He continues to move his stake toward that magical 30 percent level," said Henk Potts, an analyst with Barclays Bank. "I think it's unlikely that he'll actually go over that level in the next couple of days. He'll build up to that level."
On another front, the fan-based group Shareholders United, which opposes Glazer, has described Man United as "under siege" and wants the British regulatory body -- the Panel on Takeovers and Mergers -- to step in.
``We expect the Manchester United board in the next few days to request the Takeover Panel to impose a deadline for Glazer to put up or shut up in order that this damaging affair be resolved as quickly as possible,'' Shareholders United chairman Nick Towle said.
A spokesman for the Panel on Takeovers said Glazer would normally have "six to eight weeks" to declare his intentions if he is asked to by Man United's board.
If he declines, under British rules he is barred from making a fresh bid for six months.
The subject of persistent takeover speculation, Manchester United is profitable, free of debts and is one of the few European teams to have made successful marketing forays into the lucrative Asian markets of China, Japan and South Korea.
"Man United is a brand that travels extremely well," Potts said.
"It has done well in places like Asia. It has developed a lot of interesting, innovative products.
"But Glazer needs to prove that he can bring in that American market, bring in advertising, merchandise and TV revenue."
Glazer is just short of the stock total held by major shareholders John Magnier and J.P. McManus. The Irish racehorse owners retain a 28.9 percent stake through their Cubic Expression investment vehicle.
The Irishmen last week turned down a buyout bid from Glazer.
If Glazer increases his ownership share to over 50 percent, he gains the right to replace the board of directors. But it's at the 75-percent level where he would gain control to issue new shares and take over the club.
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