Wealthy supporters attempting to mount a takeover of English Premier League champions Manchester United have ruled out making a bid during the current soccer season.
The Red Knights, a collection of financial figures including former Football League chairman Keith Harris and Goldman Sachs chief economist Jim O’Neill, said they would continue to work on their proposal over the next few weeks, but do not expect anything to be finalized before the end of the season in May.
“This will have the advantage of minimizing external distractions as the team enters the decisive period of the season,” the group said in a statement on Friday.
The Glazer family, which owns the club, has consistently said it is not for sale.
The family, which also owns the Tampa Bay Buccaneers NFL team, bought the club in 2005 for about £790 million (US$1.2 billion) against a wave of protest from Manchester United fans who feared they would load it with too much debt.
The club’s debt has since swelled to about £716 million, intensifying unrest among supporters. However, analysts and bankers who follow the Glazer family have said they do not expect them to sell.
Earlier this month, the Red Knights appointed Nomura as financial advisers in a move that was seen as a demonstration of their serious intent.
The group said Nomura have since been speaking to many other potential investors looking to join the Red Knights.
“These potential Red Knights have offered ideas and support and with the help of this input, our plans have been developed further,” the group said.
The Red Knights said the Manchester United Supporters Trust remained closely involved with the plans.
Manchester United are top of the Premier League, one point ahead of Chelsea and two ahead of Arsenal with seven matches left.
■ARSENAL STAKE
AP, LONDON
US businessman Stan Kroenke has increased his stake in Arsenal and is now within 10 shares of the threshold that forces him to make a takeover bid.
Kroenke, who owns 29.9 percent of Arsenal, acquired seven more shares on Thursday at a cost of £8,500 (US$12,650) each, the Premier League club said on Friday in a statement filed with London’s Plus Market stock exchange.
If the Denver-based businessman reaches 30 percent, he has to make an offer for the remaining shares in Arsenal Holdings PLC.
If Kroenke manages to acquire more than 50 percent of the shares, he will gain legal control of the club. If he reaches 90 percent, he can compulsorily purchase the remaining shares.
But if he fails to surpass the 50 percent level, he is prohibited from making another takeover bid for at least a year — unless asked to do so by the club.
Russian businessman Alisher Usmanov — the club’s second-largest shareholder — signaled his interest in a takeover in December by taking his stake beyond 26 percent through his investment vehicle Red and White Holdings.
Unlike Kroenke, Usmanov has not been invited on the board of directors.
Kroenke, who first bought a 9.99 percent stake in Arsenal in April 2007, also owns the Colorado Rapids of Major League Soccer, the NBA’s Denver Nuggets and the NHL’s Colorado Avalanche.
Arsenal remains in contention for the Premier League and Champions League titles this season. Going into yesterday’s scheduled match at Birmingham the club was two points behind leader Manchester United and will face Barcelona on Wednesday in the first leg of their European quarterfinal.
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