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Rediff News  All News  » Sports » Glazer has 98 pct of Man Utd

Glazer has 98 pct of Man Utd

June 28, 2005 15:01 IST

US financier Malcolm Glazer said on Tuesday he held 98.0 percent of British soccer club Manchester United Plc, pushing him above the level which gives him the right to buy out remaining shareholders.

Glazer, through his bid vehicle Red Football Ltd, said he had increased his holding above a key 97.6 percent level needed to compulsorily buy out any last shareholders. On June 14, Glazer said he held 97.3 percent of the club.

The sports tycoon won control of Manchester United, the world's richest soccer club, last month after a two-year battle with a cash bid at 300 pence per share which valued the 15-times English soccer champions at 796 million pounds ($1.46 billion).

Glazer soon clinched full control of United by pushing his shareholding above 75 percent, 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 percent.

After launching the bid, Glazer needed 90 percent of the remaining minority shareholders in order to force any remaining shareholders to sell to him. This equated to an overall shareholding level of 97.6 percent.

Red Football said in a statement on Tuesday: "The offer will remain open for acceptance until further notice."

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