Glazer close to total control at Man United

AMERICAN sports tycoon Malcolm Glazer now owns 97.3% of shares in Manchester United, pushing him close to the 97.6% level at which he can compulsorily buy the remaining stock.

Glazer, who has bought the club through his bid vehicle Red Football Ltd, said he was extending his offer until 27 June. He took control of United last month after a two-year battle with a 300p a share cash bid that valued the club at £796m.

After launching the bid, Glazer needed 90% of the remaining minority shareholders in order to force any remaining shareholders to sell to him. This equates to an overall shareholding level of 97.6%.Glazer says he plans to delist Manchester United shares on June 22 or as soon after this date as is practicable. The shares he doesn't yet own are thought to belong to die-hard fans who oppose Glazer's takeover of the club.

They fear that Glazer will change the commercial profile of the club by lifting ticket prices and generating more from sponsorship deals. Many fans fear that the club will be restricted in how it buys new players ? Glazer has publicly committed to restricting player transfer spending to £25m a year, which at today's prices will buy a limited number of players.

A major survey of the football industry last week by the accountants Deloitte and Touche found that English football spent more than £1bn on players last year. According to the wide-ranging survey, the English game has never been healthier. Based on figures for the 2003-04 season, they say that business is booming ? the Premiership in particular.

'England are the European champions in a £ 7.5bn game,' said Deloitte of a league that, in Liverpool and Chelsea, boasts the winners of the European Cup as well as a beaten semi-finalist. Even the tax man should be happy, given the £600m that was paid to the Exchequer by the leading 92 clubs.

By earning £1.3bn in revenue, the Premiership clubs cemented their position as 'the biggest football league in Europe'. That is an average of £66.3m per club - over 50% more than Italy's Serie A, the Premiership's nearest competitor. Premiership clubs, added Deloitte, also recorded 'significantly higher operating profitability than their European counterparts'.