Man United shares delist

SHARES in football club Manchester United have been delisted from the London Stock Exchange after 14 years on the market.

Although the move had been widely expected following the recent £790m takeover of the club by American sports tycoon Malcolm Glazer, he does not yet have the right to compulsorily acquire other investors' shares.

Glazer's other sports interests include the Tampa Bay Buccaneers. His UK critics argue that he has no emotional interest in the club and is likely to saddle Manchester United with a lot of debt and cut back on the amount it pays to attract new players.

If Glazer is to be able to compulsorily acquire the outstnading shares, he needs a further 0.3% of the club. Some of the shareholders who haven't agreed to sell are angry at his takeover and believe it will be detrimental to the club's prospects.

Anyone who hasn't sold their shares will only be able to trade them privately if they don't want Glazer to have them. He already owns 97.3% of United shares. Once this rises to 97.6% he will be allowed to compulsorily buy the remaining shares from investors who haven't yet sold up.

Glazer is likely to give the markets an update on progress next Monday, which is the original deadline he gave investors by which to sell their stock at £3 each.