United chief in the firing line over takeover

13 April 2012

Old Trafford chief executive David Gill is likely to be placed in the difficult position of having to declare whether a buy-out by Malcolm Glazer will be good for the club after the American tycoon again upped his stake in Manchester United.

Glazer, who had been active in the market the day before, took his holding to 28.11 per cent yesterday with the purchase of a further 1.27 million shares at a cost of £3.6m.

The American's latest move takes his spending since last Friday to more than £60m and it appears he is inching his way towards the 30 per cent mark at which he would be legally obliged to propose a takeover to existing shareholders.

If that were to happen, Gill and the plc board members would have to analyse all aspects of the proposal before recommending that the remaining shareholders either accept or reject the bid.

Although Gill is known to have reservations about Glazer's interest - just as he did as finance director when BSkyB failed narrowly to buy the club in 1999 - the United chief would have to put his own feelings to one side.

If the chief executive was to recommend acceptance of Glazer's offer, it would put him in direct opposition to many supporters and place a remarkable strain on his position.

United last night continued their policy of reserving their comments on an increasingly delicate situation for the Stock Exchange but it is understood some senior board members are resigned to Glazer getting his way.

However, the club have vowed to treat the interests of fans and shareholders as a priority, saying: 'The board can assure shareholders in the company and fans of the club that should any proposal be made in the future, the board will take into account all relevant considerations, including the potential financial terms, possible financial structure and any impact these considerations may have on the future operation of the club.'

As reported in yesterday's Sportsmail, Glazer is determined that his stake in United should match the 29.9 per cent holding of major shareholders John Magnier and JP McManus within the coming week.

Then the 76-year-old owner of the Tampa Bay Buccaneers American football franchise will have to decide whether to attempt to buy the Magnier and McManus holding for a second time, or make a formal offer to all shareholders for the company.

Last night there was increasing pressure on United to urge the City watchdog, the Takeover Panel, to ask Glazer to state his intentions and end the uncertainty.

In addition, Glazer is already in a position to ask for - and be given - a place on the board because he now owns more then a quarter of the club but as yet there is no indication that he intends to make such a move.

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United chief in the firing line over takeover

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