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US sports tycoon Malcolm Glazer formally launched his ?790.3million takeover bid for Manchester United today after winning the support of its biggest investor.
A statement from his Red Football bid vehicle said he will pay 300p a share to acquire the 28.7% stake held by Irish racing tycoons JP McManus and John Magnier.
The deal means Glazer has control of the club with a 56.9% stake, but he needs more than 75% of shares for the offer to go unconditional. He will now make an offer for the remaining shares.
It comes a fortnight after the board of Manchester United said it would not be recommending the takeover proposal to investors because Glazer's business plan appeared 'aggressive'.
Mr Glazer clinched the deal with the Cubic Expression vehicle of McManus and Magnier less than a week before a deadline set by the Takeover Panel for a formal offer was due to expire.
It also takes place as Manchester United prepare for the FA Cup Final after missing out on the Premiership.
Glazer first expressed an interest in acquiring the club last autumn and tabled a formal proposal in October, which was knocked back by the board after talks.
Manchester United - led by chief executive David Gill - is worried that a takeover by Glazer would leave the company saddled with too much debt.
In a statement on April 28, the club said the price indicated by Glazer was fair but it believed the proposals would put 'significant financial strain' on the business.
United supporters have fiercely opposed the takeover bid and formed a shareholders' association to buy club shares and try to thwart Glazer's takeover ambitions.
Glazer owns the Tampa Bay Buccaneers gridiron franchise and is thought to be keen on marketing the Manchester United brand more aggressively in the United States.
Richard Hunter, of Hargreaves Lansdown stockbrokers, said: 'I think it's pretty much game over now as the key to all this was always going to surround what the Irish duo would do with their stake.'
Manchester United issued a statement noting the announcement and said it was waiting for formal terms of the offer from Glazer to be published.
It said: 'A further announcement will be made once the board has reviewed that announcement.'
Glazer paid ?227.2 million for the stake held by the Irishmen and it is thought the pair have made a ?70 million profit on their original investment.
If the US sports tycoon secures more than 75% of shares, he can take Manchester United private and de-list it from the London Stock Exchange.
Gaining the support of investors owning more than 90% of the club would allow him to make a compulsory purchase and vacuum up the remaining shares. But this could prove difficult as the supporters own 18% of Manchester United and are unlikely to be willing to sell up.
Wow can you fucking believe this. The Irish duo selling out to Glazer who now owns the biggest football club in the world. The world is truly coming to an end.
A statement from his Red Football bid vehicle said he will pay 300p a share to acquire the 28.7% stake held by Irish racing tycoons JP McManus and John Magnier.
The deal means Glazer has control of the club with a 56.9% stake, but he needs more than 75% of shares for the offer to go unconditional. He will now make an offer for the remaining shares.
It comes a fortnight after the board of Manchester United said it would not be recommending the takeover proposal to investors because Glazer's business plan appeared 'aggressive'.
Mr Glazer clinched the deal with the Cubic Expression vehicle of McManus and Magnier less than a week before a deadline set by the Takeover Panel for a formal offer was due to expire.
It also takes place as Manchester United prepare for the FA Cup Final after missing out on the Premiership.
Glazer first expressed an interest in acquiring the club last autumn and tabled a formal proposal in October, which was knocked back by the board after talks.
Manchester United - led by chief executive David Gill - is worried that a takeover by Glazer would leave the company saddled with too much debt.
In a statement on April 28, the club said the price indicated by Glazer was fair but it believed the proposals would put 'significant financial strain' on the business.
United supporters have fiercely opposed the takeover bid and formed a shareholders' association to buy club shares and try to thwart Glazer's takeover ambitions.
Glazer owns the Tampa Bay Buccaneers gridiron franchise and is thought to be keen on marketing the Manchester United brand more aggressively in the United States.
Richard Hunter, of Hargreaves Lansdown stockbrokers, said: 'I think it's pretty much game over now as the key to all this was always going to surround what the Irish duo would do with their stake.'
Manchester United issued a statement noting the announcement and said it was waiting for formal terms of the offer from Glazer to be published.
It said: 'A further announcement will be made once the board has reviewed that announcement.'
Glazer paid ?227.2 million for the stake held by the Irishmen and it is thought the pair have made a ?70 million profit on their original investment.
If the US sports tycoon secures more than 75% of shares, he can take Manchester United private and de-list it from the London Stock Exchange.
Gaining the support of investors owning more than 90% of the club would allow him to make a compulsory purchase and vacuum up the remaining shares. But this could prove difficult as the supporters own 18% of Manchester United and are unlikely to be willing to sell up.
Wow can you fucking believe this. The Irish duo selling out to Glazer who now owns the biggest football club in the world. The world is truly coming to an end.
haha LOL
them, cripples them with debt and then fucks off 
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