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| 13th May, 2005 - 1:34 pm |  ESPN - Tampa Bay Buccaneers owner Malcolm Glazer gained control of the world's richest soccer team Thursday, and in the process receiving strong resentment from Manchester United fans who fear the "heart and soul" of the storied club has been sold to foreign interests.
Glazer began a $1.47 billion takeover bid of the team by becoming its majority shareholder. His ownership reached 56.9 percent after he bought a 28.7 percent share held by Irish racehorse owners J.P. McManus and John Magnier.
Financial analysts said the deal seemed certain to succeed, and suggested Glazer's ownership could quickly reach the critical 75 percent threshold. At that level, he could take the club private.
Late Thursday, the BBC reported Glazer reached the 70 percent ownership level, without giving detail.
Two weeks ago, Man United's board said it would not recommend Glazer's takeover to investors because his business plan appeared "aggressive."
Glazer was given a May 17 deadline to submit a plan or withdraw his attempts to buy the club. Glazer's first two proposals were rejected by the board, which said the package relied too heavily on borrowed money.
"The board awaits the formal terms of the Red Offer and a further announcement will be made once the board has reviewed that announcement," a club statement said. [READ] |
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