© EuroFootball.com
American billionaire Malcolm Glazer announced that he acquired enough shares to force the remaining shareholders to sell theirs.
As he now owns over 97.6 percent of the club's shares, other investors must sell their remaining shares to him. However, Glazer, who has already appointed his sons Joel, Bryan, and Avi to the club's board, has not yet received instructions on the forced demand for shares from the remaining owners. Nevertheless, the new owner, who took over "Man Utd" for 790 million pounds, still offers investors to sell the remaining shares, offering 3 pounds per share.
"The billionaire now owns 259,950,194 shares, which make up approximately 98 percent of all club shares," said Glazer's representatives to the London real estate agency.
Many "Man Utd" fans are very unhappy about the takeover of their beloved club, and are trying to buy shares themselves that the Glazer family may sell in the future. However, after fourteen years of being traded on the market, "Man Utd" shares were delisted from trading on the London real estate exchange last week.
In early June, fan-shareholders of the club stated that it was just a matter of weeks until M. Glazer fully takes over the club. However, they added that they do not believe that the billionaire will control the club for more than four years.
Currently, fans are developing the "Phoenix Fund." This is a financial investment fund aimed at raising money and buying at least some of the "Man Utd" shares if they ever appear on the market. Fans claim they have already raised 2 million pounds. Fans believe that Glazer's strategy of buying the club, burdening it with huge debts, is harmful to "Man Utd," which has not had debt for a long time.
It is believed that M. Glazer hopes to increase the club's revenue by up to 52 percent by 2010, i.e. up to 245.6 million pounds. Meanwhile, this year the club's revenue is 161.5 million pounds.
