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Glazer reaches 98 per cent of Man Utd shares

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American sports tycoon Malcolm Glazer has announced he now has enough shares to force remaining shareholders in Manchester Utd to sell their stock to him.

A statement released through Glazer’s bidding vehicle, Red Football, said that Glazer had reached the 98 per cent threshold that allows him to launch a compulsory buy-out of remaining shares.

Although the figures are somewhat academic – given that Glazer has already put his sons on the board and last week de-listed the company – Red Football added that Glazer’s existing offer for remaining shares, worth around £15m, would stand for the time being.

Opposition groups, led by Shareholders Utd, are maintaining their challenge to the takeover and have written to the Office of Fair Trading objecting to the Glazers’ business plan, which includes substantial increases in ticket prices.

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American sports tycoon Malcolm Glazer has announced he now has enough shares to force remaining shareholders in Manchester Utd to sell their stock to him.
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