see all jobs
Glazer piles pressure on United board
Malcolm Glazer has ousted three of Manchester United Football Club’s (MUFC) board members during the club’s annual general meeting (AGM) on 12 November.
Maurice Watkins, Philip Yea and Andy Anson all failed to be re-elected as directors after Glazer voted against the appointments.
The move is seen as retaliation to the club’s refusal to allow Glazer access to company books in order to carry out due diligence.
MUFC condemned Glazer’s intervention in the re-appointment of the three and said it was “very disappointed” with the outcome and believed that it was “not in the best interests of the company”.
The US-based sports tycoon has stalked MUFC since October in an attempt to take over the profitable club. He now has 73.7 million shares in the club – amounting to a stake of 28.1 per cent.
According to UK law, a stake of 50.1 per cent is needed to take full control of the club, while a share of over 30 per cent forces the shareholder to launch a formal takeover bid for the rest of the shares.
More News
- News by sector (all)
- All news
- Fitness
- Personal trainer
- Sport
- Spa
- Swimming
- Hospitality
- Entertainment & Gaming
- Commercial Leisure
- Property
- Architecture
- Design
- Tourism
- Travel
- Attractions
- Theme & Water Parks
- Arts & Culture
- Heritage & Museums
- Parks & Countryside
- Sales & Marketing
- Public Sector
- Training
- People
- Executive
- Apprenticeships
- Suppliers