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DanS
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Kickball Capital of the World
Jan 1970
time: 00:20
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That's a lot of frickin money for a sports club. I'm amazed. I wonder whether this was a good investment.
TIMELINE OF A TAKEOVER
March 2003 - Glazer buys 2.9% stake in club
March 2004 - Glazer says he has "no current intention" of making a bid
June 2004 - Glazer's stake in club nears 20%
October 2004 - United confirms bid approach from Glazer, as his stake nears 30%
November 2004 - Glazer ousts three directors from United's board
December 2004 -Glazer makes revised bid
February 2005 - Glazer makes new bid approach, valuing United at £800m, the club later opens its books to the tycoon
14 April 2005 - Glazer moots £800m bid for club
28 April 2005 - Takeover Panel sets 17 May deadline for Glazer to announce whether he intends to buy United
12 May 2005 - Glazer launches formal takeover bid for United after upping his stake in the club to almost 57%
quote:
Glazer wins control of Man United
Mr Glazer had until 17 May to make his intentions known
US sports tycoon Malcolm Glazer has won control of Manchester United in a £790m ($1.47bn) takeover bid.
The American has secured the 28.7% stake owned by Irish racing tycoons JP MacManus and John Magnier, giving him almost 57% of the Premiership club.
Red Football Ltd, acting on behalf of Mr Glazer, said the Irishmen had sold their stakes for 300p a share.
Club fans have vehemently opposed Mr Glazer's ambition all along and fear that ticket prices will soar.
The bid comes five days ahead of the 17 May deadline when Mr Glazer had to make known whether he planned to bid.
'Aggressive'
If he gets 75% plus one share, United could be delisted from the stock exchange and Mr Glazer could transfer his debt onto the club.
If he can get 90% plus one share, he can make a compulsory purchase and scoop up the other 10% of the club's shares.
United's shares rose 34.25p, or 12.9%, to 299.25p shortly after the announcement.
"A further announcement containing more detailed terms of the offer will be made shortly," Red Football said in a statement.
Mr Glazer first showed an interest in buying the club last autumn and tabled a formal proposal in October, which was rejected by the board.
Two weeks ago the club board said it could not recommend Mr Glazer's second takeover proposal to shareholders because his business plan appeared to be too "aggressive".
His offers were rejected on the grounds that his plans relied too heavily on borrowed money.
Red Devils chief executive David Gill said Mr Glazer's business plan was "potentially damaging" to the club.
However, members of the board did agree that some shareholders might think the offer was a good one.
"The board recognises, however, that the price of 300p per share is a fair one and may be attractive to some," the board said in last month's statement before the Takeover Panel gave Malcolm Glazer his bid deadline.
'Game over'
The owner of the Tampa Bay Buccaneers is thought be keen to exploit the strength of the Manchester United brand in the US.
Man Utd fans
Manchester United fans are angry at the latest news. Last year, they formed a shareholders' association to buy club shares and try to protect it from Mr Glazer's clutches.
A spokesman for Shareholders United, which represents 17% of the club's shareholders, told the BBC that Mr Glazer was "no Roman Abramovich".
"He's not turning up with a suitcase full of his own cash and he is, in effect, asking Manchester United fans to pay for his takeover, to pay for increased ticket prices and increased merchandising," said spokesman Oliver Houston.
"We feel completely betrayed by John Magnier and JP McManus."
"I'm giving up my season ticket," said Shareholders United president Nick Towle.
"I'm not putting a penny of my money into this guy's pocket."
Mr Towle said Shareholders United still hoped to stop the tycoon getting a 75% stake.
"If we can get to that 25% of the remaining shareholders, that would be great," Mr Towle added. "But it's looking like an uphill battle for us."
Analysts are convinced that Mr Glazer is unstoppable.
"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," said Richard Hunter of stockbrokers Hargreaves Lansdown. |
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Kaak
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why would he pay soooo much?!
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Lawrence of Arabia
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of the Gulag Archipelago
Apr 2001
time: 06:20
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quote:
SERVETTE FC BITES THE DUST
By Lulu Bogflusher - January 7 2005
How one of the most famous clubs of Switzerland was ruined in a few years There is no light at the end of the tunnel in sight for the economically ruined Servette FC.
The possibility that the traditional Club from Geneva will continue to participate in the Swiss championship after the winter-break is very small.
Club-president Marc Roger said, that on Monday it will be decided if the club can find new sources of money and continue to exist, but hardy anybody believes that.
The majority of the players, who haven’t seen any money for three months, are staying quite at the moment, but this may change fast.
So it is to expect that Servette will not be saved, regarding the fact that 15 million francs are needed just to finish the season. The Swiss Football League has just considered the scenario of ending the season without Servette, because in this particular case only the "joint-stock company Servette FC" but not the Club itself would be bankrupt, it would be possible, for Servette to end the season with an amateur B-Team… theoretically... but it’s more likely to expect that they would loose all further games "forfeit" and would be substituted by the first of the second Swiss league at the end
Of the season.
Servette (founded 1890) has won 24 Swiss titles between 1907 and 2001 (17 Championships and 7 cups) and is therefore one of the most famous clubs in Switzerland, only Grasshoppers Zürich has been more successful. After FC Lugano and Lausanne Sport, Servette would be the third Swiss "Traditions club" which perishes within the space of three years
What will happen to the brand-new "Stade de Genève" nobody knows. The 30`000 all-seater stadium, which is owned by the community of Geneva, it is hardly profitable with Servette using it as their home ground…. A concert from time to time and 3 games at the Euro 2008 are not a good outlook on the future. It will cost the tax-payers of Geneva a lot only to keep the stadium In good condition. Month after month, year after year.
The Story of Servette is the best example how a great club is ruined in a few years by the incompetence, arrogance and ignorance of the people in decisive positions. The expectation, that Servette would become as popular and successful as Basel with a new stadium proved just as illusionary as the plan to become a kind of farm team of Real Madrid.
Marc Roger, a pathologic cheater and liar, who became the club’s
President at the end of the last season gave the struggling club the rest. In a ridiculous attempt of megalomania he changed Servettes team completely, in one summer and bought a far too large team (about 35 players!) with very expensive elderly ex-stars (f.e. Christian Karembeu, who will get 2 million+ francs only for this season… an incredible amount for the Swiss league). Roger always claimed that Real's former President Lorenzo Sanz would stand for Servettes finances, but Sanz refused and didn’t show any more interest in an alliance with Servette.
The book on Servette FC may be closed soon, but in Marc Roger’s case the last word may not yet spoken. It is difficult to believe that this unworthy man will not be sued soon.
What Servettes death would mean for the Swiss championship, which may be described as 9 teams who struggle too survive and FC Basel who use it mainly as a preparation for euro cup games, is difficult to judge.
But surely it will give backing to those people who think that Basel should play in the Bundesliga.
And this would signify finally the end of professional Swiss league
Football!
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on the net
http://www.sportnetwork.net/main/s342/st64470.htm
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btw, that last line is ridiculous.
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Lawrence of Arabia
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of the Gulag Archipelago
Apr 2001
time: 06:20
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quote:
Takeover near as Glazer buys Irish stake
Manchester United have been plunged into turmoil as Malcolm Glazer's £790million takeover dream moved within touching distance of becoming reality.
Man United fans make their feelings known. (NealSimpson/Empics)
The American effectively seized control with the shock confirmation that John Magnier and JP McManus had accepted Glazer's £3 per share offer and sold their 28.9% stake.
Even as United supporters arrived at Old Trafford in their droves to protest at Glazer's involvement, news filtered through that another key shareholder Harry Dobson had opted to cash in his 6% stake.
It is now thought Glazer has netted more than 112 million shares in the club, taking his own personal stake to 70%.
A clause in the original proposals, which forced Glazer to secure 75% of the club's shares in order for JP Morgan to fund a bid has now been scrapped, leaving the 78-year-old free to garner the remainder at will.
And though he will not formally lodge his bid until tomorrow morning, it is now inevitable he will get total control.
Some of the more militant United fans were accepting the battle for ownership is almost over.
The renewed threat of a breakaway club has already been raised, while other strategies, such as a boycott of season tickets and club merchandise are sure to be on the horizon.
Of more immediate interest is the reaction of the United board, who were locked in meetings at Old Trafford, refusing to make any public statement on the latest development.
Given they have previously described Glazer's proposals as 'aggressive' and 'potentially damaging', it is difficult to see how they can be any part of an American buy-out, with chief executive David Gill and chairman Sir Roy Gardner looking particularly vulnerable.
The position of Sir Alex Ferguson will also need to be clarified as a matter of utmost urgency.
It has previously been suggested by the Glazer camp that Ferguson is seen as an essential component in any deal and the Scot is expected to receive a £25million transfer `war chest' should he extend his 18 year stay with the Red Devils.
That is far from certain however. Ferguson has previously spoken out against any attempt to delist the club from the Stock Market and at 63, the most successful manager English football has ever known may decide he does not want to be part of the Glazer revolution.
While the loss of Gill, and his vast depth of knowledge of the United operation, would be a blow, Ferguson's departure would be a PR catastrophe for the Tampa Bay Buccaneers owner.
Already, major question marks have been raised as to how Glazer will squeeze greater profits from the Old Trafford machine than it currently generates.
It is estimated Glazer has had to borrow in excess of £300million to seal the deal, so he will need far more than the vastly-reduced £12.4million half-year profits announced in March.
United's second successive third place Premiership finish has already ensured there will be no major increase in Champions League income next season, so attention will turn to the current Premier League TV contract.
It is widely acknowledged that United - with their vast army of global supporters - could make far more by pursuing their own TV deals.
However, this could only be done through legal channels as the Old Trafford club are currently bound by Premier League rules, which require a two-thirds majority to change.
Documents will be released to the remaining shareholders at some point next week, detailing Glazer's £3 per share offer, although it is not thought, as yet, either Malcolm, or sons Joel and Avi, have any immediate plans to head to the United Kingdom.
Predictably, the major fans' groups who have campaigned so extensively against Glazer are aghast at today's news, with the blame being pinned on Magnier and McManus, who it had been reported would not sell at the price offered.
Around 1,000 United fans had descended on Old Trafford by 6pm, and Shareholders United vice-chairman Oliver Houston said: 'We feel completely betrayed by John Magnier and JP McManus.
'They said they were long term investors but they have taken the 30 pieces of silver offered by Malcolm Glazer.
'But we will not give up the fight just yet. There will be no shaking of the hands on this one.
'We warned Glazer a long time ago that no customers means no profit and he is about to see how much strength supporters at this club do have.'
Jules Spencer, chairman of the Independent Manchester United Supporters Association, added: 'If this is to be the end then we will go down kicking and screaming.
'And if he (Glazer) does get control then we will do what we said, which is up sticks and form a new club which will continue the traditions and heritage and the legacy of 125 years of Manchester United.
'We don't want Malcolm Glazer, we want a club run for the fans - and that is what we will do.'
Chanting supporters carried banners declaring the club 'Not for Sale' and burned effigies of the American billionaire outside Old Trafford tonight - and Greater Manchester Police said a number of fans were arrested tonight.
A force spokesman said: 'There have been some arrests for public order offences.
'The protest has been fairly peaceful but the group were warned under the Public Order Act to move on and clear the site.
'We do not want them there and a number of arrests have been made.'
Sports minister Richard Caborn tonight said: 'Who owns Manchester United is a commercial decision but of course anyone seeking to buy the club would be foolish not to take account of the views of the fans.
'I hope Mr Glazer sets up constructive discussions with the club, its supporters and employees, as well as the footballing authorities, as soon as possible.
'It is important that the club continues to play its central role in English football in the years to come.' |
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Ferugsen should quit. he can get a job anywhere. the american will be sunk.
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12-05-2005 21:02
@ Glazer
)
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to Glazer.
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