Glazer to Take Manchester United Off Market
Matthew Cole
June 14, 2005
Malcolm Glazer, 76, American financier, has now obtained over 97.3 % of Manchester United, moving him one step closer to privatizing the British soccer club.
Glazer initially offered to buy all remaining shareholders out—that offer ended Monday. However, Glazer is allowing two more weeks for these shareholders to sell their shares of the soccer team.
Malcolm Glazer also owns the National Football Leagues, Tampa Bay Buccaneers, and now over 257,906,287 shares of Manchester United.
Malcolm Glazer released a statement in which he declared he intends to take Manchester United off the stock market as early as June 22nd. The team was originally listed on the market 14 years ago.
The loyal fans of Manchester United have expressed their concerns over Glazer placing his personal debt onto the books of the team. United and Glazer may end up paying over $88 million in interest each year to banks to repay the loans he used to obtain the team.
The loan, controlled by JP Morgan Chase, will be charging some of the highest rates ever levied on a European buyout loan. Glazer is financing over $790 million of the nearly $1.5 billion purchase price.
Glazer initially offered to buy all remaining shareholders out—that offer ended Monday. However, Glazer is allowing two more weeks for these shareholders to sell their shares of the soccer team.
Malcolm Glazer also owns the National Football Leagues, Tampa Bay Buccaneers, and now over 257,906,287 shares of Manchester United.
Malcolm Glazer released a statement in which he declared he intends to take Manchester United off the stock market as early as June 22nd. The team was originally listed on the market 14 years ago.
The loyal fans of Manchester United have expressed their concerns over Glazer placing his personal debt onto the books of the team. United and Glazer may end up paying over $88 million in interest each year to banks to repay the loans he used to obtain the team.
The loan, controlled by JP Morgan Chase, will be charging some of the highest rates ever levied on a European buyout loan. Glazer is financing over $790 million of the nearly $1.5 billion purchase price.
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