Malcolm Glazer has seized control of Manchester United, buying out its biggest investor and snapping up further shares to take his stake to 70%, in a deal that values the soccer club at £790m.
Red Football , acting on behalf of the US tycoon, agreed to buy the 28.7% stake in the Premiership club from Cubic Expression, the investment vehicle of Irish race horse magnates John Magnier and JP McManus, for 300 pence a share.
Glazer's advisers quickly moved to buy up the remaining shares today. Sources close to the deal said Glazer had raised his United stake to around 70%, while they were confident of reaching a key 75% level within days.
The deal with the Irish duo marks the end of a twoyear battle for Glazer, who has twice had his plans to win control of club previously rejected. However it sparked angry reaction from United fans.
Glazer, who already held 28.1%, took his stake to 56.9% with the purchase from Magnier and McManus and, in line with UK rules, launched a cash bid for the rest. The deal leaves the Irishmen with a £70m profit from their stake.
United's third biggest shareholder, Scottish mining millionaire Harry Dobson, later sold his 6.45% stake to the Glazer camp.
With a 50% plus majority, Glazer has effective control of the club, but with over 75 % can run the club and delist United's shares. At over 90% he can force out any remaining minority shareholders.
Fans' groups called a demonstration at United's Old Trafford ground, saying Glazer had no knowledge of the football side of the club and was only interested in its brand and revenue.
They fear his offer will saddle United with heavy debts, force up ticket prices and divert funds which could be used to buy players for the team, which will finish a disappointing third this season in England's top soccer league.
Last month, United said the Glazer approach was fair and reasonable but it did not believe the offer was in the best interests of the club because of the high level of debt in the bid and therefore could not recommend it to shareholders.
Shares in the 127-year-old northern English football club jumped 12.9% to close at 299 pence.
