US financier Malcolm Glazer seized full control of Manchester United today after raising his stake to just over 75 per cent as part of a £790 million takeover, a source said today.
Malcolm Glazer
At that level, Mr Glazer can now delist Manchester United from the London Stock Exchange and implement new plans for the club without having to seek approval from other shareholders.
It is not clear if Mr Glazer intends to continue buying shares in the market until he reaches the next key threshold of 90 per cent, above which he can force out any remaining minority shareholders.
Mr Glazer seized control of United last Thursday by buying a 28.7 per cent stake from the club's biggest shareholder, Cubic Expression, an investment vehicle for Irish racehorse magnates John Magnier and J.P. McManus.
That elevated his stake to 56.9 per cent and, under UK takeover rules, kicked off a mandatory offer for the remaining shares.
Mr Glazer's advisers moved quickly, snapping up more shares by striking deals with other investors. He ended the week with just under 75 per cent.
Furious fans have vowed to fight on, saying Mr Glazer has no knowledge of football and plans to cream the profits off the club to pay back the debts used to buy it.
The source said some fans were trying to buy shares at just over Mr Glazer's 300 pence a share offer price. But with Mr Glazer now in control of three-quarters of the club, analysts said there is nothing they can do.