Manchester United and allow a predator to take over the
world's richest football club.
DANGER DANGER
Manchester United and allow a predator to take over the
world's richest football club.
’This follows yesterday's announcement that BSkyB, who once
wanted to take over United but were thwarted by the
Monopolies Commission, had sold their 9.9 per cent stake to
the Cubic Expression Company, owned by John Magnier and JP
McManus.
wanted to take over United but were thwarted by the
Monopolies Commission, had sold their 9.9 per cent stake to
the Cubic Expression Company, owned by John Magnier and JP
McManus.
’It is easy to see why Sky have sold now. United's shares
were as low as 85p last November and Sky clearly felt it was
the right time to make an exit. They had held on to their
stake of United, and acquired stakes in other football
clubs, at a time when they were not sure that the Premier
League would renew the crucial Sky television deal. The deal
is now done and is under critical scrutiny of the European
Commission. It is a good time, at a high for United shares,
to get out with some profit.
were as low as 85p last November and Sky clearly felt it was
the right time to make an exit. They had held on to their
stake of United, and acquired stakes in other football
clubs, at a time when they were not sure that the Premier
League would renew the crucial Sky television deal. The deal
is now done and is under critical scrutiny of the European
Commission. It is a good time, at a high for United shares,
to get out with some profit.
’The 23 per cent holding in United does not mean that the
Irishmen can demand representation on the board of the plc
but clearly the United board would not want to have such a
large, dissatisfied single shareholder.
Irishmen can demand representation on the board of the plc
but clearly the United board would not want to have such a
large, dissatisfied single shareholder.
’Glenn Cooper, managing director of Altium Capital Ltd, who,
in their previous incarnation as Apax brought Manchester
United to the Stock Market in 1991, told me: "Twenty-three
per cent does not mean they can demand a director on the
board. But the board would not want to have such a large
block unhappy. They can call an extraordinary general
meeting and if they want to be stroppy they could certainly
create a lot of problems for the board."
in their previous incarnation as Apax brought Manchester
United to the Stock Market in 1991, told me: "Twenty-three
per cent does not mean they can demand a director on the
board. But the board would not want to have such a large
block unhappy. They can call an extraordinary general
meeting and if they want to be stroppy they could certainly
create a lot of problems for the board."
’Yesterday David Gill, the chief executive, also added to
his shares, buying another 16,881 at £2.45, taking his
holding to 57,000. Nick Hornby, the finance director, bought
11,535 shares at the same price, taking his holding to
32,000.
his shares, buying another 16,881 at £2.45, taking his
holding to 57,000. Nick Hornby, the finance director, bought
11,535 shares at the same price, taking his holding to
32,000.
‘Major United shareholders: Cubic Expression 60 million
shares, 23.15% of total; Mount Saran Investments 17m, 6.5%;
Malcolm Glazier 15.5m, 5.9%; Landsdowne Partners 13m, 5.2%;
Talpa Beheera 9m, 3.5%; Legal & General 7m, 3%; Maurice
Watkins 6m, 2.3%.'
shares, 23.15% of total; Mount Saran Investments 17m, 6.5%;
Malcolm Glazier 15.5m, 5.9%; Landsdowne Partners 13m, 5.2%;
Talpa Beheera 9m, 3.5%; Legal & General 7m, 3%; Maurice
Watkins 6m, 2.3%.'