SURRENDER?

Ask the former mayor of Tampa what this man’s promises are worth once he gets what he wants.

http://www.redissue.co.uk/news/loadnews.asp?cid=TMNW&id=182087

‘The board of Manchester United is likely to insist on a package of measures to placate fans, including a freeze on ticket prices, in return for agreeing to recommend an £800m bid for the club from the American sports tycoon, Malcolm Glazer.

’Sir Roy Gardner, the chairman of Manchester United, may also demand that Mr Glazer creates a "fans trust" giving supporters a seat on the board of the privately owned company that will take control of the club. The owner of the Tampa Bay Buccaneers American football club may also be asked to guarantee the rights of Old Trafford season ticket holders.

‘The primary fiduciary duty of the Manchester United board is to achieve the maximum price possible for shareholders. But sources close to the club said that because 18 per cent of its shares were in fans' hands, it also had an obligation to ensure that they were not disadvantaged by any sale to Mr Glazer.

‘Fans were unimpressed with the pledges from the Glazer camp. Sean Bones, the vice-chairman of the Shareholders United action group, described the plans as "propaganda and soft soap" designed to make a takeover more palatable. He said: "We don't want to be taken over by Malcolm Glazer or anyone else. The customer is the most important part of any business and if he doesn't have their support, it doesn't matter if he has enough shares to take control of the club."’

SURRENDER?

Last updated : 13 October 2004 By editor