Response To Glazer Takeover
In 2004, the American businessman Malcolm Glazer made an attempt to buy the club, but was rebuffed by the PLC board because of the large amount of borrowing his bid would rely on. They felt that he would mortgage the club's future to pay for his bid. Shareholders United, together with IMUSA, organised demonstrations before matches, first before an important league match against Arsenal in an attempt to show the board that supporters were against the takeover, and later before a Champions League match against Milan, when thousands of supporters marched to demonstrate to Glazer that they would not welcome him if he bought the club. They also encouraged members to form flash mobs, where large groups congregated at shops owned by the club's sponsors to temporarily prevent the shops from trading. The purpose of this was an attempt to warn the sponsors that supporters would boycott their products if they continued their links with the club after a takeover.
When the United board refused to recommend Glazer's initial bid, it was seen as a victory for Shareholders United, but on 12 May 2005 Glazer was able to purchase the 28% of shares owned by John Magnier and JP McManus, and, by 23 May 2005 held around 76.16% of the club's shares, enough shares to de-list United from the stock exchange, making the club privately owned. Later in 2005, Glazer was able to claim over 98% of the club's shares, enough to implement a mandatory buyout of all remaining shares, according to UK Law. Shareholders United came under a lot of criticism then because many fans felt that by joining they would guarantee the safety of their shareholding as shareholders united had enough shares under its control to allow shareholders to keep their stake, but instead they agreed to sell to the Glazers instead of holding out.
Read more about this topic: Manchester United Supporters' Trust
Famous quotes containing the words response to, response and/or takeover:
“Perhaps nothing is so depressing an index of the inhumanity of the male-supremacist mentality as the fact that the more genial human traits are assigned to the underclass: affection, response to sympathy, kindness, cheerfulness.”
—Kate Millet (b. 1934)
“Love is the victim’s response to the rapist.”
—Ti-Grace Atkinson (b. 1938?)
“A poet is a combination of an instrument and a human being in one person, with the former gradually taking over the latter. The sensation of this takeover is responsible for timbre; the realization of it, for destiny.”
—Joseph Brodsky (b. 1940)