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Soccer Fans Stand United Against Glazer

Published: Nov 12, 2004


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MANCHESTER, England - Manchester United supporters have painted signs warning Malcolm Glazer and his family that attempting to own their beloved soccer team could be ``hazardous to your health.''

They have hung effigies of Glazer, Tampa Bay Buccaneers owner, at recent matches, and they have invaded the field of United's reserve team to protest that the Reds, as the world's most famous soccer team is known, are not for sale.

So when publicly traded Manchester United holds its annual general shareholders meeting today at Old Trafford, the team's storied stadium, the Glazers surely are going to be one of the most hotly contested topics of discussion - possibly even a flash point.

``It's not going to be us, but I understand there is a large protest planned for outside the stadium, presumably during the meeting,'' Shareholders United Chairman Nick Towle said. ``The Glazers have been keeping rather quiet because he [Malcolm] hasn't been able to move further along on [purchasing shares], and we're not exactly sure what's going to happen, but I'm sure he wants to keep the pot boiling and that he will have some surprises for us.''

No one seems to know whether the Glazers will have representatives at today's shareholders meeting. Considering the general dislike for the word Glazer here now, it seems unlikely they would identify themselves as the Glazers' proxy voters, even if they turn up.

Towle said there's a rumor there might be Glazer reps here trying to oust three board members up for re-election, which might make it easier for the Glazers to make another takeover offer.

The Glazer family owns 28.3 percent of Manchester United, second only to Irish racehorse tycoons John Magnier and J.P. McManus, whose Cubic Expressions company has a 29.1 percent stake. About 17 percent of the club's shares are held by smaller investors, mostly fans.

In the past two months, the Glazers have gobbled up millions of shares, mostly from large corporations, to reach the verge of the 30 percent mark where British stock market rules dictate they must make a formal takeover bid.

To the delight of most United supporters, United's board, led by Chief Executive David Gill, recently rebuffed any step closer the Glazers might take by officially stating the Glazers' proposed bid is too debt-heavy for the good of Manchester United.

In a league where there's no salary cap, many United fans think their club could not keep pace with the spending of such London rivals as Chelsea and Arsenal if Glazer leveraged a deal to gain controlling interest of the Reds. Although sources close to the Glazers scoff at the notion, there have been rumors that if the Glazers took over the business end of United, Old Trafford's name rights could be sold to the highest corporate bidder, just like Tampa's Raymond James Stadium.

``The level of debt required was not in the best interests of the club going forward,'' Gill said. ``We felt the business plan could be detrimental to the success of Manchester United.''

The biggest fear in Manchester seems to be fear of the unknown - and the future.

Although it's still relatively early in the season, United already is 11 points adrift from league-leader Chelsea and nine behind Arsenal. If the Reds fail to finish among the league leaders, they stand to lose millions of dollars in television revenue by failing to qualify for European play.

For a club that has finished either first or second 12 of the past 13 seasons, that's unacceptable. It's also frightening to some fans, and when a reclusive American billionaire on the verge of buying the franchise is thrown into that scenario, it's little wonder the locals are nervous.

``The stakes are different here. This is more of a lifestyle, not a sport like it is in the United States,'' Manchester resident and lifelong United supporter Keith Child said Thursday as his two sons shopped at the team's Mega Store. ``I personally have been coming here as a fan for 45 years, and I came when we didn't have all this fancy stuff and we weren't winning everything, but we were fans all the same. I'm not sure Mr. Glazer can appreciate that,'' he said.



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