ManU ends takeover talks with Glazer

ManU ends takeover talks with Glazer

LONDON – The board of English football giants Manchester United announced yesterday it had ended talks with US sports tycoon Malcolm Glazer, saying his takeover proposal risked leaving the club mired in debt.

Glazer and his family have built up a stake of 28,1 per cent in Manchester United, the world’s richest football club, but have not yet put a formal offer on the table. The club said it would reject any proposal in its current form from the American multi-millionaire, expressing concern about the level of leverage, or debt, that would be used to fund the bid.”The financial returns in any football club are very closely correlated with performance on the pitch,” the group said in a statement.”Given its views on the importance of an appropriate capital structure, the board has decided to inform all shareholders that it would regard an offer which it believes to be overly leveraged as not being in the best interests of the company.”Glazer, owner of NFL franchise Tampa Bay Buccaneers, is the second-largest shareholder in United, just behind the club’s biggest shareholders, the Irish racing tycoons John Magnier and JP McManus who together own 28,9 per cent.-Nampa-AFPThe club said it would reject any proposal in its current form from the American multi-millionaire, expressing concern about the level of leverage, or debt, that would be used to fund the bid.”The financial returns in any football club are very closely correlated with performance on the pitch,” the group said in a statement.”Given its views on the importance of an appropriate capital structure, the board has decided to inform all shareholders that it would regard an offer which it believes to be overly leveraged as not being in the best interests of the company.”Glazer, owner of NFL franchise Tampa Bay Buccaneers, is the second-largest shareholder in United, just behind the club’s biggest shareholders, the Irish racing tycoons John Magnier and JP McManus who together own 28,9 per cent.-Nampa-AFP

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