Glazer Ousts Three from United Board - 11/11/2004

Tampa Bay Buccaneers owner Malcolm Glazer has used his 28.1% stake in the club to oust three members of the board. Maurice Watkins, Andy Anson and Philip Yea all lost their seats. The news came as a blow to the United board and to fans and could be the first step in a hostile takeover by Glazer. Sean Bones, vice-chairman of Shareholders United, commented, 'Manchester United supporters will take this as a declaration of war.' Glazer's move was possible because the largest shareholders, Irish racehorse owners John Magnier and J P McManus, abstained from voting as has been their practice in recent years. It was difficult for the United board to rally the support of the other 41 per cent of shareholders, given that institutional shareholders do not often cast their vote on such issues. Watkins, the club's lawyer, was thought to be particularly at risk in the vote because Shareholders United had decided to abstain from voting on his re-election. This was because he sold one million shares earlier this year which were subsequently bought on the open market by Glazer. The defeat of Yea, a non-executive director and Anson, the commercial director, was less expected. The United board stated that they were 'very disappointed with this outcome as we do not believe it is the best interests of the company.'