Now Glazer Gets The Sack - 13/11/2004

Malcolm Glazer's victory in ousting three members of the Manchester United board and voting down a new share issue has turned out to be a pyrrhic one. JPMorgan, the investment bank that was going to fund the bid, abruptly resigned after the turbulent annual general meeting in Manchester. They were followed by Brunswick, Mr Glazer's public relations advisers. It is now unclear whether Mr Glazer will be able to find a new bank willing to back a highly leveraged bid that has attracted considerable opposition from the club's supporters.