Glazer Ups Stake - 19/10/2004

Malcolm Glazer bought another 6.1 million shares in Manchester United on Monday to increase his stake to 27.6 per cent. It is understood that he will continue buying until his stake equals the 28.89% owned by Irish businessmen John Magnier and J P McManus. If his holding went over 30 per cent he would be required to make a formal bid for the club under takeover rules. It has been revealed that State Street Global sold 61,000 shares last Friday to reduce its stake to 1 per cent while Barclays sold about 45,000 and retains a 1.87 per cent shareholding. City financier Keith Harris was spotted at Manchester Airport and is believed to have opened formal talks with supporters groups about a fan-led restructuring of the club. A key goal for Shareholders United is to prevent Glazer from increasing his share to 75 per cent, allowing him to take the club private and away from shareholder scrutiny. The fans' organisation also hopes to increase its own stake to 5 per cent to give it the legal standing to take action in the courts.