Glazer's Financial Backers Resign
＠新聞來源︰
http://news.bbc.co.uk/sport1/hi/football/teams/m/man_utd/4005845.stm
Malcolm Glazer's bid to buy Manchester United
was dealt a serious setback after
the American's bankers JP Morgan resigned on Friday night.
Earlier, three United directors lost their seats on the Old Trafford board
as the takeover saga turned nasty.
Legal adviser Maurice Watkins, new commercial director Andy Anson and non-execu
tive director Philip Yea all had their appointments blocked.
Glazer cast his 28.11% stake against their re-election at the club's AGM.
United recently ended talks with Glazer over his bid to gain control.
JP Morgan, who were thought to be crucial to the US tycoon's takeover bid,
are said to be unhappy at Glazer's boardroom coup.
Commentators said earlier developments could mean Glazer is preparing
a hostile takeover bid and the club is now asking Mr Glazer to clarify
his intentions as soon as possible.
The tycoon's actions at the AGM were aided by the abstention of majority
shareh olders Cubic Expression, with most City institutions following suit.
Chief executive David Gill had recommended that all three men should remain
in position.
A statement from Manchester United PLC claimed their ousting was
"principally a result of The Glazer Family Partnership ('Glazer Family')
voting against the resolutions.
"The board are very disappointed with this outcome
as we do not believe it is in the best interests of the company.
"Our focus as a board will continue to be on running the business
and we will be discussing with our advisers over the next few days
our response to the failure of these resolutions."
While Watkins, an Old Trafford board member for more than 20 years,
and Anson can continue their work for the club, neither man can be directly
involved in key decisions.
Yea may be forced to sever his ties completely.
The move leaves United in a chaotic situation and weakens Gill who,
along with finance director Nick Humby, is one of only two executive
directors still on the board.
It also raises the possibility of a hostile approach from the American,
or Glazer demanding a seat on the board.
Glazer has recently spent ￡65m raising his stake from 19.1% to its current
level.
United fans' groups have publicly opposed a takeover by Glazer who owns
the NFL's Tampa Bay Buccaneers.
Shareholders United, the influential fans' group who have campaigned against
Glazer's involvement, said the club should stand firm.
"We hope the board will not waver in their decision to knock back
Malcolm Glazer's bid," said SU spokesman Oliver Houston.
"That decision was based on sound financial principles.
It would have plunged the club into debt and was clearly not
in the best interests of the existing shareholders."
"Malcolm Glazer has now thrown his toys out of the pram
but no-one should be surprised. This is how he behaves.
"This is why we are so uncomfortable with him being such a large shareholder.
"He doesn't do dialogue, comprimise or openness. He wants to ride roughshod
over Manchester United."
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