Man U to be taken off London Stock Exchange

London:

American billionaire Malcolm Glazer has said he plans to take Manchester United off the London Stock Exchange as early as June 22, putting the world's richest soccer team into private ownership. In a statement to the stock exchange, Glazer's Red Football Ltd. said the "cancellation of trading in Manchester United Shares" would take effect on June 22 "or as soon thereafter as is practicable." Glazer also moved to buy out remaining shareholders of the team. The owner of the NFL's Tampa Bay Buccaneers told the stock exchange he had increased his ownership stake to 76.2 per cent, a total ownership of 200,623,211 shares. Glazer said he had posted his formal offer document to remaining shareholders. The 300 pence-per-share (US$5.55) price is the same he offered earlier this month in a 790-million-pound (US$1.47 billion) takeover deal. The offer expires on June 13. As the owner of more than 75 per cent of the club's shares, Glazer can write off his debt on the club's books and take it private. Man United has been traded on the stock exchange since 1991. Glazer previously told the stock exchange he would borrow 265 million pounds (US$490 million) to fund the takeover. The bid also includes 272 million pounds (US$503 million) of his own money, and another 275 million pounds (US$509 million) to be generated by issuing preferred securities to large investors. Many of the club's fans have fiercely opposed the takeover. They fear foreign ownership, and say Glazer will raise ticket prices and sell off assets to cover the heavily leveraged takeover. (AP)