US billionaire Malcolm Glazer is now positioned to take Manchester United plc private and assume effective control of the company after taking his stake to above the critical 75 per cent mark.
However, a group of shareholder fans is exploring the possibility of taking legal action to prevent him from re-registering the company as private and de-listing it from the London Stock Exchange.
Mr Glazer, who has been buying the company's shares through his vehicle, Red Football Ltd, said yesterday that he had 75.7 per cent of the company.
This means that he controls the votes necessary to get the special resolution passed at an extraordinary general meeting to de-list the club. Shareholders' United, an organisation of stock-owning fans, said in a statement that it would attempt to have any such resolution overturned in court.
A challenge to a special resolution is possible in English company law once 50 or more individual shareholders object.
Mr Glazer's bid values the company at €1.15 billion. Last week, he bought out its largest shareholders, Irish businessmen John Magnier and JP McManus, whose 28.89 per cent holding paved the way for his takeover of the club.
Fans hold around 16 per cent of the business. Mr Glazer needs 90 per cent acceptances for his offer to become unconditional.
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