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Glazer gains control of Manchester United (go back to the homepage) LONDON -- Tampa Bay Buccaneers owner Malcolm Glazer gained control of the world's richest soccer team yesterday, drawing resentment from Manchester United fans who fear the "heart and soul" of the storied club has been sold to foreign interests. Glazer began a $1.47-billion US takeover bid of the team by becoming its majority shareholder. His ownership reached 56.9 per cent after he bought a 28.7-per-cent share held by Irish racehorse owners J.P. McManus and John Magnier. Financial analysts said the deal seemed certain to succeed and suggested Glazer's ownership could quickly reach the critical 75-per-cent threshold. At that level, he could take the club private. Two weeks ago, Man United's board said it would not recommend Glazer's takeover to investors because his business plan appeared "aggressive." Glazer was given a May 17 deadline to submit a plan or withdraw his attempts to buy the club. Glazer's first two proposals were rejected by the board, which said the package relied too heavily on borrowed money. "The board awaits the formal terms of the Red Offer and a further announcement will be made once the board has reviewed that announcement," a club statement said. The Glazer family had no comment, Buccaneers spokes-person Jeff Kamis said. Glazer's sons -- Joel, Bryan and Edward -- are expected to help run the team. Glazer bought his first stake (2.3 per cent) in the club in 2003. "Manchester United's heart and soul has been sold today," former team manager Tommy Docherty said. "It has changed forever today." Several hundred fans gathered outside Old Trafford stadium to protest. English fans fear Glazer will raise prices and sell key assets such as Old Trafford stadium. "I'm giving up my season ticket," Shareholders United president Nick Towle said. "I'm not putting a penny of my money into this guy's pocket. "It's a really sad day for Manchester United, for the supporters, for the whole club and I think it's a sad day for football in general." Shareholders United represents 17 per cent of the club's stockholders, a number estimated at 20,000. Towle said at least half -- maybe all -- would give up their tickets and stop attending games. Manchester United dominated English soccer for more than a decade, winning eight Premier League titles in 11 seasons, four FA Cups in 10 and the European championship in 1999. But the Red Devils are third in the Premier League for the third time in four years. With a game left, they are 20 points behind champion Chelsea and nine behind runner-up Arsenal. Glazer's move came just before Man United's May 21 FA Cup final against Arsenal, its only chance for a trophy this season. |