Glazer - Hands off United

[RJWGoBulls]

We dont want you, get lost, buying the club will possibly be the worst thing you do as we wont supply the revenues.  

::goodbye::

Three Manchester United directors have been booted off the Old Trafford board as Malcolm Glazer exacted revenge for his stalled takeover bid.

Highly-respected legal adviser Maurice Watkins, new commercial director Andy Anson and non-executive director Philip Yea all had their appointments blocked after a representative of the American business tycoon turned up at the club's annual general meeting to cast his 28.11% stake in the club against the trio's re-election.

With majority shareholders Cubic Expression following their own convention by abstaining and most City institutions following suit, the vote on Glazer's behalf was enough to deliver a massive bodyblow to chief executive David Gill, who recommended all three men should remain in position.

A statement from Manchester United PLC confirmed: "Certain resolutions at the Annual General Meeting were rejected, including those relating to the reappointment of Maurice Watkins, Philip Yea and Andy Anson as directors.

"This was principally a result of The Glazer Family Partnership ('Glazer Family') voting against the resolutions.

"Had the Glazer Family abstained or voted in favour of these resolutions they would all have been passed.

"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."

Fearing such an outcome in the build-up to the meeting, Gill had taken legal advice on how the club should now proceed.

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, while Yea may be forced to sever his ties completely.

The stunning move sends United into a chaotic situation and seriously weakens Gill, who together with finance director Nick Humby is one of only two executive directors remaining on the board, just a month after his public announcement that he was breaking off talks with Glazer over the possibility of a takeover because it required too much debt.

It raises the alarming possibility of a hostile approach from the American or Glazer demanding a seat on the board.

No-one from the club was immediately available to comment on the dramatic development, although chairman Sir Roy Gardner had earlier outlined the problems being caused by incessant takeover talk.

"My hope is that we can bring more stability to the club's ownership structure because there is little doubt that the continuing talk of takeover is disrupting to our many stakeholders," he said.

Gardner added that the intention of the United board was to seek talks with Glazer over his immediate plans.

These plans must be moved forward as a matter of high urgency as a massive question mark now hangs over the club.

Shareholders United, the influential fans' group who have campaigned so vigorously against Glazer's involvement in the club, were quick to urge Gill to take a hard-line stance against the American.

"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.

"They should not flinch one iota from the decision, which was 100% correct.

"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 but we don't want him and we will pursue any legal means possible to keep him out."

http://www.sportinglife.com/football/news/story_get.dor?STORY_NAME=soccer/04/11/12/SOCCER_Man_Utd_AGM_Lead.html&TEAMHD=soccer