Shareholders United (SU) and the Independent Manchester United Supporters Association (IMUSA), the groups leading the fight against the American tycoon, have secured the backing of Nomura, the leading investment bank, which has agreed to lend them up to £100m to finance their scheme to acquire up to 25% of United shares and block Glazer’s take-over attempt. From Tuesday, United’s 30,000 individual shareholders, who account for an estimated 18% of the club’s ownership, will receive letters asking if they would be willing to join a new fans’ investment trust. This is aimed at creating a collective bloc of equity in the hands of supporters. Fans who have cash, but no shares, will also be able to join.
In a statement confirming Nomura’s involvement, agreed with the bank, SU and IMUSA said they "are in active discussions with the asset finance group at Nomura about ways in which supporter-shareholders can help build a collective stake in Manchester United plc and keep the club independent."
Nomura are prepared to lend on a pound for pound basis, meaning that for every £1 of United shares or cash committed to the trust, the bank would offer to double it. Rather like a mortgage, the fans would then repay Nomura over a period of many years, using the annual dividends paid by United’s board to shareholders. One of the beauties of the scheme is that units in the trust will be tradeable so that fans needing to sell up could. It is hoped several "red knights" — wealthy United supporters who have expressed an interest in saving the club from Glazer — will join in with significant funds. Fans are appealing to high-profile United lovers, such as actors and pop stars, and perhaps even football figures such as Gary Neville and Ferguson himself, to come on board.
SU have written to Magnier and McManus, begging them not to sell to Glazer and offering to buy a proportion of their holding. The Irish duo, through their vehicle Cubic Expression, have always claimed to be long-term investors and their refusal — so far — to jump at Glazer’s offer has delighted supporters who previously viewed them as profiteers. Others with United stakes, such as the Scottish mining magnate Harry Dobson , who holds 6%, are thought to be in more of a hurry to sell, and Dobson is someone the fans may target with an offer.
With 25% the fans could ask for a seat on the board but they would not have the power to make major football decisions such as setting the transfer budget or appointing a new manager.
"That’s not our interest," said SU spokesman Oliver Houston.
"This is not about taking control so we can make the club spend £40m on a new goalkeeper. We’d want to leave the corporate side to professionals like David Gill and the football side to professionals like Sir Alex Ferguson. We’re not luddites. We’re shareholders who also want United to make buckets of money — we just want the club to be independent and run in the right way.
"We are writing to all shareholders, but with a focus on those with over 1,000 shares, to tell them we have come up with this innovative scheme to raise money to buy further shares in the club and to thwart Glazer and anyone else who wants to take control of United.
"They will still be investing their money, but instead of investing it in Manchester United plc, it will be in a Manchester United independent trust. They can still get out whenever they want, and have returns on their investment.
"With the May 17 deadline now in place, now is crunch time, and we want every United fan around the world to take a long hard look in the mirror. In future they don't want to be regretting the fact that they weren't there in the club's hour of need."
Nevertheless, 25% would give supporters serious weight when it came to issues such as ticket prices, the expansion of Old Trafford and, indeed, certain football affairs. With their similar stake Cubic were able to force an inquiry into United’s transfer dealings and influence a decision to reduce the length left of Ferguson’s contract.