This is the Guardian’s take by Nils Pratley and Daniel Taylor
Malcolm Glazer, the 76-year-old American financier, yesterday won his battle to buy Manchester United, as the football club's two main Irish shareholders sold their 28.7% stake to him.
United's supporters reacted with dismay to the £790m takeover, with many vowing never to attend matches at Old Trafford under Mr Glazer's ownership. Fans protested outside the stadium last night and an effigy of the new owner was burned, along with season ticket forms.
The Glazer camp made clear that Joel Glazer, one of Malcolm's sons, intends to be an "active" owner of United in the style of Roman Abramovich at
Questions will be raised about the position of United's manager, Sir Alex Ferguson, who said publicly that he was opposed to a takeover. Mr Glazer's advisers have made clear they are keen to secure his services and will attempt to woo him with the promise of at least £20m to spend on new players every year.
Mr Glazer is also keen to retain the club's chief executive, David Gill, but all the non-executive directors, including Sir Roy Gardner, the chairman, will be axed.
Mr Glazer, owner of the Tampa Bay Buccaneers American football team, secured victory from his home in
The Irishmen JP McManus and John Magnier agreed by telephone late on Wednesday to sell their shares to him. The cash for that - £227m - was transferred to them at 2pm yesterday, and Mr Glazer's financial advisers immediately launched a stock market raid, offering to buy any other shares at the same price, 300p.
By the close of trading, the Glazers, who already had 28.1% of United, had taken their holding to close to 70%. A full takeover proposal, which is now a formality, will be launched within days.
Mr Glazer's purchases included the 6.4% stake owned by Harry Dobson, a Scottish mining entrepreneur who bought the shares several years ago from former United chairman Martin Edwards.
United's directors had admitted that 300p-a-share was "fair" in financial terms, but would not back the bid because of Mr Glazer's use of heavy borrowings, which they argued could place the club at financial risk.
The board last night refused to concede defeat until his stake passes 75%, a level which confers more legal rights than simple majority ownership. However, when Mr Glazer passes 75%, the directors are likely to advise shareholders to accept the takeover terms.
Mr McManus and Mr Magnier declined to comment on the sale of the shares, which netted them a profit of £80m on their four-year investment.
Their advisers, however, were unapologetic. "This is a publicly quoted company - anybody can buy or sell its shares," said one. "Manchester United fans cannot regard it as any different from any other quoted company."