Manchester United is considering returning "significant sums of cash" to shareholders, Britain's Sunday Times reported, as the world's richest soccer club waits to see if US suitor Malcolm Glazer will make a bid.
The report says United's advisers, brokerage Cazenove, have raised the idea of a share buyback or special dividend with Chairman Roy Gardner and Chief Executive David Gill.
| |||||||||||
The Sunday Times report said the return of cash to investors was controversial because it would increase United's gearing at a time when the club has attacked Glazer's proposal as one that would load the club with up to 300 million pounds of debt.
Meanwhile the Sunday Telegraph reported that Glazer's son Joel will travel to Britain from Florida in the next 10 days to launch a lobbying effort to win over opponents of the deal.
Glazer has had two earlier offers for the club rebuffed as he builds up his stake, but still needs to win the support of United's biggest investors -- Irish racehorse magnates John Magnier and J P McManus, who own 28.8 percent of the club.
Fans of the 15-times English soccer champions are vehemently against him, saying he will cream off money from the club to pay the loans used to buy it.
© 2024 Rediff.com -