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No Glazer threat....for now
Former Member
Posts: 1,876,323 The Mix Honorary Guru
American billionaire Malcolm Glazer has told Manchester United he had no intention of making a takeover bid for the Premiership champions.
The announcement from Glazer, who owns former Super Bowl champions the Tampa Bay Buccaneers, came as the club unveiled a 32 per cent rise in half-year profits to £26.8million.
The club described the first six months of their financial year as an "extraordinary period, adding that the Manchester United brand had gone from strength to strength".
Glazer, who has a 16.69 per cent stake in the club, fuelled speculation of a takeover bid by announcing in February that he was "considering his options". The matter was subsequently referred to the Takeover Panel.
The tycoon ruled out an immediate bid today but added that he could still move to increase or decrease his shareholding.
Today's statement said: "At the request of Manchester United that it should clarify its position, the Glazer Family Partnership confirms today that it has no current intention to make an offer for Manchester United." The interest from Glazer emerged at the same time as John Magnier and JP McManus were building up a 29 per cent stake in the club.
The increase in profits came despite the club's total turnover figure falling slightly on last year to £92.4million.
Eight fewer home games affected the performance, although this was offset by higher television revenues from the Champions League.
Operating profit, which excludes player trading, was £25.9million, up 27 per cent on last year as a result of higher margin media revenues.
During the period - covering the six months to January 31 - United saw media revenues improve by 24 per cent following rises in the final year of the current Premier League domestic TV contract and an increase in the "media pool" for English clubs in the Champions League.
Total wage costs in the first six months were £37.7million, down 5 per cent on a year earlier as United benefited from summer transfer activity.
Total wages now equate to 41 per cent of turnover, compared with 43 per cent last year and below the club's target for the year of 50 per cent.
The announcement from Glazer, who owns former Super Bowl champions the Tampa Bay Buccaneers, came as the club unveiled a 32 per cent rise in half-year profits to £26.8million.
The club described the first six months of their financial year as an "extraordinary period, adding that the Manchester United brand had gone from strength to strength".
Glazer, who has a 16.69 per cent stake in the club, fuelled speculation of a takeover bid by announcing in February that he was "considering his options". The matter was subsequently referred to the Takeover Panel.
The tycoon ruled out an immediate bid today but added that he could still move to increase or decrease his shareholding.
Today's statement said: "At the request of Manchester United that it should clarify its position, the Glazer Family Partnership confirms today that it has no current intention to make an offer for Manchester United." The interest from Glazer emerged at the same time as John Magnier and JP McManus were building up a 29 per cent stake in the club.
The increase in profits came despite the club's total turnover figure falling slightly on last year to £92.4million.
Eight fewer home games affected the performance, although this was offset by higher television revenues from the Champions League.
Operating profit, which excludes player trading, was £25.9million, up 27 per cent on last year as a result of higher margin media revenues.
During the period - covering the six months to January 31 - United saw media revenues improve by 24 per cent following rises in the final year of the current Premier League domestic TV contract and an increase in the "media pool" for English clubs in the Champions League.
Total wage costs in the first six months were £37.7million, down 5 per cent on a year earlier as United benefited from summer transfer activity.
Total wages now equate to 41 per cent of turnover, compared with 43 per cent last year and below the club's target for the year of 50 per cent.
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