United Shares Soar On Russian Takeover Rumours
Russian property???
By Richard Siau
July 11 2003
A Russian oil billionaire has been reported to be attempting to buy a majority stake in Manchester United PLC, just days after the surprise £140m takeover of Chelsea Village by Roman Abramovic, another Russian oil tycoon.
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Russian Man Utd Takeover? |
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Manchester United have been speculated to be in the crosshairs of a few interested parties, including an unnamed Russian oil multi-billionaire and Keith Harris, a former football league chairman.
These takeover rumours come merely days after the surprise takeover of Chelsea by Roman Abramovich. This sudden interest from Russian factions is supposedly due to competition between extremely wealthy men desiring illustrious trophies, and what trophy could be more illustrious than the world’s largest football club. Roman Abrahmovic spent some £140 million for Chelsea and Manchester United carries a £500 million price tag. Irish horse-racing tycoons JP McManus and John Magnier hold an 11.4% stake in the club and were thought to be considering a takeover last year, but they are now reported to want to sell their stake, leaving the door open to anyone interested in bidding. Supposedly they were angered by the over-payment for Rio Ferdinand from Leeds last year and the cheap sale of Beckham to Real Madrid which occurred very recently. However, BSkyB attempted a takeover of the club four years ago and were stopped on competition grounds. They currently hold 10% of the club’s shares. However, BSkyB attempted a takeover of the club four years ago and were stopped on competition grounds. They currently hold 10% of the club’s shares. Nevertheless, Manchester United has already attracted a string of recognized names who have bought stakes, including John de Mol, the Dutchman behind Big Brother, and Malcolm Glazier, owner of American football teams.
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