Read the following article about Manchester United and chose the best word
from the following list for each space.
sports tycoon Malcolm Glazer has won control of Manchester United in
a £790m ($1.47bn) takeover bid.
The American has secured the 28.7% stake owned by Irish racing
tycoons JP MacManus and John Magnier, and now has more than 62% of
the Premiership club.
Red Football Ltd, acting on behalf of Mr Glazer, said the Irishmen
had sold their stakes for 300p a share.
Club fans have strongly opposed Mr Glazer's ambition all along and
fear that ticket prices will rise .
Mr Glazer now wants to buy the rest of the
club's shares. If he gets 75% plus one share, United could be
delisted from the stock and Mr Glazer could transfer his debt onto the club.
If he can get 90% plus one share, he can make a compulsory purchase
and take the other 10% of the club's shares.
With heavy in Manchester United shares taking place after the
announcement, it is already looking increasingly likely that Mr
Glazer will quickly reach the 90.01% stake he needs to force out any
United's third-biggest shareholder Scottish mining millionaire Harry
Dobson is already reported to have sold his 6.45% stake after the
Irishmen sold theirs.
Shares in Manchester United closed up 34.25 pence, or 12.92%, at
299.25p on Thursday.
Mr Glazer first showed an interest in buying
the club last autumn and put forward a formal
in October, which was rejected by the board.
The owner of the Tampa Bay Buccaneers is thought to be keen to
exploit the strength of the Manchester United
in the US.
Two weeks ago, the club board said it could not recommend Mr
Glazer's second takeover proposal to shareholders because his
business plan appeared to be too "aggressive".
His offers were rejected on the grounds that his plans relied too
heavily on borrowed money.
The club's chief executive David Gill said Mr Glazer's business plan
was "potentially damaging" to the club and could mean putting it in
debt up to £300m.
However, members of the did agree that some shareholders might think the offer was
a good one.
Manchester United fans are angry at the latest news. Last year, they
formed a shareholders' association to buy club shares and try to
protect it from Mr Glazer's ambitions.
A spokesman for Shareholders United, which represents 17% of the
club's shareholders, said that Mr Glazer was "no Roman Abramovich".
"He doesn’t have a full of his own cash and he is, in effect, asking
Manchester United fans to pay for his takeover, to pay for increased
ticket prices and increased merchandising," said spokesman Oliver
"We feel completely betrayed and let down by John Magnier and JP
They are estimated to have made a £70m from their stake.
A spokesman for the two Irishmen said: "They saw it as an
investment. They got a very good deal."
"I'm giving up my season ticket," said
Shareholders United president Nick Towle.
"I'm not putting a penny of my money into this guy's pocket."
Mr Towle said Shareholders United still hoped to stop the tycoon
getting a 75% stake.
"If we can get to that 25% of the remaining shareholders, that would
be great," Mr Towle added. "But it's looking like an uphill battle
Analysts are convinced that the 76-year-old is unstoppable.
"I think it's pretty much game over now because the key to all this
was exactly what Magnier and McManus would do with their stake in
the club," said Richard Hunter of stockbrokers Hargreaves Lansdown.
Read the text again and answer the following questions:
1. What’s Malcolm
2. Why are Manchester United fans unhappy about the deal?
3. What were the main criticisms of Glazer’s business plan when
it was first presented?
How is Nick Towle, the Shareholders United president, protesting against
What do the following numbers refer to in the text?. Follow the example.