Glazer increases United stake

Glazer increases United stake

LONDON: Tampa Bay Buccaneers owner Malcolm Glazer upped his stake in Manchester United by 30 percent on Friday, meaning he now owns more than a quarter of the world's richest soccer club.

The dramatic move came just hours after Manchester United confirmed for the first time that Glazer had made a preliminary approach to take over the franchise.

Glazer, who already owned 19.2 percent of the club, bought an additional 15.8 million shares Friday to take his stake to 25.5 percent, according to Glazer's associates in Britain, speaking on condition of anonymity.

The shares were purchased at a cost of around 45 million pounds (US$81.1 million; 65.1 million) but not from the club's largest shareholders, Irish racehorse owners John Magnier and J.P. McManus, the associates said.

Magnier and McManus own 28.89 percent of the club through their company Cubic Expression.

Manchester United fan groups oppose any takeover of the club, which was valued Friday at 688 million pounds (US$1.24 billion; 995 million). -- AP