Joel Glazer's illness likely to delay £800m United bid

Nick Harris
Friday 25 February 2005 20:00 EST
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Joel Glazer, who is heading his family's proposed takeover of Manchester United, is in hospital in Florida following emergency surgery for a ruptured appendix. His illness will delay - but probably not stop - a bid, according to sources, who added last night that Glazer, 38, is expected to make a full recovery.

Joel Glazer, who is heading his family's proposed takeover of Manchester United, is in hospital in Florida following emergency surgery for a ruptured appendix. His illness will delay - but probably not stop - a bid, according to sources, who added last night that Glazer, 38, is expected to make a full recovery.

"It was a shock, and quite serious," a source said. "A ruptured appendix can be fatal if not treated quickly. Joel's been told that he's unlikely to be able to travel anywhere for two weeks. He had his appendix removed earlier this week."

While Glazer's father, Malcolm, a dollar billionaire, is the man responsible for committing £250m of family money to the proposed £800m takeover, Joel has had the most hands-on role in the deal.

Joel is the only member of the Glazer family with any genuine interest in football and claims an allegiance to United dating back to his college days. The disruption to the bid caused by his illness indicated just how pivotal his role has become.

The Glazers have been undertaking due diligence on United's books for the past fortnight. That process concluded yesterday. Joel had originally planned to travel to England next week to meet with his City advisors and decide when - or whether - to table a formal bid, provisionally scheduled for late next week.

It is understood Joel was also considering a belated public relations campaign in an attempt to win over some of the many sceptical United fans.

But it now seems inevitable that the ruptured appendix will push the schedule back, perhaps by as much as a fortnight, although the Glazer family's advisors, having seen United's books, will continue work on the feasibility of a formal offer. United's board has already said it is unlikely to recommend an offer to shareholders although the Glazer camp believe minds can still be changed.

United's major shareholders, John Magnier and J P McManus, remain the key to any takeover. They own 29 per cent of the club, against the Glazer family's 28 per cent. If the Irishmen sell to the Americans, a Glazer buy-out becomes almost inevitable. But if the Irishmen refuse, no takeover is possible.

It is extremely unlikely that the Glazers will make any formal bid without having some sign that Magnier and McManus are persuadable. Joel Glazer was apparently considering talks with them, but any meeting will be delayed because of his condition.

The Glazer family has consistently refused to comment on their involvement in United. Both Joel's secretary and a family spokesman declined to confirm his illness last night.

In a separate development, fans involved in the anti-Glazer campaign have been told there is "a real possibility" that a mooted breakaway club, FC United, could share a stadium with Salford City Reds rugby league club. A coalition of fans say they will desert Old Trafford for FC United (an AFC Wimbledon-style set-up) if Glazer takes over. A Reds spokesman said the idea would be "seriously" considered.

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