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‘Red Knights’ demand Glazers loosen grip on Manchester United after Super League line business news

Two of the City figures who led an attempt to deprive Manchester United of control of the Glazer family ten years ago have urged them to loosen their grip following this week’s European Super League debacle.

Sky News can reveal that Lord O’Neill – the architect of the Red Knights’ 2010 campaign – and hedge fund manager Sir Paul Marshall wrote to Manchester United co-chairman Joel Glazer to demand a series of immediate reforms from corporate governance. .

In the letter, sent Friday morning and seen by Sky News, the couple told Mr Glazer his family should abandon the two-class share structure of the New York-listed club and introduce a single class of shares with rights. to vote.

Letter from Lord Jim O'Neill to Joel Glazer
Letter from Lord Jim O’Neill to Joel Glazer

Glaziers should also, according to the letter, pledge to reduce their combined stake from the current level – which stands at around 75% – to a maximum of 49.9%.

These moves, according to Lord O’Neill and Sir Paul, “would encourage a larger group of investors to consider owning the club in the future if they have the same voting rights as everyone else, especially you and your five brothers and sisters “.

They added that the family should reduce their stake to less than 50% by selling part of their stake at the initial IPO price of $ 14 “as a sign of your desire to get it right.”

The duo’s intervention is significant, as it hints at the most concerted decision in a decade by those involved in the original Red Knights agenda to revive their efforts to oust the Glazers.

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Sources close to them insisted that their joint letter was not the formal resurrection of the Red Knights, but acknowledged that it put their campaign for change at Old Trafford “on the agenda.”

In deciding to write to Mr. Glazer jointly, they also highlighted the potential …

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This notice was published: 2021-04-23 07:36:00