Investment bank JP Morgan is also advising Glazer, who has built up a stake of 19.2 per cent in the club, which is advised by Finsbury and Brunswick corporate client Cazenove. A source close to Brunswick said the agency does not advise Cazenove on its clients’ financial transactions.
Glazer plans to take the club private but has met resistance from Manchester United fans who own just under 20 per cent of the club’s shares.
Shareholders United, which holds a 1.4 per cent stake, said it has increased its membership by 1,500 since the club announced it had been approached earlier this week. The group is asking non-member shareholders to sign a pledge to reject the Glazer bid. As Glazer’s assets are illiquid any bid would be funded by heavy borrowing.
Supporters fear that debt used to pay for the club will be funded by higher ticket prices. Shareholders United chairman Nick Towle told PRWeek the group was appealing to donors to fund the campaign and would consider hiring PR support.
