As Malcolm Glazer yesterday took full control of Manchester United by raising his stake above 75 per cent, it emerged that he has been in secret talks with a controversial billionaire casino mogul over ways he might exploit Britain's boom in gambling to help to pay for his acquisition of the club.
A week ago, United announced a joint venture with Las Vegas Sands (LVS), an American casino firm, to build a huge gambling complex on land adjacent to Old Trafford.
LVS is owned by Sheldon Adelson, the world's 19th richest man, who was once described as "perhaps the most vilified man in Nevada".
The day after United and LVS announced their link-up, Glazer, who had long been aware that United was trying to enter the casino business, executed his stunning coup to buy out the club's major shareholders, John Magnier and JP McManus.
That purchase gained him effective control of United, which is now formally owned by a Glazer investment vehicle, Red Football Partnership.
RFP's official headquarters, for tax and legal reasons, is in Reno, Nevada, not far from Adelson's own headquarters.
It is not known whether there is a specific reason, related to casino ownership, that Glazer has based RFP in Nevada.
Although a super-casino at Old Trafford is likely to face hurdles, including possible protests from British unions on the basis of Adelson's employment record in the United States, it might hold one clue as to why Glazer feels United can become profitable for him. Casinos have helped 71-year-old Adelson to amass a fortune of 8 billion ($20.8 billion), and his showpiece venue, the Venetian in Las Vegas, is the largest and most profitable in the city.
His business practices were condemned in the House of Commons last year by Labour MP Andrew Dismore.
Glazer confirmed yesterday that he had raised his holding in United to 75.7 per cent, as part of his 790 million takeover of the entire club. He can now delist Manchester United from the London Stock Exchange and implement new plans for the club without having to seek approval from other shareholders.
The delisting is likely within a month or two.
Glazer can also load the club with the debts he has acquired to buy United, starting with the 265 million he has borrowed in bank loans.
It is likely that within months he will also restructure more debt, of 275 million in "preference shares", to make the club directly liable for that, too.
Glazer's next step will be to send his offer document to shareholders, giving detailed information about the share offer.
That will put in place a timetable from Britain's Takeover Panel giving Glazer 60 days in which to complete his acquisition.
The offer document is expected to be posted tomorrow.
Fans' groups have vowed to fight the takeover, saying Glazer has no knowledge of football and that he plans to milk the club to repay the debts used to buy it.
A major concern is how he intends to boost profits. Ticket price rises are likely and naming rights to the stadium are probable. A sale and leaseback of Old Trafford is also possible.
But expanding other revenue streams, including breaking up the Premier League's television rights deal, are more problematic. A casino business, in Manchester or more widely, could be Glazer's answer.
He has failed so far to make any public statement over his business plan, which United chief executive David Gill has consistently described as "aggressive".
Gill could yet find himself working for Glazer, although neither he nor club manager Sir Alex Ferguson have commented on whether they intend to stay.
Some fans' groups have held a meeting to discuss establishing a breakaway club.
"We are calling on all supporters to wear black in Cardiff on Saturday [the FA Cup final]," a spokesman for the fans, Mark Longden, said.
"If they can get hold of black flags, they should wave them because it represents what is happening to the club.
"In addition, people should decline to renew their season tickets and memberships.
"We would also urge them to boycott the products of sponsors."
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