United directors ousted by Glazer

Malcolm Glazer could be ready to launch a hostile takeover bid

US sports tycoon Malcolm Glazer has managed to oust three Manchester United directors from the board by voting against their re-election.

Legal adviser Maurice Watkins, new commercial directors Andy Anson and non-executive director Philip Yea have all had their appointments blocked.

Mr Glazer has considerable voting rights given his 28.11% stake.

Man Utd is now asking Mr Glazer to clarify his intentions towards the club as soon as possible.

The vote to block Mr Watkins, Mr Anson and Mr Yea was made at the club's annual general meeting.

Majority shareholders John Magnier and JP McManus followed their own convention by abstaining from the vote on board re-elections.

The result will be a huge blow to chief executive David Gill, who had recommended that all three directors retain their positions.

Bid confusion

The Premiership club ended talks with Mr Glazer over a possible takeover in September on the grounds that his bid relied too much on borrowed money.

The board is very disappointed with this outcome as we do not believe it is in the best interests of the company Man Utd statement

However, Malcolm Glazer continued to press for access to confidential information about the company, the club has revealed.

And, more importantly, given the latest events, Mr Glazer made it clear at the time that he would vote against certain resolutions at the annual meeting.

Commenting on the outcome of the vote, the club said: "The board is very disappointed with this outcome as we do not believe it is in the best interests of the company."

Last month, Mr Glazer was thought to have revised terms of his offer to buy the shares of John Magnier and JP McManus.

The Irish duo hold a 28.9% stake, while Mr Glazer, owner of American Football team Tampa Bay Buccaneers, holds 28.11%.

According to reports, Mr Glazer offered 300p per share for the Irish millionaires' stake in September.

However, the bid was rejected by the horseracing magnates, reportedly because Mr Glazer said a deal was conditional on him being able to get to majority of the club's shareholders - representing 75% of its stock - to back a bid.

Commentators say the latest developments could mean that Malcolm Glazer is preparing a hostile takeover bid.