Soccer team rejects Glazer's business plan

LONDON (AP) -- Manchester United said Monday it has rejected a business plan from Tampa Bay Buccaneers owner Malcolm Glazer and ended takeover talks based on the plan.
The NFL owner last week raised his stake in Manchester United PLC to 28.11 percent. If Glazer's ownership reaches 30 percent, he is required by British law to make an offer to buy out the remaining stockholders.
Influential Manchester United fan groups, which helped block a takeover bid by Rupert Murdoch in 1999, have opposed Glazer's takeover bid. They contend Glazer is interested only in making a profit and would raise ticket prices.
In a statement to the London Stock Exchange, Manchester United said Monday that Glazer's business plan was not in its best interests because any offer would rely too heavily on borrowed money.
"The board has informed the Glazer Family of these views and that it has therefore terminated discussions with respect to the current proposals," the statement said.
But the club pledged to continue discussions with Glazer and other shareholders about its long-term future.
Glazer is just short of the stake held by major shareholders John Magnier and J.P. McManus. The Irish racehorse owners retain a 28.9 percent stake through their Cubic Expression investment company.