Nice to see the MP for Manchester has nothing better to do

'Against the public interest'!!!!!!!!

The general public find the takeover hilarious, thats the interest of the general public.

It's good to know that Manchester has streets full of hooded yobs breaking their ASBOs at will, environmental issues etc but the MP is busy clutching at straws of the sale of a PLC that more people hate than like, particularly in Manchester itself.

The Telegraph:

Manchester United supporters opposed to Malcolm Glazer's takeover of the club are hopeful that the Office of Fair Trading will rule against the American tycoon just as they stopped Rupert Murdoch and BSkyB's attempted takeover at Old Trafford six years ago.

Tony Lloyd, the Labour MP for Manchester Central, said: "We are looking for an equivalent referral."

Murdoch's bid was stopped by the OFT, the United Kingdom's competition watchdog, as it breached competition laws. Lloyd, however, is not arguing that the Glazer takeover breaches these laws, but that it is not in the public interest.

He said: "Last night I heard an interesting legal opinion that this matter could be looked at as a public interest issue. I have been advised that there is nothing to stop the competition authorities looking at the question of public interest and reporting their views as to whether this bid matches the public interest test. I have asked the Secretary of State for Trade and Industry, Alan Johnson, to refer it to the authorities."

The OFT are looking into the take-over but at present this is a routine examination, necessitated by all bids above £70 million, and they are unlikely to stop it.

A Government referral on public interest grounds would be a very different matter. Lloyd concedes that he does not expect to hear quickly from the Government but believes he needs "to keep pushing the Government so that they will act in a way that will preserve the public interest".

As part of his push Lloyd booked the Attlee room of Portcullis House at Westminster where he shared a platform with Shareholders United.

Nick Towle, chairman of Shareholders United, said: "We may have lost the battle but we have not lost the war. For us this is just the beginning. We are planning for life after Glazer. We think he will be forced out within three or four years. The fans must then step in with the resources to buy back shares. I believe there is that kind of money out there for us to achieve a significant stake of ownership in our club, if and when the opportunity arises."

For this purpose a Phoenix Fund has been set up, to be managed by a major building society. The money in the fund will largely come from what supporters have received from Glazer for the sale of their shares. "We have commitments of £2 million from our members," Towle said.

Towle, who has neither renewed his season ticket nor sold his shares, expects Glazer to "sneak over the line" in his aim to get the 97.6 per cent of shares he needs to force compulsory purchase of the remaining shares and therefore be able to avoid holding annual general meetings. Glazer currently holds 97.3 per cent.