History of Manchester United F.C. (1878–1945) April 1902, given that the team now had few ties with its origins; it was no longer based in Newton Heath, the new owners renamed the club Manchester United Football Club, after considering the alternative names "Manchester Celtic" and "Manchester Central". They also changed the team's colours to red and white. Having been saved from liquidation by four wealthy businessmen, the club played its first season as Manchester United in 1902–03. The badly needed injection of cash, plus some new players, gave the flagging side the boost it needed. They won 15 league games, notched up 38 points, and finished
Glazer ownership of Manchester United 28 June said that Red Football's shareholding had reached 98% (259,950,194 shares), prompting a squeeze out of the remaining shareholders. The final valuation of the club was almost £790 million (approximately $1.5 billion at the exchange rate at the time). As a result of the Glazer takeover, a small group of disgruntled Manchester United supporters created a new club called F.C. United of Manchester. This so-called "phoenix club" was accepted into the North West Counties Football League second division, six promotions away from The Football League, and secured promotion in each of its first three seasons, twice as league champions.