Glazer ownership of Manchester United Glazer ownership of Manchester United Manchester United Football Club is an English football club based in Old Trafford, Greater Manchester. The club was formed as Newton Heath LYR Football Club, the works team of the Lancashire and Yorkshire Railway depot in Newton Heath, in 1878. The club split from the railway company in 1892 and remained under private ownership for almost 100 years, changing its name to Manchester United after being saved from bankruptcy in 1902. The club went public in 1990 and was the subject of takeover bids from property trader Michael Knighton and Rupert Murdoch's BSkyB corporation before
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.