Fury over Man U boss's share sale

Patrick Tooher|Mail13 April 2012

MANCHESTER United director Maurice Watkins has come under fire for selling shares to Malcolm Glazer, the American tycoon stalking the football club.

Glazer last week raised his stake in United to 18.25%. The deal included buying a parcel of one million shares worth £2.5m from Watkins, a non-executive who also acts as the club's legal adviser.

It is unclear whether Glazer will mount an outright takeover for United, currently valued at £642m.

But shareholder fans are unhappy with Watkins' behaviour. One said: 'The United board were happy to back our United Not For Sale campaign earlier this year - and then a director goes and sells shares to Glazer. It's outrageous.'

Watkins has been a target for Cubic Expression, the company through which Irish horseracing magnates John Magnier and JP McManus own 28.9% of United, making them the biggest shareholders.

The duo have attacked Watkins' lack of independence - he has been on United's board since 1991 - and his potential conflict of interest in representing both the club and its manager, Sir Alex Ferguson, in legal matters.

Watkins' role is one of a number of issues raised in the famous 99 questions that the Irish pair have put to United's board about the club's operation. Finance director Nick Humby is due to complete an inquiry soon.

Magnier has settled his dispute with Ferguson over stud rights to racehorse Rock of Gibraltar, but Cubic might still press for board representation, though analysts doubt the Irish will launch a full takeover bid.

A United spokesman said Watkins retains a stake in the club worth more than £12m.

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