News from Cass Business School

Research on Manchester United takeover makes best-seller list

Cass student's case study focused on Malcolm Glazer's 2005 acquisition

Research by a former Cass student on the hostile takeover of Manchester United by an American billionaire has become one of the best-selling academic papers of 2010.

Otaso Osayimwese, now a City hedge-fund trader, wrote The Manchester United Buccaneers? Malcolm Glazer's Acquisition of Manchester United as part of his one-year Masters in Finance at Cass.

The paper has gone on to become one of the top 15 best-selling case studies in the Finance, Accounting and Control category on the European Case Clearing House (ecch) website, which offers the largest collection of management case studies in the world.

"I was surprised to learn it was so popular, but it's something to be proud of," said Mr Osayimwese, who trades asset-backed securities at Ravenscourt Capital Partners. "I think a lot of people were interested in my case study because of the recent takeovers of Liverpool, West Ham and Blackburn."

The case study looks at the colourful acquisition of the world's most famous sports brand by Malcolm Glazer in 2005. Glazer, the owner of American football team, the Tampa Bay Buccaneers, began his purchase of Manchester United in 2003 and launched a hostile bid in 2004. With strong support from loyal fans, Manchester United resisted the takeover.

Mr Osayimwese said: "The paper outlines the defensive techniques used by the Manchester United board and its advisors to prevent the takeover, as well as Glazer's own actions to thwart the defences. It also covers the financing used by Glazer in what was a highly leveraged deal and includes detailed financial statements and stock price movements."

Ecch has the single largest collection of management case studies in the world. Case studies, which are used by business schools for teaching, recount real life business or management situations that present business executives with a dilemma or uncertain outcome.

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