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Failed takeover will hurt Man U
Posted: Saturday April 17, 1999 01:12 PM
MANCHESTER (Reuters) -- The collapse of BSkyB's bid to take over Manchester United will severely hamper manager Alex Ferguson's buying power, United chairman Martin Edwards said on Saturday. The British government blocked plans for the pay television giant to buy the English soccer club on April 9 and Edwards warned that a direct result would be a weakening of United's transfer funds. "There will be no more spending like last year, like the 28 million pounds [$45 million] on Dwight Yorke, Jaap Stam and Jesper Blomqvist. "We have to make sure that we don't go heavily into the red. It isn't a bottomless pit ... that's the reality of it," Edwards said. Edwards accepted the club would have to replace goalkeeper Peter Schmeichel: "But that might be the end of our spending this summer." The British government thwarted BSkyB's takeover plans because it felt that the billion dollar deal could operate against the public interest.
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