Read the following article about an American football team and chose the
best word for the 8 gaps in the text.
Schwarz wins control of the
US sports tycoon Jeff Schwarz has won control of The Tigers
in a $2 billion takeover bid.
The American has secured the 28.7% stake owned by Software
tycoons CJ Hawkes and Steve Ginsel, and now has more than
62% of the Florida club.
Red Football Ltd, acting on behalf of Mr Schwartz said the
software giants had sold their stakes for 300p a share.
Club fans have strongly opposed Mr Schwartz's ambition all
along and fear that ticket prices will rise (1)
Mr Schwarz now wants to buy the rest of the club's shares.
If he gets 75% plus one share, the Tigers could be delisted
from the stock (2)
and Mr Schwarz could transfer his debt onto the
If he can get 90% plus one share, he can make a compulsory
purchase and take the other 10% of the club's shares.
With heavy (3) in the Tiger's shares taking place after the
announcement, it is already looking increasingly likely that
Mr Schwarz will quickly reach the 90.01% stake he needs to
force out any remaining shareholders.
Shares closed up 34.25 cents, or 12.92%, at 299.25p on
Mr Schwarz first showed an interest in buying the club last
autumn and put forward a formal (4)
in October, which was rejected by the board.
The owner of the Tampa Bay Buccaneers is thought to be keen
to exploit the strength of the Tigers' (5)
in the US and Canada.
Two weeks ago, the club board said it could not recommend Mr
Schwarz's second takeover proposal to shareholders because
his business plan appeared to be too "aggressive".
His offers were rejected on the grounds that his plans
relied too heavily on borrowed money.
The club's chairman David Gill said Mr Schwarz's business
plan was "potentially damaging" to the club and could mean
putting it in debt up to $500 m.
However, members of the (6) did agree that some shareholders might think the
offer was a good one.
Tampa's fans are angry at the latest news. Last year, they
formed a shareholders' association to buy club shares and
try to protect it from Mr Schwarz's ambitions.
A spokesman for Shareholders United, which represents 17% of
the club's shareholders, said that Mr Schwarz was "no Bill
"He doesn’t have a (7) full of his own cash and he is, in effect, asking
Tiger fans to pay for his takeover, to pay for increased
ticket prices and increased merchandising," said spokesman
"We feel completely betrayed and let down by John Magnier
and JP McManus."
They are estimated to have made a $140m (8) from their stake.
A spokesman for the two said: "They saw it as an investment.
They got a very good deal."
"I'm giving up my season ticket," said Shareholders United
president Nick Towle.
"I'm not putting a cent of my money into this guy's pocket."
Mr Towle said Shareholders United still hoped to stop the
tycoon getting a 75% stake.
"If we can get to that 25% of the remaining shareholders,
that would be great," Mr Towle added. "But it's looking like
an uphill battle for us."
Analysts are convinced that the 76-year-old is unstoppable.
"I think it's pretty much game over now because the key to
all this was exactly what Magnier and McManus would do with
their stake in the club," said Richard Hunter of
stockbrokers Hargreaves Lansdown.
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Read the text again and answer the following questions.
1. What’s Jeff Schwartz's
2. Why are Tampa Tigers fans unhappy about the deal?
3. What were the main criticisms of Schwartz' business plan
when it was first presented?
4. How is Nick Towle, the Shareholders United president,
protesting against the takeover?