Following the Manchester United board's search for new investors,[25] the Glazers purchased their first tranche of Manchester United shares on 2 March 2003, spending around £9 million on a 2.9% stake,[26] which they purchased through a holding company called Red Football. On 26 September 2003, it was reported that they had increased their share to 3.17%,[27] taking their shareholding above the 3% threshold that required them to inform the club's management.