Glazer rules out United takeover bid

MANCHESTER United’s second largest shareholder Malcolm Glazer said yesterday he will not launch a bid for the club.

Mr Glazer, who is the second largest shareholder after Irishmen JP McManus and John Magnier, had said earlier this year he was considering an outright takeover of United, but has now told the board he is no longer interested.

There was some speculation the price of the club was probably too high for him and that a bid would have to be pitched at a serious premium to get Mr Magnier and Mr McManus to accept.

Cubic Expressions, their investment vehicle owns 29% of the club’s shares.

It is unlikely the pair will launch their own bid for the company, though they are said to be seeking board representation.

But United’s chief executive David Gill said yesterday: “We have not received any requests to sit on the board”.

Mr Glazer, the owner of the Tampa Bay Buccaneers American football club, said he is still considering “increasing or deceasing” his 16.7% stake.

The news saw United’s share price close up on the London stock exchange yesterday gaining nearly 1% and valuing the club at stg£646 million, but brokers said the good form over the past two years was unlikely to be at an end.

“I wouldn’t go and buy the shares now because they look pretty expensive.

“Glazer says he won’t make an offer, I don’t think the Irish boys are going to bid, and the shares are going to be dull for the next six months,” said Andy Brough at Schroder Investment Management in London.

Yesterday, United posted a 32% rise in first half pre-tax profits to stg£26.8 million driven by higher margin media revenue and player trading gains.

Turnover slipped slightly from stg£92.6m to stg£92.4m.

Turnover will also be lower at the full year stage as the club is playing less matches having crashed out of the Champions League.