United directors discuss latest takeover offer from Glazer

MANCHESTER United’s directors were yesterday discussing the revised takeover offer delivered to them by American businessman Malcolm Glazer.

Mr Glazer’s financial advisers handed in the takeover proposals late on Thursday and United are expected to take up to a week before issuing a formal response.

He is believed to offer 300 pence per share for United, valuing the club at close to £800 million (€1.17 billion).

United’s management have already indicated that the price represents a “fair” value of the club, but have shied away from backing the bid as it would leave it with too much debt on its books.

However, Mr Glazer, the owner of the Tampa Bay Buccaneers American football team, has revised the offer somewhat, using more of his own cash and less borrowing.

And in a bid to placate fans, who remain vehemently opposed to him, has set aside a €30 million war chest for Alex Ferguson to spend on player transfers.

Fans’ groups were not impressed with Mr Glazer new terms.

“This is a disaster waiting to happen. It is nothing more than an opportunistic attempt by Malcolm Glazer to make personal gain from an institution which is loved and respected throughout the world.”

While Mr Glazer and his financial backers have spent much time trying to soothe the United board and fans, the real stumbling block to the bid succeeding is John Magnier and JP McManus, who own 28.8% of the club’s shares. Without their assent, no takeover can succeed.