Glazer set to make new United bid

A BID by American tycoon Malcolm Glazer for Manchester United could be launched as early as this week, according to sources.

Mr Glazer’s financial advisers have been studying United’s accounts for the last few weeks and are close to completing the due diligence process before a formal bid is launched. It had been expected last week, but according to the source “there are still quite a few things to set in place.”

Mr Glazer, who owns the Tampa Bay Buccaneers American football team, had a previous bid for United blocked by the board which claimed it would leave the club with too much debt.

It is believed that Mr Glazer’s new offer, at £3.00 (€4.29) a share, will include more cash than his previous bid. A 300p a share, the offer will value Manchester United at £800 million (€1.14 billion), a figure that market analysts believes represents fair value for the club.

The deal is not announced by this Friday, it will then be held until March 22, when United reports its interim results.

United fans are still opposed to any takeover and have several supporters’ groups held meetings last Thursday to consider ways of blocking the bid, it is understood.

Late last year fans attempted to disrupt the businesses of Mr Glazer’s financial and media advisers and more of this is expected when the offer is formally launched.

Though United’s board are against a takeover which leaves the club with too much debt on its balance sheet, they have legal obligations to recommend an offer if it fairly values the club. Mr Glazer is also believed to have come up with a way of appeasing fans by offering them shares in the private company that will own United if a takeover is successful.

But fans have shown no signs of giving in to a takeover. It is estimated that small shareholders own 10% of United’s shares and supporters’ groups have been attempting to band together to block the takeover. Man United fans have been working a scheme to get a trust that would own 25% of the shares in place to block any takeover. Fans are being urged to take out small loans to buy United shares.

With momentum going in Mr Glazer’s favour, the only hurdle he has yet to clear is getting the support of JP McManus and John Magnier, who own just under 29% of United’s shares.

They insist the shareholding is a long-term investment, though it is unknown if they will sell at £3 a share without any strings attached.

As Mr Glazer is stretching his finances with the indicative £3 offer, it is not believed he can come back to the negotiating table with anything higher.