Irish investors ‘won’t sell to Glazer’

TAKEOVER talks between Manchester United’s two key Irish investors and US sports tycoon Malcolm Glazer were expected to be called off later yesterday, sources close to the process said.

Shares in the world’s richest soccer club fell more than 7% on the news but pared their losses to trade down 3.8% at 264 pence by 3pm yesterday.

Mr Glazer was in talks with Irish racing tycoons John Magnier and JP McManus to buy their 28.9% stake, but the two sides have not been able to reach agreement, the sources said.

Although there is a chance the parties could agree an 11th-hour deal, the sources said this is extremely unlikely.

“They were serious, they were fully financed,” one of the sources said, referring to Glazer’s offer for the Irish stake, which was pitched at about 300 pence a share.

United said last week it had received a bid approach but declined to identify the suitor.

Sources close to the process, however, have confirmed the approach was from Glazer, who owns the Tampa Bay Buccaneers American football team and has a 19.2% stake in United.

But without the support of the Irish investors, the sources said Glazer had no chance of getting his bid off the ground.

With Glazer out of the running, the focus could now shift to Keith Harris, the head of UK brokerage Seymour Pierce, who emerged as another potential suitor last week.

Glazer’s bid also faced stiff opposition from irate supporter groups who feared he would hike ticket prices to pay back loans and might use the club to make a quick buck.