Glazer aiming to persuade McManus and Magnier to back United takeover

SPORTS tycoon Malcolm Glazer will this week try to persuade Manchester United’s largest shareholders to back his takeover offer, it was reported yesterday.

Irish investors JP McManus and John Magnier, who have a 28.9% stake in the club, are expected to discuss the move with the American businessman’s representatives.

According to reports in the Sunday Telegraph and the Independent on Sunday, the crucial talks are set to take place this week.

If Mr Glazer gains the pair’s support, it would boost his holding to 57% and pave the way for his £800 million (€1.17 billion) offer to go through.

The board of Manchester United has still not given an official response to the 300p a share offer, which was presented 10 days ago.

Chief executive David Gill has already said 300p represented a “fair” price for the club. But it is understood that some directors strongly oppose a sale to Mr Glazer amid claims his bid includes too much debt.

The intentions of the Irish shareholders remain unknown, with analysts split over whether or not they will sell out.

A previous offer presented by Mr Glazer in February was described by United as “aggressive” and “potentially damaging.”

The owner of the Tampa Bay Buccaneers American football team is thought to have made some minor alterations to his plans, including restructuring the debt level and clarifying certain aspects of his business plan.

The Irish investors have maintained that their stake in a long-term investment but they will have to weigh up the impact on the share price if Mr Glazer is sent packing. Though they are sitting on a £100m profit now, the share price will almost certainly fall if the American fails to get control of United.

Earlier this year, United said profits will be weak as it faced a loss of income from Europe after failing to move ahead in the Champions’ League.