No offer to Irish for United

JOHN MAGNIER and JP McManus have not been offered a price for their stake in Manchester United by US businessmen seeking control of the club.

According to sources close to the Irish pair, Malcolm Glazer’s son Avi approached their financial advisers last Thursday. They responded on Friday to the call but no proposal was put to them for the sale of the 29% holding.

Various reports at the weekend said Mr Magnier and Mr McManus would accept anything between 300p (433c) and 320p (462c) a share.

“There’s a lot of speculation about, but we have not had a proposal. We’ve built up our stake over four years and we are happy with it,” the source told the Irish Examiner yesterday.

Last week, United confirmed that it had received a takeover approach. Although it would not name the bidder, it is understood to be Mr Glazer, who is the second-largest shareholder.

To gain control of United he needs to get the Irish pair to back his plans or any deal would have little chance of success.

Mr Glazer, the 76-year-old owner of the Tampa Bay Buccaneers, has hired investment bank JP Morgan to come up with the finances for any bid, which could cost him $1.5 billion.

Though a wealth businessman, Mr Glazer would struggle to personally fund the takeover and will have to rely heavily on borrowing, possibly using the club’s future revenues or assets as security.

This has enraged ordinary fans ands shareholder who are against the club being taken over, fearing that it will lead to higher ticket prices and less money for developing the team.

About 30 supporters from a group called the Manchester Education Committee staged a pitch invasion at a reserve team match on Thursday carrying a ‘Not for Sale’ banner.

Supporters opposed a planned buy-out of United in 1999 by BSkyB, the owners of Sky Television. Their protests prompted the government to refer the matter to the competition authority, which blocked the takeover.

The latest takeover approach came a week after the club warned of a £11.4 million hit to profits this year due to lower TV revenues and less money from European football.

If Mr Magnier and Mr McManus opt to sell their out holding it will net the pair around €100 million in profits. They have also led to a shake-up of the club’s finances with much more transparency in fees United pays to agents on player transfers.