Glazer to pursue Irish duo on club bid

US financier Malcolm Glazer is set to approach Manchester United’s two biggest shareholders to offer to buy their majority stake in the world’s richest soccer club, people familiar with the deal said yesterday.

If JP McManus and John Magnier agree to sell their 28.8% stake, then Glazer, who already owns 28.1%, will launch a tender offer for the remaining shares, they said.

“They will talk very shortly, in the next day or so,” one person said, adding there could be an announcement as soon as tomorrow.

A debt-free business with one of the best-known global brands, Manchester United is seen as vulnerable to a takeover because of its huge marketing and cash- generating potential.

Getting the Irish on board is Glazer’s last-ditch attempt to clinch the club after the board said late last month they could not recommend his £800 million (€1.17 billion) takeover offer.

Critics argued the board should have recommended the offer, which, at 300p a share, represents a 12% premium to United’s current share price of 267p.

If the Irish duo refuse to sell, however, Mr Glazer will be forced to walk away. It will be the third time his takeover attempt has foundered.

It was the failure to get the Irish on board that led to the collapse of Mr Glazer’s bid last time round. At the time, sources said the duo walked away because they wanted their money, about £228m (€333m), up front, not part of any takeover offer.

This time round Mr Glazer’s camp is more hopeful because they have the cash on hand if the Irish pair, who invest through their Cubic Expression vehicle, give them the green light.

That way the deal will be quick and clean.

Mr Magnier and Mr McManus fear a backlash from United fans who have attacked Mr Glazer, saying the American will hike ticket prices and cut player investments to pay the debt he accrued to buy the club.

A spokesman for Cubic Expression declined to comment.