Glazer makes fresh bid for United

THE battle for Manchester United took another twist yesterday when it emerged that US tycoon Malcolm Glazer had made a fresh approach.

The billionaire has approached the football club with “detailed proposals” he hopes will lead to a formal bid being accepted.

It is believed Mr Glazer’s new offer will contain substantially less debt than his last one, making it more attractive to investors. The latest move is expected to value United at around £800 million (€1.17 billion).

United said in a statement: “The board can confirm it has now received a detailed proposal subject to various preconditions which may form the basis of an offer for Manchester United from Mr Glazer.”

Previous attempts by the owner of the Tampa Bay Buccaneers, who owns 28% of the club’s shares, have been rejected amid fears over the high level of debt involved.

As ever, the key to success will be the support of Irish pair John Magnier and JP McManus. They hold nearly 29% of the club’s shares and without their support a bid will fall.

They were approached by the Glazer family last year about selling their stake, but the rumoured price of 300p per share was considered too low.

It is expected Mr Glazer will attempt to get the backing of United’s board before tackling the Irish investors. Relations between Mr Glazer and United soured after the American voted off three board directors at the club’s annual general meeting last November. That move delayed a bid as he lost his financial backers and public relations team. JP Morgan investment bank are believed to be back on board, but will not fund a takeover if it goes hostile.

According to reports yesterday, the latest bid is being fronted by Glazer’s sons Joel and Avi and will contain only £300m of debt.

Analysts were quoted as saying a 300p a share offer would be “hard to turn down.”

One said Manchester United chief executive David Gill would have to prove Mr Glazer was unfit to run the club or that the deal structure was wrong in order to reject it. The club said a further announcement would be made in due course.

United fans reacted with anger at the announcement. Supporters have protested against any proposed takeover by Mr Glazer since he first showed interest in the Red Devils in September 2003.

Mark Longden, of the Independent Manchester United Supporters’ Association, said: “We do not want Glazer taking over United.

“We will fight tooth and nail to stop him. We do not want him or anybody else taking over United.”