Glazer moves to quash press speculation

THE on/off takeover of Manchester United took another twist yesterday following a statement from American business tycoon Malcolm Glazer.

Mr Glazer has been linked with a renewed bid for the club with the weekend press quoting sources close to Glazer saying that the American had said a bid was close.

But in a statement to the London Stock Exchange, Mr Glazer said: “The Glazer family wishes to record that no statement made in the UK press in recent days, attributed to any member of the family or person associated with the family, was authorised.”

While not officially denying his renewed interest, it will dampen down rumours of an immediate takeover.

According to last week’s reports, Mr Glazer hired investment advisers NM Rothschild to line up new financing for a takeover.

Last November a bid for the club fell apart after he lost his main backers, investment bank JP Morgan, who resigned after Mr Glazer ousted three of the club’s directors at its annual general meeting.

United said in December it had held fresh takeover talks with Mr Glazer but it stressed those negotiations would go no further until the American put a firm offer on the table.

United’s share price has risen off the back of the gossip, while fans have launched a predictable verbal assault on Mr Glazer.

The key stumbling block to any takeover remains the Irish pair of John Magnier and JP McManus who own nearly 29% of United’s shares. They were approached by Mr Glazer last year but they rejected his indicative offer to them.