Glazer news ups United shares 5%

SHARES in Manchester United leapt by nearly 5% yesterday following confirmation Malcolm Glazer is making a third attempt to buy the former Premier League champions.

The club said yesterday morning the Glazer family had handed in a detailed takeover proposal, though it did not disclose the potential price of any new bid.

Manchester United told Mr Glazer before Christmas, the owner of the American football team Tampa Bay Buccaneers, they would not deal with him, the club's second largest shareholder, until he revised his bid.

His first two offers were pitched at about 300p sterling (436 cents), but would have been highly leveraged loading debt on United's balance sheet.

These were rejected outright by the board who told the American to go away until the offer was modified to include more cash.

"The board can confirm that it has now received a detailed proposal subject to various preconditions which may form the basis of an offer for Manchester United from Glazer," the club said.

The shares ended the day up 4.75% at 281p, a gain of 12.75p. They had traded as high as 284p. A Manchester United board meeting is planned to discuss the renewed push by the Glazer family.

It is believed Mr Glazer, who's sons Avi and Joel are heading his bid, has not approached Cubic Expression, the company that holds the 28% stake held by Irishmen John Magnier and JP McManus.

Even though the club's fans are opposed to any takeover, nothing will happen without the support of Cubic.

It is not known whether the Irishmen would sell at 300p, though this would net them a profit of 125 million on their investment.

They have repeatedly maintained they are long-term investors in the club.

Fans are weary of the Glazer family's involvement in the club. Though he led the Tampa Bay Buccaneers to success in the Superbowl a couple of years ago, their performance has been less than stellar since. And fans will not be pleased with the fact Mr Glazer has hiked the Buccs' ticket prices by 10%.

According to some analysts 300p would be a good price for United. The club has warned that media revenues this year will fall 25% because of its failure to make headway in the European Champions League.