United fans confident of stopping Glazer

SHAREHOLDERS United believe they will know “within three weeks” whether their £100 million plan to stop Malcolm Glazer’s Manchester United takeover has been successful.

After agreeing the outline of a funding package with Japanese investment bank Nomura which offers the possibility of a pound-for-pound loan on cash pledged to leveraged investment trust, SU will this week contact all 7,000 fans who own in excess of 1,000 shares in the Old Trafford outfit.

Once that process is underway, celebrity and other wealthy supporters will be asked whether they will pledge cash to the scheme, which organisers feel is capable of securing a minimum 10% stake in the Red Devils.

As vehement opponents of Mr Glazer’s plans, it is a major test of SU’s influence on the Red Devils and chairman Nick Towle thinks conclusive proof of whether rank and file United fans are willing to step in to help their club.

“We should know how successful this campaign will be within three weeks of the letters going out,” he said.

“I am confident because the numbers we need are relatively not that great. We have 2% of shares under the SU umbrella already, so we are only looking for another 3-4%, which equates to around £40m.”

News of SU’s plan is not thought to have deflected Mr Glazer from his intention of lodging a formal bid before the July 17 “put up or shut up” deadline imposed by the Takeover Panel last week.

United chief executive David Gill has already described the Tampa Bay Buccaneers owner’s 300p-per-share proposals as fair but highlighted the massive debt required and an over-aggressive business plan as the major reasons why the club’s board would be unable to recommend a bid if it eventually comes.

The obvious problem for Mr Glazer, whose major backers JP Morgan and NM Rothschild have indicated they are willing to press ahead with the American’s takeover plans, is that he has no idea whether Irish racing duo John Magnier and JP McManus are willing to sell.

Through their Cubic Expression investment vehicle, Mr Magnier and Mr McManus own a 28.9% stake in United, without which Glazer cannot succeed.

Other than a short statement in February, which confirmed Cubic were “long-term investors” in United, Mr Magnier and Mr McManus have stayed silent on the issue and are not believed to have had any recent contact with the Glazer camp.