Glazer says he may bid for United

MANCHESTER United's second largest shareholder Malcolm Glazer has confirmed he may be interested in making a bid for the club.

He said he has not hired any investment bank to prepare the groundwork on a bid and that it is just one of several options he is contemplating.

The 75-year-old issued a statement to the London stock exchange yesterday clarifying reports last week that he had engaged Commerzbank to work on a bid for the club after upping his stake in United to 16.31%.

That move sent the share price soaring to a three-year high last Friday, though they closed down yesterday 10p at 268p.

"The Malcolm I Glazer Family Partnership has acquired shares in Manchester United because it has great admiration for Manchester United's rich history, loyal fans, great players, outstanding managers, winning tradition and for investment purposes," Mr Glazer said in the statement.

"As with any investment, it is considering its possible options, which may include increasing its shareholding or decreasing its shareholding in Manchester United.

"It could also include a possible offer for or a possible sale of its shareholding in Manchester United," he said.

Any bid for Manchester United will have to be agreed with Cubic Expression - the investment vehicle owned by Irish racing moguls John Magnier and JP McManus.

They own 29% of the club's shares and could block any takeover.

Tony Craze, of London-based investment firm tonycraze.com, said he expects Mr Glazer to make a bid for United and that the price could go as high as stg£3.50 a share.

"My own gut feeling is that he will make a bid and I do believe that Malcolm Glazer would love to get hold of Manchester United.

"The statement is strange ... perhaps he is looking to dampen down the speculation as the share price is running ahead of itself," Mr Craze said. "The share price has risen by 140% in the past year but it did trade at over stg£4 not so long ago."

Shareholders United, which represents fans of the club who are also shareholders, once again opposed any attempt at a takeover and the presence of the investors on club's share register.

"Even if neither Cubic nor Glazer are making their moves with a prelude to a takeover they are clearly out to make a killing by flogging their shareholding to someone else," spokesman Oliver Houston said.