US sports business interests claimed to be planning a bid on United

THE family of US sports tycoon Malcolm Glazer is in talks with banks to raise cash for a takeover of Manchester United, the world's richest soccer club, according to reports.

Mr Glazer, who owns American football team the Tampa Bay Buccaneers, has built up a stake of 50.27 million shares, or 19.17% of the soccer club.

Neither the Glazer family, nor Manchester United could be reached for comment.

United, which finished third in the premier league in the 2003-04 season, has been the subject of persistent bid speculation since its two biggest shareholders began building up their stakes in recent months. Irish racehorse owners John Magnier and JP McManus own 28.9%, although sources close to them have said they are long-term investors rather than potential bidders.

Malcolm Glazer's son, Joel, is leading talks with US investment banks, the newspaper said. It said Joel Glazer had also approached Germany's Commerzbank.

Although Mr Glazer said in March he had no plans to launch a bid for Manchester United, a source close to the situation told Reuters at that time he could still make an offer in the future.

The Sunday Times said Mr Magnier and Mr McManus have told associates they would be prepared to sell their 28.9% stake, held by their investment vehicle, Cubic Expression.

But the paper said there were doubts whether the Glazer family could raise enough cash for a full takeover.

The Glazers are also looking at increasing their stake in the club but keeping it below the 30% threshold, after which they would be forced to take over the whole company.

"They want to gain control of United, but want to do it as cheaply as possible. A 29% stake would be a controlling stake, but not if the Irish also have 29%," said a source familiar with the Glazers' plans.

Shares in Manchester United closed at 253p last Friday, valuing the firm at around £660 million.