United stock falls sharply

MANCHESTER United’s stock fell sharply yesterday after a newspaper report suggested US sports tycoon Malcolm Glazer was poised to abandon his bid for the world famous soccer club.

Manchester United Plc, the world's most profitable soccer club, declined 4.75 pence, or 1.7%, to 276.25 pence.

Malcolm Glazer, owner of the National Football League's Tampa Bay Buccaneers American team, plans to drop his hostile bid to buy Manchester United if he can sell his 28.1% stake in the club.

Glazer could walk away from his hostile bid for the world's richest club if he found a buyer for his 28.1% stake, it was reported in Britain.

A spokesman for Glazer could not immediately be reached for comment.

"At the moment, there is a 50-50 chance that Malcolm will walk away," an executive, with knowledge of Glazer's intentions, was reported as saying.

Dealers said if Glazer's approach failed, he would try and sell some of his massive stake in the club flooding the market with shares and depressing its price further.

Sources familiar with the situation told Reuters on Friday that Glazer would not rush into a new takeover offer despite pressure from the club to clarify his intentions.