Glazer woos fans with letter

US sports tycoon Malcolm Glazer will try to win over Manchester United fans and investors by publishing an open letter outlining his plans for the club, it was reported yesterday.

A letter from Mr Glazer’s son, Joel, is expected to reveal that interest payments on £550 million of borrowings needed to buy the club will be far less than feared.

It will also show that the Tampa Bay Buccaneers owner is planning a four-year £100 million budget to buy players.

Mr Glazer’s bid vehicle, Red Football, is due to set out a formal offer document to the London Stock Exchange early this week. This is expected to include the letter from Joel Glazer.

United fans have vowed to continue their protests against Mr Glazer and his family, who they believe will saddle the club with too much debt. They are concerned that the amount required to service the debt could hit the club’s ability to sign new players.

However, it is thought the offer document will show that interest payments will initially be paid only on £275 million of debt provided by JP Morgan. This package will not be drawn on at once - instead it will be split into five parts, according to the report.

The remainder of the debt will come from three American funds, with the interest accruing annually but not met until the loan is repaid.

Mr Glazer’s document is also expected to stress that he is not planning a short-term financial boost by selling and leasing United’s Old Trafford ground.

It will say that Manchester United chief executive David Gill, finance director Nick Humby and the rest of the executive team will all stay on.

Joel Glazer is being used to front the bid but it is not yet known whether he will become chairman of the club. His open letter will be part of a series of communications to try to win over fans.

There had been fears that fans would try to disrupt Saturday’s FA Cup final against Arsenal. However, protests in Cardiff were muted and the game passed off peacefully.

It also emerged over the weekend that United manager Alex Ferguson has held talks with the Glazers, but his future at the club is still not known. He also revealed that he does not know how much he will have to spend on summer transfers, despite reports that the new owners will guarantee him at least £25 million a year to buy players.