Man United sale hinges on Irish duo’s decision

THE future ownership of Manchester United will be decided by Irish investors John Magnier and JP McManus following a decision by the club to let shareholders vote on Malcolm Glazer’s takeover offer.

The United board has been in talks with Mr Glazer for nearly two weeks, but told the American it cannot recommend the €1.1 billion takeover. It has agreed, though, to put the offer to shareholders to decide.

That effectively means the Irish investors - who own 29% of United’s shares and stand to make €340 million on the sale - can make or break the deal depending on how they vote. They have not been approached by Mr Glazer and have not commented on the situation, except to say their shares are a long-term investment.

If Cubic Expression, the offshore company that holds the Irish duo’s shares, rejects the bid, Mr Glazer’s options are limited. He can sell his stake or hope the share price falls enough to make Mr Magnier and Mr McManus sell out.

Mr Glazer, who owns the Tampa Bay Buccaneers American football team, has stalked United for more than a year and had an attempt to buy the Cubic shares rebuffed.

The problem for United’s board in recommending Mr Glazer’s offer is it will heap e440m of debt on to the books, potentially limiting the Old Trafford expansion and funds for player transfers.

A source said: “They’re basically saying to shareholders the price is fair and they should be mindful of that, but we can’t recommend it because of the large amount of debt involved.

“It’s ultimately up to shareholders.”

United are expected to issue a statement this week confirming the offer will be sent to shareholders.

However, the takeover took another twist yesterday following reports that Dubai prince Sheikh Mohammed bin Rashid al Maktoum was interested in buying the club. This would put pressure on Mr Glazer to up his offer or walk away.

A spokesperson for fans’ group Shareholders United said it would not be healthy for the club to have a single owner.