Glazer set to make fresh United bid
Weekend reports said Mr Glazer, who has already seen two bids turned down, has secured the backing of heavyweight merchant bank NM Rothschild but only on condition that his next move wins the support of the United board.
Mr Glazer lost the backing of his previous financial adviser, American banking giant JP Morgan, last November after he used his 28% shareholding to oust three United directors at the club's annual general meeting. Sources close to Mr Glazer were reported as saying there was "no chance" of Mr Glazer taking a hostile approach to getting control of United.
Reports suggest that there will be no contact with Irish financiers John Magnier and JP McManus, who between them own a 29% stake through their Cubic Expression investment vehicle, in advance of a formal bid.
The United board has said it would consider any offer for the club as a matter of course and would not allow the opposition of supporters to influence its assessment of a bid. Mr Glazer's original approaches were rejected because they were considered too top-heavy with debt and would place too great a strain on the club's cashflows after the proposed takeover had gone through.
United supporters groups have been vocal in their opposition to Mr Glazer's advances, fearing a substantial hike in ticket prices and the controversial sale of Old Trafford if he manages to take control.
Mr Glazer's revised plans are believed to include less debt and more of his own cash. This would ease the pressure on cashflows by lowering the annual interest payments the club would face under Glazer's control.
Shares in the club have tumbled by 10% since the start of the year. Mr Glazer's new approach is expected to value the club at £3 (€4) per share, or £800 million. This would be almost 20% more than the club's current market capitalisation.
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