Glazer: I'm borrowing £265m to buy United

US sports tycoon Malcolm Glazer today said he was borrowing £265m (€388.9m) to fund his takeover of Manchester United.

Details emerged as the multi-millionaire unveiled terms of his £790.3m (€1.16bn) offer, including a pledge to stick by current management, players and supporters.

Mr Glazer now owns 71.8% of the former Premiership champions as he inches towards the 75% threshold needed to take the club private.

The debt will take the form of a £265m loan facility but Mr Glazer will also generate £275m (€403.6m) in funds by issuing securities which have no hold over Manchester United’s assets.