Glazer can look at United books

MANCHESTER UNITED have confirmed they will provide Malcolm Glazer with "limited due diligence" in order to advance his takeover plans - but have stated they do not believe they would be able to back his bid proposal.

Five days after revealing they had received "detailed proposals" from Glazer, the Red Devils' board have realised supporters' worst fears by allowing Glazer inspect club accounts in the interests of the majority of shareholders.

However, they have done so with massive reservations over the financing of the scheme, which they claim will "put pressure on the business of Manchester United" if Glazer's plan did not prove successful.

In a lengthy statement, issued without Glazer's consultation, the club also stated that if the proposals currently placed before them did eventually turn into a formal bid, the board would be "unlikely" to recommend the offer as being "in the best interests of Manchester United."

Part of the statement read: "Subject to the satisfaction of certain pre-conditions, Glazer is willing to make an offer of 300p per share in cash with a minimum 75% acceptance level.

"The pre-conditions, which could be subject to change currently include due diligence and a public recommendation of the offer by the board.

"The financial structure of this revised proposal of 300p has been restructured since the proposal considered by the board in October. The proposal involves a lower level of senior debt than the previous proposal with the equity in the bidding vehicle being supplied by Glazer and an issuance of preferred securities.

"The board continues to believe that Glazer's business plan assumptions are aggressive and the direct and indirect financial strain on the business may be damaging.

"It is ultimately for the shareholders to determine whether an offer will succeed."

Whether the qualification will be enough to appease more militant members of the United support remains to be seen and is sure to infuriate the Manchester Education Committee.

Glazer appears determined to push through a bid and the club's ownership seems certain to be determined by the shareholders.

That would place the spotlight firmly on Irish racing tycoons John Magnier and JP McManus, who through their Cubic Expression investment vehicle hold 28.9% of the club.