Shareholders United, which has 28,000 small investors in the club, has engaged financial advisers to put together a deal to secure enough shares to stop the American’s takeover going through.
It also threatened to boycott Man U’s merchandise and to send a message to Mr Glazer that he was not wanted.
Sean Bones, vice-chairman of Shareholders United, said the group remained in contact with Nomura Bank about putting together a plan to buy more shares.
To prevent Mr Glazer delisting the club from the stock exchange, Shareholders United need 25% of the club’s shares, but only 10% to stop him getting a court order allowing the compulsory purchase of all shares.
If Shareholders United manage to get a 10% stake, it would leave Mr Glazer with a rowdy investor in a position to thwart his future plans.
Malcolm Glazer’s formal offer for the club to shareholders is expected next week.
According to sources last night, a number of shareholders also sold shares to him yesterday and these purchases will be notified to the stock exchange today and next week.
When ordinary shareholders receive the offer document they will have up to three weeks to accept or reject it.
Mr Bones was also extremely critical of John Magnier and JP McManus for selling out.
“John Magnier and JP McManus had an opportunity to be heroes at old Trafford and now they are going to be viewed dimly by United supporters around the world. We’re not going to stand by and see all the work of Sir Matt Busby and Alex Ferguson to down the drain.”
More protests are expected at Old Trafford in the coming days.