Glazer raises United stake

Malcolm Glazer tonight responded to the apparent disappointment of seeing his Manchester United takeover bid blocked by raising his stake in the Old Trafford club to 25.5% at a cost of £45m (€65m).

Iti is understood the American billionaire purchased 15.8 million shares at an average price of £2.85 (€4.12), although it was not immediately clear who he had bought them off.

The news ends a dramatic 24 hours in which Manchester United confirmed that discussions confirmed between Glazer and major shareholders John Magnier and JP McManus had been broken off.