Glazer spent £44m more on United shares

The Manchester United takeover saga took another twist tonight when it emerged sports tycoon Malcolm Glazer had raised his stake in the club to 25.3% at a cost of around £44m (€63m).

The American billionaire confirmed he had purchased 15.4 million shares at an average price of £2.85 (€4.12), although it was not immediately clear who he bought them from.

It ended a dramatic 24 hours in which the Old Trafford club confirmed discussions between Mr Glazer and major shareholders John Magnier and JP McManus had been broken off.

Between them, Mr Glazer and the Irish tycoons’ Cubic Expression holding company now own almost 50% of the club, although neither could gain outright control without the other’s consent.

Mr Glazer – who has come under attack from fans – will see the latest acquisition as proving his long-term commitment to Manchester United.

The news sent shares soaring 8% after a fall of 5% at one stage during the day.

Earlier today, Manchester United confirmed talks with Mr Glazer’s representatives had taken place but that there was currently no “definitive proposal”.

Supporters opposed to a takeover by the owner of the Tampa Bay Buccaneers were dismayed by news that the American was still thought to be reviewing his options, including the possibility of an offer.

A group of 30 United fans gathered outside the London Stock Exchange to protest against the takeover.

Ian Stirling, of the Red Action Group, said they did not want to see the club “in the hands of Glazer”.

He added: “We’ll fight anyone who wants to take control of the club. We won’t rest until the fans are in control.”

United announced the interest on October 4 with analysts speculating that a bid from Mr Glazer could value the former Premiership champions at £800m (€1.1bn).

One of the worries of fans is that Mr Glazer will have to borrow heavily to finance a takeover – an issue United sought to address today.

In the event of an offer, it pledged to take into account all relevant considerations, including “the potential financial terms, possible financial structure and any impact these considerations may have on the future operation of the football club”.

Hilary Cook of Barclays Stockbrokers said it was clear from today’s United statement that the saga was not over.

“A deal is not dead yet,” she said. “Glazer is keeping his options open and it may yet be a question of how deep his pockets are.”

Analysts are now awaiting the next move from Mr Glazer and if he intends to pursue further talks with Mr Magnier and Mr McManus, whose investment vehicle Cubic Expression owns 28.9% of the club and is key to a takeover.

Mr Glazer is believed to want a takeover to leverage the power of the Manchester United brand overseas, particularly in the US.