Bank moves to thwart Man Utd takeover

Manchester United supporters are working alongside a leading investment bank in a bid to thwart US tycoon Malcolm Glazer, it was confirmed today.

Japanese bank Nomura said it was in talks with its UK counterpart Seymour Pierce – headed by United fan Keith Harris – about possible finance to assist in developing a strategy in the long-term interests of the club.

It was reported in the Financial Times that Nomura had earmarked £200m (€289m) to help Seymour Pierce and supporters to build up a stake large enough to ensure the club could not be taken over without the consent of supporters.

Shareholders United and the Independent Manchester United Supporters Association – two of the club’s largest fan groups and opponents of the proposed takeover – are thought to be involved in the plan, which comes after strong protests at the prospect of a takeover by US sports tycoon Glazer.

The Nomura loan would be partly repaid with funds from a securitisation of future ticket sales or revenues from media rights, although the report said this could now be difficult as Mr Glazer has since taken his stake above 25% and would be able to block such a move.

In spite of the setback, the FT said Nomura had continued to work on a financing proposal.

The bank said in a statement: “Nomura confirms its asset finance group is in discussions with Seymour Pierce, about providing finance to assist them and the supporters with a view to developing a strategy that will provide a long-term future for Manchester United that is in the best interests of the club.”

Mr Harris previously advised British Sky Broadcasting on its blocked £623m (€900m) bid for United six years ago.

Mr Glazer, who owns the Tampa Bay Buccaneers, inched closer to triggering a full takeover bid for United after upping his stake to 28.11% earlier this week.

The move came despite a breakdown in talks between Mr Glazer and major shareholders John Magnier and JP McManus, who hold a 28.9% stake in United through their Cubic Expression investment vehicle.

Their support is seen as crucial to the success of any formal takeover offer, although Mr Glazer has yet to reveal publicly his intentions for the club.

Speculation that Mr Glazer was plotting a takeover campaign gathered pace on October 4 when the former Premiership champions confirmed it had received a “preliminary approach”.

Analysts speculated that a bid from Mr Glazer could value United at £800m (€1.1bn).