United confirm fresh bid from Glazer

Manchester United have confirmed that Malcolm Glazer has finally launched his long-awaited £800m (€1.16m) bid to buy the club.

The club announced to the Stock Exchange this morning they have received "detailed proposals" from the US business tycoon that could eventually lead to a bid.

A statement from the club read: “The board can confirm that it has now received a detailed proposal subject to various pre-conditions which may form the basis of an offer for Manchester United from Glazer. A further announcement will be made in due course.”

Chief executive David Gill and the rest of the Red Devils board must now analyse Glazer’s plans to see if they would be in the best interests of the club.

Glazer, who owns a 28.1% stake in the club, has been rebuffed by Gill on three separate occasions already, most notably before the club’s annual general meeting in November.

Having had his demand to inspect United’s accounts rejected by Gill, Glazer took revenge by voting three senior directors – legal advisor Maurice Watkins, commercial director Andy Anson and non-executive director Phillip Yea – off the Old Trafford board.

The move cost Glazer the backing of his PR advisors Brunswick and bankers JP Morgan.

However, it now appears the financiers have had a change of heart and are again thought to be major players in Glazer’s fresh approach, based at around 300p per share, which was confirmed in an official club statement today.