New development expected in Glazer bid

Malcolm Glazer’s bid to buy Manchester United is expected to take a significant step forward later this week.

The Press Association understands Glazer and his main bankers JP Morgan have independently reviewed the results of the examination of United’s accounts authorised by Red Devils chief executive David Gill last month and are now finalising their plans to progress with a formal offer.

There have been unconfirmed suggestions a bid could be placed before Gill within the next 48 hours, a move that would force the men running the world’s richest club to decide whether to recommend the bid or not.

Having previously stated Glazer’s proposals were “aggressive” and “potentially damaging” to United’s long-term future, it is probable that Gill will refuse to advise shareholders to accept the deal, which is likely to be around 300p per share, although he could yet opt to adopt a neutral stance.

Such a move would place the spotlight firmly on major shareholders John Magnier and JP McManus, who between them own 28.9% of the club.

Should the Irishmen decide to sell, Glazer, who has a 28.8% stake, would effectively have control of Old Trafford, a situation that could trigger mutiny among United fans, who have waged a fierce campaign against the Tampa Bay Buccaneers owner.

Some have even threatened to launch a breakaway club such is their dislike of Glazer.

The American is hoping an offer to let supporters keep 25% of the shares will win favour, although given the open antipathy towards him, that is highly unlikely to succeed.