Malcom in the middle of United takeover bid

US sports tycoon Malcolm Glazer formally launched his £790.3m (€1.15bn) takeover bid for Manchester United today after winning the support of Irish duo JP McManus and John Magnier.

A statement from his Red Football bid vehicle said he will pay 300p a share to acquire the 28.7% stake held by Irish racing tycoons JP McManus and John Magnier.

The deal means Mr Glazer has control of the club with a 56.9% stake, but he needs more than 75% of shares for the offer to go unconditional. He will now make an offer for the remaining shares.

It comes a fortnight after the board of Manchester United said it would not be recommending the takeover proposal to investors because Mr Glazer’s business plan appeared “aggressive”.