Glazer files offer document

Malcolm Glazer today submitted his formal offer document revealing his takeover plans for Manchester United.

Shareholders now have until June 13 to decide whether or not they wish to offload their stock to the American tycoon.

The United board has 14 days to respond but, as Glazer with a stake in excess of 76% effectively controls the club, it seems inevitable that United chief executive David Gill will recommend the offer to shareholders.

The 76-year-old Tampa Bay Buccaneers owner needs 90% of the remaining United shares in order to force a compulsory purchase of all shares and secure complete ownership of the club.

Glazer borrowed £540m (€785.6m) to fund his £790m (€1.1bn) takeover. Red Football, the working title of Glazer’s bid, will receive £275m (€400m) funding from preferred securities which has not been secured against United’s assets, and £265m (€385.5m) which will.

Gill has condemned Glazer’s business plan as ‘aggressive’ but could stay on to execute it anyway after the American’s camp have previously insisted they wanted United’s current management team to stay in place.

It has already been established that son Joel will take charge of the Glazer family interest in United but for now they are happy to allow Gill to carry on his normal day-to-day duties.

United boss Alex Ferguson revealed after the club’s FA Cup final defeat against Arsenal that he had spoken with the Glazers on the phone and is planning a meeting with them when he hopes to establish what money will be available for future signings.