Glazer poised to make new strike
Malcolm Glazer will table a formal bid worth £800m for Manchester United in the next two weeks, it can be revealed today.
Sources close to the 76-year-old owner of the Tampa Bay Buccaneers said a 300p per share cash bid would follow after the Manchester United board said it would give the US businessman's advisers "limited" access to company accounts.
A statement to the Stock Exchange last night from Manchester United contained mixed news for the American millionaire.
On one hand he will be heartened that his bid team will be allowed to study the club's books. However, the board said it still had reservations about the funding of the deal, and would be "unlikely to be able to recommend the offer as being in the best interests of Manchester United".
The board has realised supporters' worst fears by allowing Glazer to inspect club accounts in the interests of the majority of shareholders.
They have done so with major reservations over the financing of the scheme, which they claim will "put pressure on the business of Manchester United" if Glazer's business plan did not prove successful.
The board, which met last night (Friday), pointed to the financing of the plan, which it said included less debt than his earlier proposal.
Glazer's new offer is thought to include less than £300m of debt, while the remaining £500m will be the American's own liability. If Glazer makes a firm proposal, the directors said they would consider the bid "...in light of the Glazer's business plan and its intentions in respect of the future development of the club".
They said it expected further clarification on both issues after Glazer had sifted through the books. The directors are treading carefully to avoid a backlash from irate fans.
One commentator said today: " The directors are not in an enviable position, they are between the devil and the deep blue sea."
United fans received the statement with mixed feelings. Oliver Houston, a spokesman for Shareholders United said: "This is a bold move by [chief executive] David Gill. We are disappointed that he has granted access to Glazer but we believe his statement confirms our suspicions that Glazer's proposals are a recipe for disaster for Manchester United. There could not be a clearer `put up or shut up' message to Glazer."
Besides the fans being vehemently against him, Glazer also needs to win the support of United's two biggest investors, Irish racehorse magnates John Magnier and JP McManus, who own 28.8 per cent of the club.
It was the failure to get them on board which led to Glazer's last bid attempt falling apart.
A spokeswoman for Cubic Expression, the investment vehicle of the Irish duo, said: "Nothing has changed. We are long term investors in Manchester United."
But sources say they will sell if the price is right.
Source: manchesteronline.co.uk
Malcolm Glazer will table a formal bid worth £800m for Manchester United in the next two weeks, it can be revealed today.
Sources close to the 76-year-old owner of the Tampa Bay Buccaneers said a 300p per share cash bid would follow after the Manchester United board said it would give the US businessman's advisers "limited" access to company accounts.
A statement to the Stock Exchange last night from Manchester United contained mixed news for the American millionaire.
On one hand he will be heartened that his bid team will be allowed to study the club's books. However, the board said it still had reservations about the funding of the deal, and would be "unlikely to be able to recommend the offer as being in the best interests of Manchester United".
The board has realised supporters' worst fears by allowing Glazer to inspect club accounts in the interests of the majority of shareholders.
They have done so with major reservations over the financing of the scheme, which they claim will "put pressure on the business of Manchester United" if Glazer's business plan did not prove successful.
The board, which met last night (Friday), pointed to the financing of the plan, which it said included less debt than his earlier proposal.
Glazer's new offer is thought to include less than £300m of debt, while the remaining £500m will be the American's own liability. If Glazer makes a firm proposal, the directors said they would consider the bid "...in light of the Glazer's business plan and its intentions in respect of the future development of the club".
They said it expected further clarification on both issues after Glazer had sifted through the books. The directors are treading carefully to avoid a backlash from irate fans.
One commentator said today: " The directors are not in an enviable position, they are between the devil and the deep blue sea."
United fans received the statement with mixed feelings. Oliver Houston, a spokesman for Shareholders United said: "This is a bold move by [chief executive] David Gill. We are disappointed that he has granted access to Glazer but we believe his statement confirms our suspicions that Glazer's proposals are a recipe for disaster for Manchester United. There could not be a clearer `put up or shut up' message to Glazer."
Besides the fans being vehemently against him, Glazer also needs to win the support of United's two biggest investors, Irish racehorse magnates John Magnier and JP McManus, who own 28.8 per cent of the club.
It was the failure to get them on board which led to Glazer's last bid attempt falling apart.
A spokeswoman for Cubic Expression, the investment vehicle of the Irish duo, said: "Nothing has changed. We are long term investors in Manchester United."
But sources say they will sell if the price is right.
Source: manchesteronline.co.uk
even as a Rangers (and Arsenal) fan i fully support the Man Utd fans in this.
