Glazer moves for Man United

MANCHESTER United's advisers are on a war footing after Malcolm Glazer submitted detailed bid proposals early today. After weeks of crunching the numbers, the American tycoon's side is believed to have come up with a costed revised business plan for the £800m takeover.

It will aim to address some of the issues that chief executive David Gill has regarding the 'highly leveraged' nature of the 300p-a-share deal. And it will probably have a series of concessions designed to win the backing of Manchester United's supporters who have opposed the deal.

The proposals are believed to include a promise not to sell the club's Old Trafford ground and a pledge to hand manager Sir Alex Ferguson a £20m transfer kitty to allow him to keep up with Chelsea's Jose Mourinho.

Contact between the two sides is through their respective financial advisers - the blue-blooded bankers Cazenove for Manchester United and NM Rothschild for Glazer.

It is understood Manchester's board, chaired by Sir Roy Gardner, will meet next week to decide whether to back or reject the deal. Insiders say behind-the-scenes talks could take as long as 10 days and shareholders are unlikely to see a formal bid tabled next week.

The decision of whether to get behind the takeover or reject it is a thorny one for Gill and Gardner, not least because of the inevitable backlash from Manchester United's diehard fans. They may choose not to give any recommendation at all, though under takeover rules each director must say whether they are for or against the deal and why.

Gill, having said that Glazer's indicative offer of 300p a share appears a fair one, could then be on shaky ground legally if he rejects it. The chief executive says there are other stakeholders to consider including the supporters, though legal precedent says he has to put the shareholders' interest first. The shares closed up 5p at 275p.

Major shareholders John Magnier and JP McManus, who have a stake of almost 30%, may hold the key. At £3 a share, they stand to scoop £270m.

Fans are furious and Shareholders' United's spokesman Sean Bones said: 'This is a disaster waiting to happen. Glazer risks plunging United into a financial meltdown which would make Leeds look like the equivalent of missing an HP payment on a telly.

'And it will not be him paying the bills. The fans will be paying over the money that will repay his debt. Glazer has shown before that he doesn't care at all about the ordinary fans who, after all, are the real long-term stakeholders in their football club.'