Glazer set to seize Man Utd

AMERICAN sports magnate Malcolm Glazer is poised to seize control of Manchester United with an audacious £790 million bid to buy the world's richest football club.

Financial Mail revealed last week how Glazer was putting together a bid to control the club. Now he has approached Irish racing tycoons John Magnier and JP McManus with an offer of 300p a share for the 28.9% stake owned by Cubic Expression, their investment vehicle.

The pair, United's biggest shareholders, were this weekend considering what they called 'an unsolicited approach'. Magnier and McManus stand to make about £70 million on their investment in United if, as expected, they sell to Glazer. His 19.2% stake would jump to 48.1%. Under stock market rules, he would then be obliged to make the same offer to all other United shareholders.

Glazer plans to delist United's shares and take it private. He has hired US investment bank JP Morgan to advise him. 'United will be run as a club, not a company,' said a source close to the Glazer camp. Details of how he will fund the bid are unlikely to be revealed before any formal offer, though he will borrow heavily against United's assets, which include long-term sponsorship deals with Nike and Vodafone.

Cubic Expression said: 'We are keeping all our options open. Nothing has changed.' But a sale would represent an elegant exit for the Irish duo, who have campaigned to improve boardroom standards at Old Trafford.

Glazer must still convince United's fans about his intentions. They hold 18% of the club's shares and represent a big obstacle to his aim of taking it private. Fans played a key role in blocking a £623 million bid from Rupert Murdoch's BSkyB in 1999.

Supporters suspect Glazer will use the club as a toy for his 36-year-old son Joel. They also fear that they will have to raise ticket prices to make the numbers add up. But sources close to the Glazer camp insist that fans will be 'very excited' about his plans.

No other bidder has emerged, though banker Keith Harris is trying to put together a consortium with the backing of fans.

United shares closed at 272p, up 14 3/4p on the week, valuing the club at £713 million.