Glazer tightens grip on Man United

US tycoon Malcolm Glazer was on the brink of taking Manchester United private tonight after it emerged he had control of 74.81% of the club's shares.

Glazer's advisers have been buying shares all day and they now require a fraction more stock to go beyond the crucial threshold of 75%, meaning the tycoon has complete control over the running of the company.

Earlier today, the owner of the Tampa Bay Buccaneers revealed he would carry £265m of borrowings into the deal, which values United at £790m.

The debt will take the form of a £265m loan facility but Glazer will also generate £275m in funds by issuing securities which have no hold over Manchester United's assets.

Glazer will stump up £272m of his own money for the takeover bid, which was formally launched today through his Red Football Limited investment vehicle.

His son Joel said: 'We are delighted to make this offer to acquire one of the pre-eminent football clubs in the world. We are long-term sports investors and avid Manchester United fans. Our intention is to work with the current management, players and fans to ensure Manchester United continues to develop and achieve even greater success.'

Hilary Cook of Barclays Stockbrokers said: 'He knows he will get to 75% now, but the question remains as to whether he will get above 90%.'

If he can reach the 90% threshold, Glazer can make a compulsory purchase of the remaining 10% of the club's shares. In the event his ownership stays below 90%, remaining shareholders will find themselves with few rights, including the possible loss of dividend payments. It is thought that supporters' groups own around 18% of United's shares.

The statement from Red Football said the Glazer family had both 'experience and success' in managing a sports club after the Tampa Bay Buccaneers won the Superbowl eight years after the American football franchise came under their control.

That period had also brought financial success to Tampa Bay through the attraction of new sponsorship money and investment, the expansion of its stadium and 'sustained investment' in the playing squad, Red Football said.

It did not offer details of its plans for Manchester United.

Glazer effectively seized control of Manchester United yesterday when he bought the 28.7% shareholding of Irish racing millionaires John Magnier and JP McManus - less than a week before a deadline set by the stock exchange's takeover panel for a formal offer was due to expire.

He then acquired the 6% stake of Scottish mining entrepreneur Harry Dobson and has been mopping up the remaining shares available in the market.

Supporters' groups have vowed to continue to oppose the bid because their fear Glazer will cream off profits to repay debts rather than investing in new stars.

Sean Bones, of Shareholders United, said the group planned a boycott of merchandise in an attempt to devalue the brand. 'What we have to do is affect revenue streams,' he said. 'We need to stop people buying merchandise or anything related to the sponsorship of the club.'

Glazer was 'a thick-skinned guy to try and take over a club where 93% of the customers, the supporters of the club, are against him,' he added.

United manager Sir Alex Ferguson, who was due to attend a birthday party at Old Trafford tonight, cancelled his afternoon press conference having earlier admitted he was in the dark over his future at the club.

'I always look forward, and I'll do so again, but we'll just have to wait and see what is going to happen,' he said.