Man U bidder may get red card

AMERICAN tycoon Malcolm Glazer is ready to kick off an £800m bid for Manchester United after spending 18 months stalking the club.

But he might discover his route to goal blocked. He has yet to find the cash to finance the deal, needs to woo key investors and must win over the fans if he is to bag his coveted trophy.

In a Stock Exchange statement, the world's richest football club revealed it had received a 'preliminary' takeover approach, but warned it contained a number of 'significant conditions'.

The 76-year-old Glazer is likely to have to borrow up to £680m to fund the takeover. A billionaire on paper, most of his wealth is tied up in his Tampa Bay Buccaneers American football franchise and property such as shopping malls.

Glazer, who already has 19.2% of Man U, has hired investment bank JP Morgan to advise him on the bid. It will have to seek out lenders willing to get involved in the heavily-leveraged deal.

To pull off the takeover, Glazer will also need to win over Irish bloodstock barons John Magnier and JP McManus, who own a 28.9% stake.

There has been no contact between the two sides. City experts believe Glazer would have to offer a hefty premium to convince the duo to sell.

According to market sources, the Irishmen would listen to offers of more than £3 a share. But Glazer may have to put up 325p if he wants to guarantee success, putting an £850m price tag on Man U. The shares ended the day up 13 3/4p at 271p.

Crucially, he will also have to win over the fans, who own 18%. They are said to be 'strongly' against a Glazer takeover, because it means the club will no longer be listed on the stock market, and will instead become the US magnate's private fiefdom.