Man U bracing for takeover

PREMIERSHIP champions Manchester United are bracing for a takeover following the fall-out from the departure of chief executive Peter Kenyon.

Former Football League chairman Keith Harris is at the heart of plans to buy the club, and is seeking talks with leading shareholders, including representatives of Irish stakeholders JP McManus and John Magnier.

Harris has extensive City contacts as executive chairman of investment firm Seymour Pierce and financing for the takeover, which would see the club valued at around £550m, is being finalised. Talks are taking place with foreign investors and at least one prospective backer is thought to be a Russian multi-millionaire in the mould of new Chelsea owner Roman Abramovich.

A separate report in The Observer said three overseas billionaires, acting independently, are poised to launch £600m bids. It said there was speculation one of them could be John De Mol, the Dutch TV entrepreneur who invented Big Brother and holds 3.4% of Utd.

The potential for a major boardroom shake-up in the coming weeks precipitated Kenyon's departure for Chelsea. He knew that he would not have been part of the plans of any new group taking over the club. The moves will also focus the spotlight on manager Sir Alex Ferguson, who was close to Kenyon.

Senior shareholders are understood to be disappointed with Kenyon's performance as chief executive, most notably in the transfer market, where he allowed Ferguson licence to spend millions.

Ferguson's spending has been questioned by several major shareholders, and those doubts preceded the bitter row between Magnier and Ferguson over the ownership of racehorse Rock of Gibraltar and stud fees.

Despite the renewed uncertainty surrounding the club, Ferguson is expected to be offered a new contract in the coming weeks.

New chief executive David Gill has met Ferguson and is continuing negotiations started by Kenyon to extend Ferguson's £4.5m-a-year contract, which runs out in 2005.

Even if the prospective takeover were successful, Ferguson's new contract would be endorsed but he is unlikely to enjoy the freedom granted by Kenyon.