Man Utd shares leap on new Glazer bid

SHARES in Manchester United climbed to their highest since the start of the year today after the club confirmed American tycoon Malcolm Glazer has launched another attempt to buy it.

But the response was more muted than experts forecast, with many investors waiting to see the extent to which Glazer has re-packaged his £800m bid.

Glazer, who owns the Tampa Bay Buccaneers NFL team, was rebuffed four months ago amid concerns about the large amount of debt he planned to fund his raid.

Furious fans were worried players would have to be sold and that ticket prices would rocket. Some 20% of the club's shares are held by small investors, many hardcore Man Utd supporters.

A statement from the club today said only that the Glazer family had tabled a 'detailed proposal subject to various preconditions which may form the basis of an offer'.

The shares rose 11⅔p to 280p, valuing the company at just over £1bn. They stood at 290p in November. Glazer already owns a 28.1% stake.

Vinay Bedi, analyst at Brewin Dolphin, said: 'There was an argument that Glazer was trying to buy the club with its own money rather than his. The level of debt is going to have to have changed quite significantly for the board to recommend the offer and the fans to get anywhere near supporting it.'

Chief executive David Gill is thought to have called a board meeting for tomorrow to discuss the approach.

Last week investment bank JP Morgan was said to be willing to finance a bid if Glazer agreed a friendly takeover. Glazer's last attempt to buy United failed when Morgan pulled out after refusing to back his move to vote three directors off the United board at the club's annual general meeting. His City public relations advisers, Brunswick, also withdrew as club supporters campaigned aggresively to block his attempted takeover.

United's supporters have played a significant part in seeing off other attempts to take the club into private hands. They fear that Glazer is not a football fan, but simply wants to get control of one of the most famous and successful clubs in the world.

Glazer's latest approach is no more welcome.'Will this man not take no for an answer?"' said Jules Spencer, chairman of the Independent Manchester United Supporters' Association. 'We have made our feelings about him perfectly clear. We do not want him involved in our club. We do not see any way that his influence can benefit us.'

Glazer's chances of success depend heavily on the 28.9% stake in the club owned by Cubic Expression, the company owned by Irish racehorse tycoons John Magnier and JP McManus.

However, Magnier and McManus have indicated that they are investing in the club as a long-term project.