Tycoon's books fuel fear at Man U

ACCOUNTS just filed in America offer an intriguing insight into how US sports tycoon Malcolm Glazer might run Manchester United if the world's richest football club were to fall into the hands of its second-biggest shareholder.

Glazer, who has an 18.25% stake, has not ruled out making a bid for United, now valued at £654 million.

But United fans who speak for a similar number of shares oppose any takeover and are concerned that Glazer lacks the funds to ensure their team can continue to compete at the highest level.

'It's always been our contention that Glazer would take money out rather than put money in if he took over United,' said a leading shareholder fan.

Such fears will be heightened by news that Zapata, Glazer's major public holding company, last year paid him and his family more than twice the company's declared profits.

Documents filed with the Securities and Exchange Commission in Washington show that Zapata, which drew most of its $892,000 (£500,000) in net income from a majority-owned fish oil company, paid Glazer $1.5 million in cash plus perks to act as a consultant, and an additional $700,000 a year to his four children.

The SEC is reported to be investigating the trading of shares in certain companies controlled by the Glazers. However, the family has said that the inquiry focuses not on them, but on a discredited takeover offer for Zapata by an independent investor.