United cool on new Glazer bid

Malcolm Glazer has told Manchester United he is preparing a revised offer for the world's richest football club.

In a statement to the Stock Exchange this afternoon United, who are now officially in an offer period, confirmed that the American sports tycoon held a meeting with chief executive David Gill last week where he revealed he was not giving up on his £800million bid.

But the statement added: "The board does not intend to open discussions on this matter unless it receives a definitive proposal from Glazer."

Glazer's earlier bid for the club collapsed last month after Gill rejected his proposal, saying it was too reliant on borrowing.

Then bankers JP Morgan withdrew support following his decision to turn hostile and remove three directors from the club's plc board.

Glazer's new package is believed to involve him taking on significantly less debt than the previous offer. But today's statement suggests Glazer, owner of American football franchise Tampa Bay Buccaneers, has found fresh financial backing to help him support his move.