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Man United receives Glazer proposal
(Agencies)
Updated: 2005-02-07 09:33

Manchester United says it has received a detailed proposal from U.S. entrepreneur Malcolm Glazer which may lead to a takeover of the world's richest soccer club.

Manchester United says it has received a detailed proposal from U.S. entrepreneur Malcolm Glazer, shown in a file photo, which may lead to a takeover offer. [Reuters]

In Glazer's third tilt at the 126-year-old club, sources said the latest offer would value the company at 800 million pounds and contain less debt in order to avoid another rebuff.

"The board can now confirm that it has received a detailed proposal subject to various preconditions which may form the basis of an offer for Manchester United from Glazer," Manchester United said in a statement emailed to Reuters on Sunday.

A spokesman for the company declined to give further details.

A source close to the matter said Glazer, owner of the Tampa Bay Buccaneers American football team, would offer 300 pence per share, valuing the bid at 800 million pounds. United shares closed on Friday at 268-1/4 pence each, valuing the company at some 703 million pounds according to Reuters data.

Crucially, the source said Glazer's new bid would consist of more cash and less debt than his previous proposal, a move seen as key since United's board said previously it would not back a bid that left the club deeply in debt.

Glazer, who has had two previous offers rebuffed, hopes United's board will recommend the proposal to its shareholders, the source said.

This was aimed at avoiding separate negotiations with United's largest shareholders -- Irish race horse tycoons JP McManus and John Magnier -- who own nearly 30 percent of the 15 times English soccer champions.

It was the failure to get the Irish on board that led to Glazer's last bid attempt falling apart, causing United to end the takeover talks.

A debt-free business with one of the best-known brands globally, Manchester United has fallen prey to rampant takeover speculation because of its huge marketing and cash-generating potential.

But fans have vociferously rejected recent takeover approaches from Glazer, leading his camp to adopt a low profile.

"We feel in effect the bid isn't different from the previous one, it is just dressed differently," Sean Bones, vice-president of fans' organisation Shareholders United, told Sky News on Sunday.

United said in December it had held tentative talks with Glazer, but that negotiations would go no further until the U.S. businessman put a definitive offer on the table.

This time around, Glazer is working with investment bank Rothschild, sources have said, after his previous advisers JP Morgan walked away at the end of the American's last bid attempt in December.

However, JP Morgan is prepared to fund Glazer's new approach if it is recommended by the board, the sources added.

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