Glazer makes new Man Utd approach

Malcolm Glazer has made a fresh approach to buy Manchester United, which could lead to a bid valuing the Premiership club at £800m.

The US tycoon, who has been wooing the club for the last 12 months, has approached the United board with "detailed proposals", it has confirmed. Mr Glazer, who owns the Tampa Bay Buccaneers team, hopes this will lead to a formal bid being accepted. His new offer is expected to contain substantially less debt. Mr Glazer has already had one takeover attempt turned down by the Red Devils and responded by using his 28.1% shareholding to vote off three board members last November.

Man United had turned down the bid because it was based on a high level of borrowing. But newspapers have speculated recently that the tycoon had gained the support of leading banks to come up with a stronger and less debt-laden bid. Last week, however, Mr Glazer issued a statement to the Stock Exchange distancing himself from a new bid.

Meanwhile, United's chief executive David Gill said in December that talks would not resume unless Glazer came up with "definitive proposals". Now the board has confirmed that the US bidder is back, with a statement issued on Sunday reading: "The board can confirm it has now received a detailed proposal subject to various preconditions which may form the basis of an offer. "A further announcement will be made in due course."

To succeed Malcolm Glazer will still need the approval of major shareholders John Magnier and JP McManus, who own 28.9% of the club. But the Irish duo have cut off talks with Glazer over the proposed sale of their stake and have so far made no comment on his latest approach. United fans have reacted with anger at the announcement. They have vehemently opposed any proposed takeover by Glazer since he first showed interest in the club in September 2003 and after Sunday's announcement they vowed to fight on. "We will fight tooth and nail to stop him whatever his offer says. We do not want him or anybody else taking over United," said Mark Longden of the Independent Manchester United Supporters' Association. "The campaign against this proposed takeover will continue as it has done since Glazer first showed interest in the club."
