Malcolm Glazer could launch a bid to buy Manchester United this week after securing financing to fund a takeover of the Premier League club.
US investment bank JP Morgan has pulled together the funding for a 300 pence per share offer for Manchester United, according to reports in the English press.
Glazer, owner of NFL’s Tampa Bay Buccaneers, is reported to have approached Irish racing tycoons JP McManus and John Magnier, who together own 28.9 percent of the club.
The bid would value the club at £786 million pounds.
The Sunday Times reported that McManus and Magnier were amenable to the idea of selling their stock if offered more than 300 pence per share.
It quoted an unnamed source close to the Irish pair as saying: “We will not sell unless we are made a silly offer, and that means 300 pence-plus.
“We spent four years building up the shareholding. You can probably assume that we have built our stake up to entirely where we want it to be.”
Manchester United confirmed last week that it had received a preliminary takeover approach, although they did not close the identity of the bidder.
News of a possible takeover has angered many of the club’s supporters, prompting a dirty tricks campaign against Glazer’s advisers, including JP Morgan and Brunswick, the leading PR firm.
Fans have arranged for taxis, pizzas and plumbers to turn up on the door of PR firm Brunswick, and even placed an advert for cheap holidays in a magazine with the company’s telephone number, the Sunday Telegraph reported.
“This is not something that we have had to coordinate. These are spontaneous acts: fans want to do something,” it quoted Oliver Houston of Shareholders United, a supporters group, as saying.
“Brunswick and Glazer don’t appreciate what they have taken on. And this is only week one.”