US tycoon Malcolm Glazer has not given up hope of buying Manchester United and is preparing another bid to take control of the Premier League club, according to reports.
The decision by Glazer’s bankers JP Morgan to withdraw backing from his bid had seemingly ended any prospect of a takeover, but he now has new backers.
However, both the Daily Mail and the Independent newspapers report that Deutsche Bank may now step in to assist with Glazer’s bid.
Former Football League chairman Keith Harris, who brokered Roman Abramovich’s takeover of Chelsea last year, remains skeptical about the possibility of a deal coming to fruition.
“The fees involved are very high. But chances of success tend to be slim,” said Harris.
“There can be no question that any bank looking at this will look at it very cautiously. That’s not to say somebody won’t take it on,” Harris told the BBC Five Live.
Harris is now advising Manchester United fans in their campaign to make sure Glazer does not take control of United.
“If a hostile bid is taken without Glazer having the money in the first place – and there’s no evidence he does have in sufficient volume – even if they are successful, they don’t know what they have bought.
“They won’t have done the due diligence that’s normally necessary for banks to lend vast sums of a takeover price.”
“I don’t believe he will [take over the club], unless he’s got a pot of gold that none of us has had any sight of,” said Harris, who is chairman of the Seymour Pearce investment bank.
“If he’s got enough of his own money, rather than borrowing other people’s money, then as we know that money can buy anything.
“But if he does take control of it he’s going to be facing continued opposition from the fans.
“And would you really want to spend all that money on an asset which I think is going to dwindle in value.”