U.S. businesman Malcolm Glazer has played down speculation that he was preparing a takeover offer for Manchester United.

Glazer, owner of American football team the Tampa Bay Buccaneers, has accumulated 16.3% holding in United, and lasst week was reported to have hired Commerzbank to advise him on a possible bid for the club.

‘Contrary to press speculation no financial adviser has as yet been appointed in connection with its investment in Manchester United,” Glazer said in a statement.

However some analysts said they thought he was still likely to make a bid.

“I think it’s still quite likely that Malcolm Glazer will bid for Manchester United,” said Tony Craze, a stockbroker with tonycraze.com who advises some small investors in Manchester United.

Glazer said he was keeping his options open over his Manchester United stake, which he raised just last week.

“As with any investment, it (the family partnership) is considering its possible options, which may include increasing its shareholding or decreasing its shareholding in Manchester United,” he said in his statement to the London stock market.

“It could also include a possible offer for or a possible sale of its shareholding in Manchester United.”

Glazer said he was a supporter of the club with “great admiration for Manchester United’s rich history, loyal fans, great players, outstanding managers, winning tradition and for investment purposes”.