US sports tycoon Malcolm Glazer has launched a £790m formal takeover bid for Manchester United.

Glazer initially secured the 28.7% stake of Irish racing tycoons JP MacManus and John Magnier, giving him a 59% stake in the Premiership club.

Red Football Ltd, speaking on behalf of Mr Glazer, said the Irishmen had sold their stakes for 300p a share.

Glazer followed up his buy-out of the Irish duo by securing the 17 million shares owned by Dobson’s Mountbarrow Investments Ltd.

With Dobson selling his 6.45 percent stake in United, it seems only a matter of time before Glazer has the 75 percent total he needs to ensure that United are delisted from the stock exchange allowing him to transfer his debt onto the club.

If he can get to 90% plus one share, he can make a compulsory purchase and be guaranteed other 10% of the club’s shares.

Shares in Manchester United jumped 34.25 pence, or 12.9%, at 299.25p shortly after the announcement.

The bid comes five days ahead of the 17 May deadline imposed by the Takeover Panel.

“A further announcement containing more detailed terms of the offer will be made shortly,” Red Football said in a statment.