Shares in Manchester United soared after the club revealed it had received a takeover approach.

United confirmed via a statement that an unidentified party had made an approach to buy the club and that the bid contained a “number of significant conditions”.

The news comes after reports in the weekend claiming US sports tycoon Malcolm Glazer was looking to take over the club.

Glazer already holds a 19.17% stake in Manchester United.

“The company is seeking clarification of this proposal and at this stage it is unclear whether any offer will be made,” the club said.

Shares in Manchester United rose 9.75 pence to 267p on news of the bid.

The club recently announced a 30% drop in annual profits to £27m.

Malcolm Glazer, who has invested £140m in buying United shares, has been at the centre of takeover speculation for a while.

If he raises his stake to more than 30% he would have to launch a full takeover bid under UK regulations.