US billionaire, Mr Malcolm Glazer is reported to be in talks with likely financial backers for a fresh bid for Manchester United plc.
Its board made it clear yesterday that it will not begin talks on a potential €1.1 billion offer for the company unless it is definitive.
The board confirmed that Mr Glazer had indicated "on a very preliminary basis", that he would revise the terms of his previous indicative offer for the company.
"The board does not intend to open discussions on this matter unless it receives a definitive proposal from Glazer," it said in a statement.
He is not likely to increase the value of his original £3 sterling (€4.36) offer for Manchester United. But his new deal is likely to be supported by less debt than the first. The board shot down his first offer because it believed it would drag the company into too much debt. It subsequently emerged that he intended to cut the level of borrowing in any subsequent bid.
However, Mr Glazer still has to find a financial backer for any bid. Reports yesterday suggested that he was in talks with both Commerzbank and JP Morgan.
He enlisted the latter to support his first offer, but it walked away last month after Mr Glazer prevented the election of three candidates, nominated by the company, to the board.
However, sources yesterday said that the US bank would be willing to work with Mr Glazer again if he repaired relations with the company. Neither JP Morgan, nor Commerzbank would comment yesterday.
Commerzbank has worked with Mr Glazer in the past. Meanwhile, Manchester United fans, who have conducted a trojan defence against the US businessman, have already begun emailing Commerzbank in an effort to dissuade it.
