US billionaire Malcolm Glazer was last night on the verge of taking full control of Manchester United, holding 74.81 per cent of the shares of the company that runs the club.
The sports tycoon is expected to cross the key 75 per cent threshold on Monday, after which Mr Glazer will have full control of the 127-year-old club and delist Manchester United Plc shares from the stock market.
Mr Glazer yesterday formally launched his 300p a share takeover bid after persuading Irish investors John Magnier and JP McManus to sell their pivotal 28.89 per cent stake in the club at that price, triggering a compulsory takeover offer.
In its bid document, Mr Glazer outlined his plans to finance the takeover, including proposals to add £265 million in debt to the football club's books.
Club manager Sir Alex Ferguson has asked for a face-to-face meeting with the Glazer family to seek assurances that the changes among Manchester United's hierarchy will not impinge on his work as manager.
If those pledges are not made he has indicated that he will reluctantly give greater consideration to retiring, particularly if he can do so on a victorious note by beating Arsenal in the FA Cup final next Saturday.
Mr Glazer's move brings to an end a bitter, two-year takeover battle. Fans, who have consistently opposed the approach by the owner of the American Football team, the Tampa Bay Buccaneers, have responded angrily to the news.
Supporters insist they will continue to defy Mr Glazer. They are understood to hold between 10 and 15 per cent of the stock, enough to prevent Mr Glazer forcefully buying their shares but not enough to stop him controlling the club.
