Manchester United's shares dropped by two per cent at the start of trading today the Old Trafford club awaited Mr Malcolm Glazer's next move in his takeover battle.
The dip from 285.5p to 280 was the first reaction to Friday's events when Mr Glazer blocked the re-election of three members of the United board and then lost his backers JP Morgan in retaliation at the move.
Mr Glazer is believed to be attempting to secure alternative funding so he can pursue a hostile approach, although there is mounting speculation that Red Devils chief executive Mr David Gill may try to force the issue by asking the Takeover Panel to deliver a "put up or shut up" notice to Mr Glazer.
Such a move would give Mr Glazer a set amount of time in which to confirm his immediate takeover intentions. If he was not in a position to make a bid, he would be precluded from doing so for a further six months.
Mr Glazer is sure to regard such a move as antagonistic, causing a further freeze to already bad relations between Mr Gill and what remains of the United hierarchy.
However, Mr Gill is increasingly coming to the conclusion that the current position is not good for the club and cannot be maintained.
The move would also allow Mr Gill to continue his sent stance of refusing to provide "confidential information" Mr Glazer has requested prior to a bid being launched.
"There is no obligation for them to show any information," confirmed Mr Michael Shaw, a partner with London-based legal experts Herbert Smith and a former member of the Takeover Panel.