Man Utd bid battle hots up

US sports tycoon Malcolm Glazer is said to be lining up a fresh takeover bid for Manchester United. The company this afternoon confirmed that it had been told Glazer is considering 'potential revisions' to his previous proposal.

But the Premiership football club said it would not open discussions with the Glazer camp unless it receives a definitive proposal from him.

A £800m offer was rejected by the club's board two months ago because it would have left the company deeply in debt.

Weekend press reports suggested Glazer, the billionaire owner of Florida's Tampa Bay Buccaneers American football team, will make a new offer consisting of more cash and less borrowing than his previous proposal.

In November, Glazer took his revenge against Manchester United for rejecting his overtures by voting three directors off the board. This prompted Glazer's financial backer JP Morgan and his public relations firm Brunswick to dump him, a development that appeared to scupper his takeover ambitions.

{2}However, reports have suggested Glazer is wooing Commerzbank to back a renewed bid.By mid-afternoon, shares in Manchester United were up 9p, or 3.4%, at 275p pence.

Fans are urging United to stand firm against a restructured bid from Glazer, who currently has 28.1% of the shareholding.