Glazer's back in for United

Malcolm Glazer is launching a new takeover bid for Manchester United.

Despite massive supporter opposition to his plans to seize control of Old Trafford, the American billionaire and his two sons, Joel and Avi, are pressing ahead in their attempt to buy the club.

According to City sources, Glazer, who owns 28.1 per cent of United, has secured the backing of respected investment bank NM Rothschild. They are believed to be providing backing for a new £800million bid and Glazer is now trying to secure a deal with the club's major shareholders, the Irish entrepreneurs JP McManus and John Magnier.

It is understood he has made contact with representatives of their Cubic Expression investment company, which owns 29 per cent of the club, but that they are not, at this stage, interested in opening negotiations.

Glazer failed in his last attempt to buy United in November after his bankers JP Morgan pulled out after refusing to back his move to vote three directors off the United plc board at the club's AGM.

His City public relations advisers, Brunswick, also withdrew as supporters mounted an aggressive campaign to derail his attempt to buy the club.

But the Evening Standard has learned that, in the last two weeks, Glazer's representatives have been back in touch with Brunswick to see if they would be prepared to get back on board - a move which has been rebuffed. The legal firm Allen & Overy, who backed his previous bid, are still on board and are playing a central role in the fresh takeover plan.

Unlike his previous bid, Glazer believes he has come up with a proposal which is less reliant on debt. United ended talks on the first bid with Glazer and his family, saying it was "overly leveraged".

According to sources, Glazer has a new scheme which reduces borrowings but which will be covered by a 20 per cent increase in ticket prices in the second year of the new regime - a move certain to infuriate fans. Glazer could announce his latest approach as early as next week.

United manager Sir Alex Ferguson expressed his opposition to the move in November when he said: "We don't want the club to be in anyone else's hands."

However, the club's board have indicated in the past that they would be prepared to back a 300p-a-share offer from Glazer.

United's shares fell slightly on the London Stock Exchange today from 252p a share to 246.5, valuing the company at £648m.

A spokesman for Manchester United said: "As we said before Christmas, the board does not intend to reopen discussions on this matter unless it receives a definitive proposal from Glazer."