United reveal Glazer bid is dead
Manchester United confirmed today that Malcolm Glazer's £800million deal to buy them had collapsed.
However, United refused to rule out a renewed bid for the club from the American football tycoon.
In a statement to the Stock Exchange this morning, the United board said there were no talks currently ongoing between Glazer and Irish businessmen JP McManus and John Magnier, who are 28.9 per cent of the club. It added that following preliminary talks with Glazer, there was no definitive proposal for the board to consider.
United's share price fell sharply on the back of the news and just before 2pm trading was down almost 10p at 254p.
The deal fell through yesterday after Magnier and McManus informed City regulators that they were not interested in Glazer's offer.
It is not clear whether Glazer will return to the Irish with a better offer or if he will now try and bale out of the club by attempting to offload his 19 per cent stake in United.
United's statement read: "The board can confirm it has held preliminary discussions with the Glazer Family Limited Partnership ('Glazer Family') and its advisers about a possible offer.
"There is currently no definitive proposal for the board to consider. The board also understands that the Glazer Family and its advisers held discussions with Cubic Expression but that no talks are currently ongoing. The board understands that the Glazer Family continues to consider all its options in relation to its shareholding in United, including the possibility of making an offer.
"The board can assure shareholders in the company and fans of the club that, should any proposal be made, the board will take into account all relevant considerations including the potential financial terms, possible financial structure and any impact these considerations may have on the future operation of the club."
Sean Bones, spokesman for Shareholders United, the action group which represents fans who claim to own just under 20 per cent of United, said: "It is good news. The fretting isn't over but this is definitely a respite. We didn't want Glazer."
Keith Harris, the former Football League chairman and head of City stock brokers Seymour Pierce, is now working on a proposal with the fans' groups to restructure the ownership of the club.
