Tycoon 'stalks' Man United again

Malcolm Glazer already owns 28.1% of Man Utd

US sports tycoon Malcolm Glazer is preparing to sweeten his bid approach for Manchester United, reports say.

The Premiership club ended talks with Mr Glazer over a possible takeover last month on the grounds that his bid relied too much on borrowed money.

Mr Glazer is now thought to have revised terms of his offer to buy the shares of John Magnier and JP McManus.

The Irish duo hold a 28.9% stake, while Mr Glazer, owner of American Football team Tampa Bay Buccaneers, holds 28.1%.

According to reports, Mr Glazer offered 300p per share for the Irish millionaires' stake last month.

However, the bid was rejected by the horseracing magnates, reportedly because Mr Glazer said a deal was conditional on him being able to get to majority of the club's shareholders - representing 75% of its stock - to back a bid.

Revised terms

Now, his advisers JP Morgan have apparently told the Irishmen's investment vehicle Cubic Expression that Mr Glazer would drop that condition and pay them upfront for their 28.9% stake within seven days of a deal being done.

But as yet, the US business tycoon has not received a reply from Cubic or any sign as to whether they agree with the terms.

If he can hammer out a deal with Cubic, he would have a stake in excess of 50%, effectively giving him control of Manchester United as well as forcing him to make an offer for the remainder of its stock.

Under takeover rules, Mr Glazer would have to launch a formal bid for the club if his stake rose to 30%.

He is likely to meet opposition for United supporters, who have mounted a vigorous campaign to prevent the American from taking over the club.

Last month, Mr Glazer approached the club itself with an indicative offer, but was turned away after it emerged that talks between Glazer and the Irishmen had fallen through.

A spokesman for Mr Glazer declined to comment on the latest reports, as did a spokesman for Cubic Expression.

No-one from Manchester United was available for comment.

Shares in the club were 1.5 pence higher at 286.5 pence by the close of trade in London on Thursday.