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Last Updated: Friday, 15 April, 2005, 04:09 GMT 05:09 UK
Directors to consider Man Utd bid
Malcolm Glazer
Mr Glazer and his family hold a 28.1% stake in the club
Directors at Manchester United are expected to begin looking at revised proposals for an estimated 800m ($1.5bn) takeover of the club.

US sports tycoon Malcolm Glazer's new plan includes a commitment to provide a 20m transfer fund for new players.

He also backs the club's plans to expand its Old Trafford stadium.

The Manchester United board is expected to spend at least a week looking at the proposals before deciding whether to recommend them to shareholders.

Mr Glazer and his family currently hold a 28.1% stake in the club.

He has proposed to pay 3 per share, which, at the close of trading on Thursday, were trading at 2.75 apiece.

Once he bought Man Utd, it would be regarded as an asset just like his caravan parks in Florida
Independent MU Supporters' Association

The club's largest shareholders are Irish horseracing tycoons John Magnier and JP McManus, who together hold 28.9% of the club.

They have maintained that they do not intend launching a takeover attempt of their own and have been thought likely to be tempted by a cash offer for their shares at about 3 each if it comes with no strings attached.

Manchester United chief executive David Gill has previously said 3 a share is a fair price for the business.

However, correspondents say the club's response to Mr Glazer's offer will depend on details relating to the financing of the bid, such as how much debt the club might be left with afterwards.

The board will have to decide whether their commitment is just to shareholders or to wider 'stakeholders', including supporters

Fans' groups have been strongly opposed to a Glazer takeover.

"This talk of a 20m sweetener is a total con," said Independent Manchester United Supporters' Association spokesman Mark Longden.

"He is borrowing the money anyway, so it is the supporters who will have to pay that back.

"And as for more of the debt being in his name, once he bought Manchester United, it would be regarded as an asset just like his caravan parks in Florida.

"If he couldn't pay back the money he owed, the club would be sold off just like everything else."

Details of Malcolm Glazer's proposals

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