Bank denies Glazer takeover link

Bank hits Glazer plan

US tycoon Malcolm Glazer has not linked up with Deutsche Bank in an attempt to relaunch his Manchester United takeover plans, the bank has insisted.

Reports suggested Glazer had turned to Deutsche Bank after JP Morgan dropped him as a client last weekend.

A DB spokesman said: "Deutsche Bank is not in any talks with Malcolm Glazer."

Glazer is believed to be considering a hostile takeover of United, who turned down his initial approach because it was based on too much borrowed money.

But football finance expert Keith Harris has suggested that any attempt to take control of the club would be unlikely to succeed.

Can't the FA make Glazer state clearly why he wants to buy the team? From Ohio Have your say on 606

"There can be no question that any bank looking at this will look at it very cautiously. That's not to say somebody won't take it on," said Harris.

"The fees involved are very high. But the chances of success tend to be slim."

Former Football League chairman Harris brokered Roman Abramovich's takeover of Chelsea last year.

He is now advising Manchester United fans in their campaign to make sure Glazer does not take control of United.

Harris said banks would be reluctant to lend the American the funding for a hostile takeover as the cost and risks are high.

TAKEOVERS EXPLAINED In a friendly takeover, the management teams of the bidding and target companies negotiate the terms of the deal A takeover is deemed hostile when the target company's board objects to the deal The bidder attempts to win control of the company by going direct to the shareholders The bidder offers to buy shares for more than the market price If the bidder fails to win control, the offer is rescinded

"If a hostile bid is taken without Glazer having the money in the first place - and there's no evidence he does have in sufficient volume - even if they are successful, they don't know what they have bought," told BBC Five Live's Sportsweek.

"They won't have done the due diligence that's normally necessary for banks to lend vast sums of a takeover price."

Glazer, who owns 28.11% of United's shares, maintained his pressure on the club by blocking the re-election of three directors on Friday.

But Harris said the American could see the value of his investment plummet if his takeover bid falters.

"I don't believe he will [take over the club], unless he's got a pot of gold that none of us has had any sight of," said Harris, who is chairman of the Seymour Pearce investment bank.

"If he's got enough of his own money, rather than borrowing other people's money, then as we know that money can buy anything.

"But if he does take control of it he's going to be facing continued opposition from the fans.

"And would you really want to spend all that money on an asset which I think is going to dwindle in value."