Man Utd 'to open books to Glazer'

AMERICAN sports tycoon Malcolm Glazer is to gain access to Manchester United's books following his revised proposal earlier this week to take over the Premiership club.

Glazer, who holds 28.1% of United's shares, wants his advisers to carry out due diligence checks on the club's accounts before he goes ahead with his £800m bid.

To have any chance of success, however, Glazer will have to convince JP McManus and John Magnier, the two Irish racing millionaires who hold 29% of the club's shares. So far there is no word as to how the two Irishmen will vote but City analysts say that the club's agreement to give Glazer access to its books marks a significant step in the American's bid to take it over.

A formal announcement from the United board has yet to be made but, according to a report in the Financial Times, that could come as early as today.

Even if Glazer gets sight of the accounts and subsequently wins the support of McManus and Magnier, formidable obstacles remain. United fans are opposed to any takeover and the board is unlikely to overlook the impact of any supporter-led boycott of the club.

Fans are concerned that players may have to be sold and that ticket prices would rocket. United's supporters have played a significant part in seeing off other attempts to take the club into private hands. But although fans hold about 20% of the club's shares, the thumbs up from McManus and Magnier would make the takeover a formality.

United supporters fear that as Glazer is not a football fan he simply wants to get control of one of the most famous and successful clubs in the world.

City analysts believe the financial impact of any boycott may be limited when set against the potential benefit of exploiting United's brand in the US. Glazer owns the Tampa Bay Buccaneers NFL team and with long experience in sports marketing believes that the upside for the promotion of United in North America would be huge.

Glazer was rebuffed by United four months ago amid concerns about the large amount of debt he planned to use to fund his bid. Investment bank JP Morgan has said it will finance a bid if Glazer agrees a friendly takeover.

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