US businessman Malcolm Glazer is reported to be considering making a hostile bid for Manchester United if talks over a friendly £800m approach fall through.
'If the bid is rejected, he could take the offer straight to shareholders,' the Reuters news agency quoted a source close to the process as saying, although he stressed Glazer's aim was to get a recommendation from United's board.
Glazer has told United's board he is prepared to pay 300p a share in cash to buy the Premiership club, but the two sides are said to be locked in talks and are yet to agree a deal. Glazer has had two previous bid attempts rebuffed.
The key sticking point is reported to be the capital structure of the bid and the amount of debt Glazer plans to load on to the company's books to fund the acquisition.
Under the plan, Glazer would transfer about £300m of debt to debt-free United and finance the remaining $500m through his own money and bank loans. The board has said it will not approve a takeover that leaves United heavily indebted, although it acknowledges that 300p a share would be a fair price.
Glazer, who owns the Tampa Bay Buccaneers American football team, wants the board to recommend the bid and put it to its shareholders to decide.
Irish duo John Magnier and JP McManus own 28.8% of the club, and without their backing Glazer's takeover cannot proceed. Fans oppose Glazer's approaches because they fear he will hike ticket prices and cut investment to pay back his debt.
