Sources said today that US financier Malcolm Glazer is set to approach Manchester United's two biggest shareholders to offer to buy their majority stake in the world's richest soccer club.
If J.P. McManus and John Magnier agree to sell their 28.8% stake, then Glazer, who already owns 28.1%, will launch a tender offer for the remaining shares.
If the Irish investors refuse to sell, however, Glazer and his two sons, Joel and Avi, will be forced to walk away. It will be the third time their takeover attempt has foundered.
It was the failure to get JP McManus and John Magnier on board that led to the collapse of Glazer's bid last time around. At the time, sources close to the process said the Irish walked away because they wanted their money, about £228m, up front, not as part of any takeover offer.
This time Glazer is more hopeful because they have the cash on hand if the Irish pair, who invest through their Cubic Expression
In other news on Manchester United, the club said today they are applying to build a new casino complex, including a five-star hotel, restaurants and a health club, near to their Old Trafford stadium.
The club, awaiting a formal bid approach from US tycoon Malcolm Glazer, said it was making the bid in partnership with hotel and gaming company Las Vegas Sands Corporation, but its plans depend on receiving a casino licence.
The club has the support of its local Trafford Council and together with its US partner has made an initial bid for a licence for a regional-scale casino in the Trafford area. The project has the potential to create up to 2,000 new jobs.
Under Britain's new Gambling Act of 2005, a UK government-appointed advisory panel will look at applications under which the first regional casino and any subsequent projects are awarded.
