Speculation was growing yesterday that US businessman Mr Malcolm Glazer could face a rival in his bid to take over Manchester United plc, while fans became more vocal in their opposition to a sale to the Florida-based multi-millionaire.
Sources close to the talks over Man United's future confirmed to The Irish Times yesterday that Mr Glazer made the approach which prompted a statement from the company revealing that it had entered preliminary discussions that could lead to a bid.
However, some reports indicated that there could be one other bid in the offing. City of London sources suggested that Mr Glazer would not face a clear run if he made a firm offer, while other reports claimed that a consortium of UK businessmen was already planning a rival bid.
At the same time, it is understood that no representative of Manchester United or Mr Glazer has approached its biggest shareholder, the Mr John Magnier and Mr JP McManus-controlled Cubic Expression, which has 28.89 per cent of the equity. Any offer would need their support to succeed.
Militant fans have also thrown down the gauntlet to Mr Glazer and the Manchester United board. Supporters daubed director Mr Maurice Watkins's house and two cars with red paint on Monday night.
The attack is not believed to have been the haphazard work of angry individuals. Instead, reports claimed it was the first act of a sustained campaign to destabilise any attempted takeover of the club.
At the same time an organisation of shareholder fans, which is not connected with the attack or threats of violence, has begun mobilising support amongst the 35,000 supporters who hold around 20 per cent of the company between them.
Mr Sean Bones, vice-chairman of Shareholders United, which represents fans with an estimated 6 per cent of the equity, said yesterday that there had been a huge response to a campaign that it began last week to recruit other shareholding fans.
Under UK takeover rules, a 10 per cent-plus holding can halt a takeover as any offer has to have the support of 90 per cent of the equity to succeed.
