Bank in bid to block Glazer

Japanese financial institution Nomura Bank has emerged as the backer of a possible attempt to prevent US billionaire Mr Malcolm Glazer from bidding for Manchester United.

The bank released a statement yesterday saying its asset finance arm was in talks with Seymour Pierce, a stockbroking firm headed by former English Football League chairman Mr Keith Harris, about backing an alternative to a Mr Glazer-led takeover.

"Nomura confirms its asset finance group is in discussions with Seymour Pierce Ltd about providing finance to assist them and the supporters with a view to developing a strategy that will provide a long-term future for Manchester United that is in the best interests of the club," the bank said.

Mr Harris is working on the plan with Mr Gary Wilder, the co-head of asset finance at Nomura. The pair are said to have a long-standing business relationship. Mr Harris advised Russian billionaire Mr Roman Abramovich on his takeover of another premiership club, Chelsea, last year.

Mr Sean Bones, vice-chairman of Shareholders United, a group of supporters that holds about 6 per cent of the company, confirmed to The Irish Times last night that it had met Mr Harris and Nomura representatives to discuss the possibility of an alternative to giving Mr Glazer's family control of the club.

Sources close to Seymour Pierce said yesterday that any such alternative would require the support of Manchester United's biggest shareholders, Coolmore Stud boss Mr John Magnier and his associate, Mr JP McManus.

They hold 28.89 per cent of the club through an offshore vehicle, Cubic Expression. Neither Mr Harris nor Nomura had approached the two Irishmen by close of business yesterday.

Following an €89 million buying spree last week, the US businessman's company, the Glazer Family Partnership Ltd, holds 28.11 per cent of the club.

Given the size of the Glazer stake, sources said yesterday it was "difficult" to establish what alternative strategy the other parties could pursue.

Manchester United's share price rose 3.75 pence sterling on the news to close at 283.75 pence in London last night.