One of the wealthiest men in the United States has launched another attempt to buy Manchester United with an offer that could see Irish millionaires Mr John Magnier and Mr John McManus make a profit of more than €125 million from their investment in the club.
US sports tycoon Mr Malcolm Glazer has returned to the fray with a new offer that is the same size as his previous bid last October - €1.166 billion (£800 million), but which is believed to involve less borrowing on his part. He is believed to have made a reduction in the debt required to complete the deal, from £500 million to £300 million.
Last October's approach was rebuffed by the two Irish businessmen, who own a 28.9 per cent stake in the club by way of their British Virgin Islands company, Cubic Expression.
The latest Glazer bid will first be put to the board of Manchester United to seek its approval. The board will rule on whether it believes acceptance of the offer is in the best interests of the shareholders.
Mr Magnier and Mr McManus are not represented on the club board and are likely to be approached only if the board says it believes the offer should be accepted.
It is not known exactly how much it cost Mr Magnier, a multi-millionaire bloodstock breeder, and Mr McManus, a financier and former bookmaker, to build up their stake in the club. But the figure has been estimated at approximately €200 million. The latest bid from Mr Glazer would value their shareholding at €325 million. The two men each have a 50 per cent share in Cubic Expression.
If they were to choose to sell, the duo would undoubtedly try to squeeze a bigger offer from the US businessman. Mr Glazer already has a stake in the club equal in size to that of Cubic Expression. The 76-year- old is considered by Forbes magazine to be among the richest 250 people in the US.
