Man United bid gets a step closer
Manchester United's board has allowed would-be owner and US sports tycoon, Malcolm Glazer, to perform due diligence ahead of a possible £800m bid, reports the Financial Times.
Glazer will be bouyed by the board’s decision to allow him access to the club’s books. His latest bid is expected to rely less heavily on debt and is far more detailed in order to get accepted.
Although the possible bid of 300p a share represents almost a 10% premium over yesterday’s closing price, it remains unclear whether chairman Sir Roy Gardner and chief executive, David Gill, will recommend it.
Manchester United directors face extremely hostile opposition to the proposed takeover by fan groups.