Manchester United ultimate Glazer

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Malcolm Glazer has been given an ultimatum over his offer to gain a majority shareholding at Premier League club. The UK's Takeover Panel says Glazer must declare whether he will launch an official bid. In the event that Glazer chooses not to bid, he will not be permitted to approach the company for another six months. Meanwhile Manchester United supporters enlist the support of Japanese bank Nomura to help fund purchases of shares in an attempt to thwart Glazer’s bid. Nomura said money could be lent to an investment trust created by the fans to buy as much as 25% of the club’s shares, sufficient to block Glazer or any other bidder. Glazer is expected to table a formal offer within days. His son Joel Glazer will seek meetings with major Irish shareholders John Magnier and JP McManus who control 29% of the equity.  If they refuse to sell, the bid will collapse, but if they cash in their holding, Glazer will take control swiftly as he already holds a 28% share.  Joel will also talk to Harry Dobson, the Scottish mining magnate who owns 6%.  Joel wants to allay fans' concerns by making it clear that the club will have funds to spend millions on new players.  He will also play down concerns expressed by the board that his family's bid is too aggressive because it involves taking on borrowings of £300m, increasing debts.