United board to back Glazer bid

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The Independent Online

The board of Manchester United is to "reluctantly" recommend Malcolm Glazer's £790m bid for the club, with an announcement likely as early as tomorrow.

The board of Manchester United is to "reluctantly" recommend Malcolm Glazer's £790m bid for the club, with an announcement likely as early as tomorrow.

The United directors met on Friday and concluded that they would back Mr Glazer's bid once he secured 75 per cent of the club's shares - a position which would allow him to delist the club from the London Stock Exchange.

On Friday night, Mr Glazer took his stake to 74.8 per cent of the shares, and is expected to pass through the 75 per cent barrier tomorrow morning.

The board had previously refused to back the 300p-a-share offer from the American billionaire, saying it carried too much debt. On Friday, Mr Glazer revealed he would be borrowing £540m in bank debt and preference shares to fund his offer.

Mr Glazer is keen to persuade David Gill, United's chief executive, to stay on at the club, but he is unsure whether he wants to continue. A new contract will also be offered to club manager Sir Alex Ferguson.

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