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| Glazer's son seeks to woo Man Utd (go back to the homepage) He will oversee personally the submission of a formal offer on behalf of his father, Malcolm, and will also play a key role in trying to persuade JP McManus and John Magnier, the Irish billionaires, to sell their 29 per cent stake in Man Utd at the proposed offer price of 300p per share. Glazer's lawyers and accountants are poring over Man Utd's books, although the process is taking longer than expected and is not likely to be finished this week. It is thought that the Man Utd board will not recommend Glazer's offer and that it is working on a strategy to stop the US billionaire. One option being discussed by the board is to pay a special dividend to shareholders in the hope that McManus and Magnier would abandon their neutral stance and support the club against Glazer. But to do this the board would have to borrow funds and abandon the club's cherished debt-free status. This could frustrate fans who believe that any debt on Man Utd's balance sheet would reduce the amount of cash available to invest in players. Fan groups believe that the leveraged nature of Glazer's bid means that he would use the club's revenues to make interest payments on his debts rather than invest in the team. |