Glazer fails to make United intentions clear

Malcolm Glazer, predator-in-waiting of Manchester United, lived up to his impish image yesterday by releasing a statement to the Stock Exchange that was as clear as the new offside rule.

The American sports magnate, nicknamed "The Leprechaun", who last week fuelled takeover speculation by increasing his stake in United to 16.3 per cent, had been pushed to clarify his intentions by the Takeover Panel, the City regulatory body.

Far from giving any firm indication of his plans, the 75-year-old's statement said his family company was "considering its possible options, which may include increasing its shareholding or decreasing its shareholding in Manchester United. It could also include a possible offer for, or a possible sale of, its shareholding in Manchester United." The statement stopped short of predicting whether United may possibly win, possibly lose or possibly draw their next game. It added, however, that Glazer "has great admiration for Manchester United's rich history, loyal fans, great players, outstanding managers, winning tradition and for investment purposes".

No financial advisor has yet been appointed in connection with Glazer's investment in United but some analysts believe a bid remains probable. The Takeover Panel said United were now in an "offer period" but that is no more than City jargon to highlight Glazer's assertion that he has not ruled out a bid. Only once he makes a firm statement of his intention to bid can the panel impose a deadline on him to hasten the procedure.

Oliver Houston, a spokesman for the fans' group Shareholders United, welcomed the fact that Glazer had made a statement but criticised its opaque nature. He said that even if neither Glazer nor Cubic Expression, the investment vehicle of the Irish racing tycoons John Magnier and JP McManus, were stockpiling as a prelude to a takeover, "they are clearly out to make a killing by flogging their shareholding to someone else. These are both things that United fans and shareholders find deeply offensive - wealthy people who have no need, trying to make even more money off the back of the loyalty of supporters".

A takeover has never been a goal for Cubic, which owns 28.89 per cent of United, a source said yesterday. Nor will Cubic's involvement with United depend on the outcome of the legal battle between Magnier and Sir Alex Ferguson over the racehorse Rock Of Gibraltar.