United Board Tried To Deal With Glazer - 18/11/2004

The Financial Times has revealed that the Manchester United board tried to do a deal with Malcolm Glazer before repudiating him. David Gill, United's chief executive, together with an adviser, are said to have had a secret meeting with Mr Glazer's sons, Joel and Avi, in Tampa, Florida on 19 September. They then sent a letter to Malcolm Glazer saying that the board was prepared to recommend his 300p a share offer. In the letter Mr Gill said that 300p was 'recommendable from a financial perspective' but that further 'clarity' was needed. This included information about the financial structure of the proposal and the Glazers' plans for the club's future. The board's enthusiasm cooled when they learnt that the bid was a highly leveraged one secured against future ticket income. The episode does call into doubt the much heralded solidarity between the United board and its fans, Meanwhile, Deutsche Bank has denied that it has been in talks with Malcom Glazer after being the subject of a fax and E-mail campiagn by United fans.