American business tycoon Malcolm Glazer has bid £790.3 million for Premiership giants Manchester United.
Glazer is the majority shareholder at United after buying Irish racing tycoons JP McManus and John Magnier's 28.7 percent stake in the club.
The owner of the Tampa Bay Buccaneers NFL team now owns 56.8 percent of The Red Devils after adding to his existing 28.1 percent share in the club.
It is bad news for the supporters who have strongly opposed the takeover and threatened to boycott matches and sponsors associated with the club in protest.
Glazer had been given until May 17 to 'put up or shut up' but his ability to persuade McManus and Magnier to sell their Cubic Expression stake has completely altered the picture regarding ownership of the club.
With that obstacle out of the way, the path seems clear for the American businessman to take over the Old Trafford outfit.
The Irish duo stand to receive an estimated figure of up to £60 million for their stake and the shares in the club rose substantially on Thursday in the wake of the major development.
Analyst Dr Bill Gerrard told Sky Sports News that he shares the fears of the United supporters.
"They certainly have every right to be very, very concerned," stated Gerrard. "The only redeeming argument to make is that anyone coming in to any sports team, if they are going to make it successful in the medium to long term, has got to win the fans over.
"But Glazer is no Roman Abramovich - he has borrowed much of the money to buy United."
Glazer needs over 75 percent stake in the club to tie up the financial loose ends of any takeover.
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THIS MEANS A TAKEOVER BID IS INEVITABLE!!! THIS IS BAD!!!!
Glazer is the majority shareholder at United after buying Irish racing tycoons JP McManus and John Magnier's 28.7 percent stake in the club.
The owner of the Tampa Bay Buccaneers NFL team now owns 56.8 percent of The Red Devils after adding to his existing 28.1 percent share in the club.
It is bad news for the supporters who have strongly opposed the takeover and threatened to boycott matches and sponsors associated with the club in protest.
Glazer had been given until May 17 to 'put up or shut up' but his ability to persuade McManus and Magnier to sell their Cubic Expression stake has completely altered the picture regarding ownership of the club.
With that obstacle out of the way, the path seems clear for the American businessman to take over the Old Trafford outfit.
The Irish duo stand to receive an estimated figure of up to £60 million for their stake and the shares in the club rose substantially on Thursday in the wake of the major development.
Analyst Dr Bill Gerrard told Sky Sports News that he shares the fears of the United supporters.
"They certainly have every right to be very, very concerned," stated Gerrard. "The only redeeming argument to make is that anyone coming in to any sports team, if they are going to make it successful in the medium to long term, has got to win the fans over.
"But Glazer is no Roman Abramovich - he has borrowed much of the money to buy United."
Glazer needs over 75 percent stake in the club to tie up the financial loose ends of any takeover.
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THIS MEANS A TAKEOVER BID IS INEVITABLE!!! THIS IS BAD!!!!
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