No US takeover bid for Man Utd

SHARES in Manchester United plunged to their lowest for four and half months today after Malcolm Glazer, the American sports tycoon stalking the club, said he had no current intention of launching a takeover.

Amid news of soaring profits at United so far this season, City share traders were caught on the hop by a statement from the owner of the Tampa Bay Buccaneers American football team and a 16% shareholder in United.

It said: 'At the request of Manchester United that it should clarify its position, the Glazer Family Partnership [through which Glazer owns his Man U shares] confirms today that it has no current intention to make an offer for Manchester United.'

However, Glazer has by no means ruled himself out of the running to launch a takeover at some stage.

In a statement to the Stock Exchange last month, made at the behest of the Takeover Panel, Glazer was forced to admit that he was looking at 'all options' as a result of his stakebuilding, including potentially a takeover bid.

That announcement put United in a formal but indefinite 'offer period', and today's statement insisted Glazer 'with the consent of Manchester United... will not be bound by the six-month time restriction' which normally means that potential bidders cannot go back into an offer period for half a year.

United's chief executive David Gill welcomed the clarification of Glazer's immediate intentions but admitted that Glazer had reserved the right to launch an offer at any time. Gill said he had had no specific request from either Glazer or 28% shareholders John Magnier and JP McManus, the Irish tycoons, for a seat on the board.

But he added: 'We will be making presentations to our shareholders in the coming days and the board, acting in the interests of all shareholders, will look at any such requests.'

The Glazer statement sent United's shares down 9p to 239p, nearly double what they were 12 months ago but some way off the 279 1/2p touched last month.

Today's profits show a 32% increase in pre-tax profits to £26m on flat revenues of £92m in the six months to 31 January.

The interim dividend of 1.25p, up 50%, hands the Irish racing tycoons a dividend cheque of nearly £1 million, while Glazer will get more than £500,000.

Reds ahead of the game

DESPITE a £29m spending splurge on players including Ronaldo, Kleberson and the controversial swoop on Fulham's Louis Saha, Manchester United's finances remain in remarkably fine fettle.

At the end of January, United's accounts show it has cash balances of £23.5m on the back of soaring television income.

But manager Sir Alex Ferguson may not be given a series of blank cheques for another summer spending spree. The club said today it aims to spend £45m on increasing the capacity at its Old Trafford stadium to 75,000 over the next two years.

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