Manchester United takeover

American sports tycoon Malcolm Glazer today sensationally took control of Manchester United.

In a dramatic announcement, Mr Glazer revealed that he has seized a total holding of 57 per cent after buying a further 28 per cent of the club's shares.

That is enough to vote out the current board and put in his own team of directors. It almost certainly means that other major shareholders will follow suit and sell out within weeks. Mr Glazer simultaneously launched a 300p-a-share bid for the remaining shares, valuing the world's biggest football club at just over £790million.

Mr Glazer has indicated that he will use some of the money borrowed for the takeover to help rebuild the United team as they try to close the gap on new Premiership champions Chelsea.

He is also understood to be prepared to back manager Sir Alex Ferguson as long as he has the support of the fans.

A takeover will leave two of England's three biggest clubs in foreign hands, following the purchase of Chelsea by the Russian billionaire Roman Abramovich two years ago. The news will dismay Manchester United fans, who fear that Mr Glazer will leave the club weakened by taking on too much debt.

Manchester United said it was waiting for formal terms of the offer from Mr Glazer to be published before making further comment.

The Glazer family were able to seal their victory by persuading wealthy Irish racehorse owners JP McManus and John Magnier to sell their holdings. The sale was confirmedin a Stock Exchange announcement from the Glazers' bid vehicle Red Football Ltd. This said that Red has bought 75.7million shares from Cubic Expression, Mr McManus and Mr Magnier's investment company.

It added: "As a result of the purchase from Cubic, the Red Football Limited Partnership Group has acquired, in aggregate, 149,886,193 shares, representing approximately 56.9 per cent of the issued share capital of Manchester United."

Mr McManus and Mr Magnier have made an estimated profit of £80million from the sell-out.

With control over nearly 60 per cent of the shares, Mr Glazer needs only a further 18 per cent to take the company private. If he gets more than 90 per cent he can compulsorily purchase the rump of remaining shares held by fans.

Mr Glazer, who owns the Tampa Bay Buccaneers American football team, has been stalking Manchester United for more than a year.