Telegraph reports:
‘Malcolm Glazer, the American sports entrepreneur stalking Manchester United, is to sweeten a 300p-a-share approach for the 29pc stake of Irish horseracing tycoons John Magnier and JP McManus.
‘Talks between Mr Glazer's advisers JP Morgan and the Irishmen's Cubic Expressions investment vehicle over the stake ended last month. One factor that made the approach unattractive to the duo was that the proposed stock deal was conditional upon Mr Glazer succeeding with a £787m offer for the United.
‘JP Morgan is said to have insisted on the stake sale being dependent upon Tampa Bay Buccaneers owner Mr Glazer achieving acceptances from holders of 75pc of United shares. Now, JP Morgan has decided to make a bid conditional only upon seven days of due diligence on United. One source said: "Glazer is moving the goalposts to try to get agreement."
‘Mr Glazer, who has lifted his stake in United to 28pc in recent weeks, is said to have arrangements in place to borrow up to £500m, underwritten by JP Morgan, for a takeover. Clinching agreement with Mr Magnier and Mr McManus would take his stake to 57pc - well past the 50.1pc needed to take control.’
Quick re-cap for all readers on Glazer’s plans for United:
‘The documents reveal that JP Morgan and other debt advisers put together a £500m bridge financing.
’That would later be refinanced through an issue of high-yield bonds estimated at about £150m, a similar amount of senior debt through a syndicated loan and a sale and leaseback of United's Old Trafford stadium to raise about £175m.
’Mr Glazer's plans also envisage a £15m improvement in sponsorship revenues per season through selling the naming rights to the stadium.
’Clinching deals with the club's existing sponsors for example could lead to a Nike Old Trafford or a Vodafone Theatre of Dreams.
’Mr Glazer is also planning to limit Sir Alex Ferguson's spending on players to £10m a season and to raise ticket prices aggressively to improve revenue.’