SAVVY AND INTELLIGENT

A billionaire is hardly ever mistaken for an innocent abroad but you have to wonder if Malcolm Glazer understands just what he is getting into.

The annual accounts announced last week showed pre-tax profits falling by 30% to £27.9m and next year's figures, with the £27m Wayne Rooney signing hitting the balance sheet, will be subdued as well. Glazer, or any other bidder, could transform the situation in seasons ahead only by slashing costs and boosting revenue. Such a policy would run contrary to the interests of Sir Alex Ferguson, who has to compete for players with rivals such as Chelsea, as well as those of fans who currently enjoy reasonable ticket prices at Old Trafford.

The latter group may be spectators at weekends but they will not be on the sidelines if Glazer continues with his approach. This club has intelligent and savvy followers who know how to fight unwanted entrepreneurs.

The septuagenarian seems set to attempt a takeover of Manchester United. He must be one of the few men left who believe there are riches to be had in British football. It might look as if a fortune awaits, but others who mounted a raid discovered that the vault was booby-trapped.

Glazer, JP McManus and John Magnier are, of course, correct in thinking that Manchester United are the exception in what is whimsically called the football industry. They have shown the commercial acumen to make the most of a worldwide following. So effective has the club been that it has been able to keep on buying players while also paying dividends.

The acquisition of United, however, could make sense to Glazer only if it leapt to undreamt of peaks of profitability. Magnier and McManus seem to have been waiting merely for someone like the American to bid for their holding. There has never been any indication that either of them wished to run Old Trafford's day-to-day operation themselves.

For Glazer to recoup his outlay and enjoy the sort of return that would justify the venture, United would have to be forced into radical changes that must antagonise supporters.