From The Observer:
Malcolm Glazer's attempt to buy Manchester United is in danger of collapsing because senior figures at Old Trafford fear a takeover would mean the club spending less than usual on signing players.
United directors are concerned that if the American businessman takes control, he will have to spend most or all of the club's profits paying interest on the £400million loan he needs for his planned £800m takeover.
While the seven directors are legally obliged to seriously consider any formal bid for the club, all the indications are that several are either lukewarm towards Glazer or hostile. They fear he would put up ticket prices, alienate fans and use club funds to repay debts.
That could scupper Glazer and his sons' desire to own United because, crucially, they are understood to need the unanimous approval of the entire plc board, headed by chairman Roy Gardner, before being able to access the £400m in loans that their bank, JP Morgan, is arranging.
Another obstacle presented itself to Glazer last night when a leaked document, purportedly drawn up by some of his advisers, warned that JP Morgan would not release the £400m unless the United board recommends Glazer's ownership. That is unlikely. 'It is worth noting,' says the document, 'that JP Morgan historically would never finance a hostile UK takeover, so any transaction involving JP Morgan would need to be recommended by the MUFC board.'
If Glazer is forced to abandon his plan, he could maintain his shareholding in case another wealthy individual or company attempts a takeover.