'David Gill made clear that, if Glazer makes a proper bid, United's directors do not think they are obliged to give a formal recommendation to shareholders on whether to accept or reject. Instead they are likely just to outline the pros and cons.
Such an opt-out policy might be consistent with the board's appreciation of Glazer's offer price, if not his level of debt, and it is legitimate within the rules of the Takeover Panel, but nobody on either side of this battle has yet found an example of it happening on the London stock market. If nothing else, directors can normally be relied on to express a view on the possible takeover of their company.
Viewed another way, however, this policy of official agnosticism - clearly, the directors all detest Glazer privately - is a brilliant way to turn the spotlight on to JP McManus and John Magnier, whose 29% stake, held through their investmentvehicle Cubic Expression, could determine the outcome.
McManus and Magnier hate the glare, but their importance in this saga is fundamental. If Glazer proceeds to bid, the Irishmen will, in the fans' view, be either United's saviours or the people who sell the club down the river. Reject Glazer and they are terrace heroes; accept and they are villains.
That context must be remembered every time Gill, and his chairman Sir Roy Gardner, utter the innocent-sounding words "shareholders must decide". The unspoken phrase that follows is "if they dare".
From the Irish point of view boardroom backing for Glazer, even it were grudging, would solve every problem. The fans' anger would be turned on the directors, leaving Cubic the simple task of deciding whether 300p a share makes financial sense.
There are regular rumours that Cubic would like more, but McManus and Magnier are thought to have accumulated their stake at an average of 180p a share. If Glazer were thwarted, United's share price would probably fall to 220-230p, for a good reason: the display of fan-power at Old Trafford would have made the club virtually immune to bids by other wealthy individuals.
The Irish, though, have perhaps not discounted the idea that a fan-backed bid might yet emerge. There were fresh rumours yesterday of an offer led by Nomura, the Japanese investment bank.'