This from The Guardian:
'Manchester United confirmed yesterday that it has received a formal takeover proposal from Malcolm Glazer. United's directors are expected to respond within days, amid growing pessimism among fans' groups that boardroom opposition to Mr Glazer will be sustained.
The American's indicative bid price is understood to be 300p-a-share, the same as under his first offer, which was rejected by United's directors last November because the financing was too dominated by debt. Glazer's advisers this time will argue that the amount of debt in the £800m proposal is just £300m. That has been achieved by the planned use of preference shares to raise at least £250m.
United chairman Sir Roy Gardner will want to examine the precise nature of these shares. He is also likely to demand details of Glazer's intentions on ticket prices, a highly sensitive area last time. As before, the owner of the Tampa Bay Buccaneers is understood to be willing to pledge not to sell and lease back the Old Trafford stadium itself. His sons Joel and Avi, who are leading the offer and would be most involved if a takeover succeeds, will also promise to make funds immediately available for signings of new players.
One arrival on the United board could play a key role in the directors' assessment of Mr Glazer proposal. Jim O'Neill, a partner at Goldman Sachs, would be able to provide credibility if the offer was rejected on the grounds that it was still overly ambitious financially.'
"If Glazer takes over, it will no longer be Manchester United as we know it," said Oliver Houston, of the Shareholders United pressure group. "It will be his cash cow and the fans will not put money into the club just to line his pockets and ease his debts. We are prepared to leave a black hole in his financial model. Whatever financial smokescreen Glazer puts up there is still a huge amount of debt involved. He is hardly coming into the club with suitcases packed with money and we fear he will try to ease the debt by increasing ticket prices and even selling Old Trafford to lease it back. We would hope, and expect, the board to remain opposed to these proposals."