GLAZERS OPENS TALKS WITH NEW BANK

Last updated : 16 November 2004 By editor

Malcolm Glazer's intention to make a hostile bid for Manchester United was underlined yesterday as he held talks with Deutsche Bank about financing a deal. While Deutsche have not yet agreed, a source close to the talks said a deal "could have legs", and the timing of the talks alone shows Glazer's determination. It was only last Friday that his previous bankers, J P Morgan, dumped Glazer because of the belligerence of his approach to United.

One US-based source, an associate of Glazer, has made it clear in recent days that Glazer's ambition to own United did not end when J P Morgan and Brunswick, Glazer's PR firm, both withdrew their support on Friday. They did so after Glazer used his 28.11 per cent stake in United to vote against the re-election of three club directors at the AGM.

"We can't work out whether Malcolm Glazer is totally loopy or has some brilliant plan that's not apparent to anyone else," said one City observer, who is close to the situation.