Mihir Bose in the Torygraph:
‘The United board, said one source, was like a wet fish on a marble slab flapping wildly as they wait for the next move from Malcolm Glazer, the American tycoon who has raised his stake in the club to 28.11 per cent, just a fraction away from the 30 per cent that would trigger a take over. The source added: "The board has lost control of its shareholders, its fans and never did control its manager."
‘United's chief executive, David Gill, missed their Champions League match in Prague on Tuesday and sources close to Old Trafford say, like the rest of the board, he has no idea what Glazer is planning next.
‘One source told me: "The United board are completely clueless about Glazer's next move. They are also divided about what the Irish duo [John Magnier and J P McManus, who are the largest shareholders with 29.9 per cent] will do. Some on the board think the Irish see their shares in United as a trophy, others they are in for a punt and will sell when they get the right price. In such a situation you require a board with experience and knowledge and I am not sure there are enough people who know what anti-stalking steps to take to stop Glazer."
‘I understand that Glazer is still keen to broker a deal with the Irish pair after informal talks last week broke down. In theory, Glazer could gain control of United without the Irishmen selling to him. But without their shares, he could not raise the money required to own the club. According to City sources Glazer would have to borrow money against the assets of United to find the £800 million or so he needs. But to do that he would need to own at least 75 per cent of the shares - then he can be confident of mortgaging the club's assets to borrow money.
‘Glen Cooper, chairman of Zeus Capital, who more than a decade ago helped float Manchester United, told me: "If I was his adviser and I was not sure that he had 75 per cent control then I could not go to a bank and get them to lend money. If more than 25 per cent are not with him then they can stop him in all sorts of ways, including making use of the assets to fund his purchase."
‘I understand that when Glazer's advisers spoke to Magnier and McManus's advisers, the condition they imposed was that Glazer's bid would not go unconditional (City jargon for he would pay the cash) until he had got to 75 per cent. The Irishmen may have been prepared to listen to a deal without strings but not one with such strings.
‘Cooper said: "In City takeovers such situations are not uncommon but to handle it you need a board which is strong, keeps its eye on the ball and is nifty on its feet."
‘In the last year the United board have proved leaden-footed and have been buffeted by events rather than been in charge.’