WARNING SIGNS

Manchester United have been officially placed in an "offer period", a clear sign of recognition in the City that the club is likely to change hands in the next few months.

The notice was served by the Takeover Panel, a regulatory body that ensures City guidelines are applied when parties try to acquire public limited companies. It follows mounting speculation about Malcolm Glazer's long-term plans for the club, with the 75-year-old breaking his silence to issue a brief statement to the Stock Exchange yesterday morning describing himself as "a long-term, enthusiastic supporter of Manchester United".

Although the statement is ambiguous, there is a growing sense of acceptance at Old Trafford, and in the City, that Glazer is waiting for Sir Alex Ferguson's legal dispute with the majority shareholder John Magnier to be resolved before further talks. The panel has placed United under stringent "offer period" guidelines, to ensure it is kept informed of significant developments.

United's directors will be for bidden from trading shares while "the period" is in place, and the club must write to their 37,000 shareholders informing them of Glazer's statement.