What do we know of Glazer?
Glazer, the owner of the American football team the Tampa Bay Buccaneers, holds a 28.1% stake in Manchester United. Reputedly worth $1bn (£560m) he is circling Britain's richest and most valuable football club after failing to buy the LA Dodgers baseball team. The son of a Lithuanian immigrant, Glazer inherited his father's watchmaking business and went on to make his fortune by investing in property, banking and, most recently, sports teams. He and his children, Joel, Bryan and Avi, now run a wide-ranging business empire that includes shopping centres and nursing homes.
Have we been here before?
This is Glazer's third attempt to assume total control of United. At 300p a share, the offer values the club at £800m - the same amount Glazer offered in December.
What is the difference this time?
Manchester United's board rejected the December offer on the grounds that it would burden the club with too much debt. The fans did not like the offer either. They thought Glazer would cream off money from the club to pay back the loans needed for the deal. This time, Glazer has reduced the amount of debt to £300m from £500m.
How did Glazer manage that?
The debt has been cut by the planned use of preference shares to raise at least £250m. While the precise nature of these shares is unclear, it appears investors in them would be entitled to additional rights above conventional shareholders. If those rights are similar to lenders' rights, however, United's directors could argue the preferred shares could more properly be regarded as debt and that the proposal has hardly changed.
Who is backing Glazer's offer?
Glazer is working with the investment bank Rothschild after his previous adviser, JP Morgan, walked away over the last bid attempt. JP Morgan resigned as Glazer's adviser after the American ignored its advice not to vote three United directors off the board. However, JP Morgan stands ready to lend Glazer £300m and appears prepared to underwrite all or part of the planned preference share issue. As before, the loan would be subject to a satisfactory inspection of United's books.
What is the word from Manchester United?
The five-member board has confirmed that it has received a detailed proposal subject to various preconditions that may form the basis of an offer. The board is expected to meet soon to assess the new bid, but declined to say when.
How have the fans reacted?
United fans want no truck with Glazer and are determined to fight him all the way. The players would like to see the back of him too. Rio Ferdinand said: "A lot of people want the club's interest to be with people who have grown up with the club and have got its interests at heart. No one knows what this guy will be bringing to the table."
Why are the fans so hostile?
Glazer's plans for the club include generating additional income via a wider exploitation of media rights and by more actively promoting the club outside Britain. But Glazer may have to raise ticket prices significantly to help pay off the debt in the offer. A rise in ticket prices would be as welcome to United fans as Chelsea winning the Champions League.
What was Glazer's record at Tampa?
Nicknamed Leprechaun because of his ginger beard, Glazer infuriated Tampa Bay fans when he jacked up ticket prices after buying the team for £120m in 1995. He attracted further opprobrium when he forced the city to invest millions in a new stadium by threatening to move the team if it did not stump up the cash. His attempt to take over the motorcycle maker Harley Davidson failed after a case in which the judge described him as a "snake in sheep's clothing". But it was under Glazer's ownership that Buccaneers won the Super Bowl in 2003.
Can the fans block a Glazer bid?
The fans collectively hold an 18% stake in Manchester United. Many of those shares are held by members of Shareholder United, the supporters' trust. Formed to campaign against the 1998-99 attempted takeover by BSkyB, Shareholder United's 20,000 members are committed to blocking any takeover and they will have a crucial say through their holdings.
Who are the other major stakeholders?
United's largest shareholders are the Irish racehorse tycoons JP McManus and John Magnier, who had a famous falling out with the manager Sir Alex Ferguson over stud rights for Rock of Gibraltar, a racehorse co-owned by Sir Alex and Magnier's wife. The two investors first bought shares in Manchester United four years ago and now hold a 28.9% stake. They appear to have little sentimental attachment to the club and would probably sell for the right price to make a big profit.
