The US sports and retail tycoon Malcolm Glazer today tightened his grip on Manchester United by boosting his stake in the club to around 70%.
Red Football, acting on behalf of Mr Glazer, said it held a stake of 69.55% in one of the world's richest football clubs, although sources close to the situation said he had amassed more than 70% of the club's shares through purchases today.
Mr Glazer seized majority control of the club yesterday by buying out the group's biggest shareholder - Irish race horse magnates John Magnier and JP McManus.
The board of Manchester United declined to comment on Mr Glazer's £790m takeover, while sources close to the billionaire said details of his offer would be released later today.
Having amassed more than 70% of the club's shares, Mr Glazer is well on course to reach the key threshold of 75% within days. Such a large stake confers more legal rights than simple majority ownership and Mr Glazer could take the club private if he wanted.
Mr Glazer's swoop on the club has infuriated United fans. They have accused Mr Glazer of not showing any interest in or knowledge of football and fear he may use profits to pay back debts incurred in the takeover.
The board has said it cannot recommend the deal to investors because of the £300m debt that came with the takeover. The Shareholders United supporters' group urged fans to buy as many shares as possible in a bid to block Mr Glazer.
But analysts doubt that fans could amass a big enough stake to have any effect. The fans say they own about 18% between them, but analysts put the figure somewhere between 10 and 15%.
While the fans may not be able to stop Mr Glazer, analysts said he may have underestimated the determination of supporters to make problems for him.
"They are imaginative, resourceful, well-organised and determinedly opposed to Glazer," said John Williams, director of the Centre for the Sociology of Sport at the University of Leicester. "They could make it difficult for the owners' representatives to play a direct role in the management of the club."
The fans strongly object to Mr Glazer although he turned the Tampa Bay Buccaneers, a mediocre American football team, into Super Bowl champions after he bought them.
In order to boost profits, Mr Glazer is expected to focus on the collective Premier League TV deal. United could probably earn far more by adopting a go-it-alone strategy in rights negotiations but such a move is prevented under Premier League regulations.
Currently, it would require a two-thirds majority among the 20 clubs to change the situation, highly unlikely given that half a dozen at most - United, Chelsea, Arsenal, Liverpool, Newcastle and possibly Tottenham, Aston Villa or Manchester City - could expect to boost their income. The rest would take a significant fall.
Mr Glazer could pursue the issue through the courts or, alternatively, wait for the European commission to intervene as it has threatened to do when the current TV deal ends in two years' time. Even that may only result in more broadcasters being allowed to screen games rather than any change in the way income is distributed. The Premier League chief executive, Richard Scudamore, has cast serious doubt on the possibility of the status quo being altered.
"The Premier League is based on a collective television deal for 20 clubs," he told BBC Radio Five Live. "It has always proved impossible in the past to break away. If anyone wanted to do it, 14 clubs would have to agree with it and it is almost impossible to think that can happen."
