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That's a lot of frickin money for a sports club. I'm amazed. I wonder whether this was a good investment.
TIMELINE OF A TAKEOVER
March 2003 - Glazer buys 2.9% stake in club
March 2004 - Glazer says he has "no current intention" of making a bid
June 2004 - Glazer's stake in club nears 20%
October 2004 - United confirms bid approach from Glazer, as his stake nears 30%
November 2004 - Glazer ousts three directors from United's board
December 2004 -Glazer makes revised bid
February 2005 - Glazer makes new bid approach, valuing United at £800m, the club later opens its books to the tycoon
14 April 2005 - Glazer moots £800m bid for club
28 April 2005 - Takeover Panel sets 17 May deadline for Glazer to announce whether he intends to buy United
12 May 2005 - Glazer launches formal takeover bid for United after upping his stake in the club to almost 57%
TIMELINE OF A TAKEOVER
March 2003 - Glazer buys 2.9% stake in club
March 2004 - Glazer says he has "no current intention" of making a bid
June 2004 - Glazer's stake in club nears 20%
October 2004 - United confirms bid approach from Glazer, as his stake nears 30%
November 2004 - Glazer ousts three directors from United's board
December 2004 -Glazer makes revised bid
February 2005 - Glazer makes new bid approach, valuing United at £800m, the club later opens its books to the tycoon
14 April 2005 - Glazer moots £800m bid for club
28 April 2005 - Takeover Panel sets 17 May deadline for Glazer to announce whether he intends to buy United
12 May 2005 - Glazer launches formal takeover bid for United after upping his stake in the club to almost 57%
Glazer wins control of Man United
Mr Glazer had until 17 May to make his intentions known
US sports tycoon Malcolm Glazer has won control of Manchester United in a £790m ($1.47bn) takeover bid.
The American has secured the 28.7% stake owned by Irish racing tycoons JP MacManus and John Magnier, giving him almost 57% of the Premiership club.
Red Football Ltd, acting on behalf of Mr Glazer, said the Irishmen had sold their stakes for 300p a share.
Club fans have vehemently opposed Mr Glazer's ambition all along and fear that ticket prices will soar.
The bid comes five days ahead of the 17 May deadline when Mr Glazer had to make known whether he planned to bid.
'Aggressive'
If he gets 75% plus one share, United could be delisted from the stock exchange and Mr Glazer could transfer his debt onto the club.
If he can get 90% plus one share, he can make a compulsory purchase and scoop up the other 10% of the club's shares.
United's shares rose 34.25p, or 12.9%, to 299.25p shortly after the announcement.
"A further announcement containing more detailed terms of the offer will be made shortly," Red Football said in a statement.
Mr Glazer first showed an interest in buying the club last autumn and tabled a formal proposal in October, which was rejected by the board.
Two weeks ago the club board said it could not recommend Mr Glazer's second takeover proposal to shareholders because his business plan appeared to be too "aggressive".
His offers were rejected on the grounds that his plans relied too heavily on borrowed money.
Red Devils chief executive David Gill said Mr Glazer's business plan was "potentially damaging" to the club.
However, members of the board did agree that some shareholders might think the offer was a good one.
"The board recognises, however, that the price of 300p per share is a fair one and may be attractive to some," the board said in last month's statement before the Takeover Panel gave Malcolm Glazer his bid deadline.
'Game over'
The owner of the Tampa Bay Buccaneers is thought be keen to exploit the strength of the Manchester United brand in the US.
Man Utd fans
Manchester United fans are angry at the latest news. Last year, they formed a shareholders' association to buy club shares and try to protect it from Mr Glazer's clutches.
A spokesman for Shareholders United, which represents 17% of the club's shareholders, told the BBC that Mr Glazer was "no Roman Abramovich".
"He's not turning up with a suitcase full of his own cash and he is, in effect, asking Manchester United fans to pay for his takeover, to pay for increased ticket prices and increased merchandising," said spokesman Oliver Houston.
"We feel completely betrayed by John Magnier and JP McManus."
"I'm giving up my season ticket," said Shareholders United president Nick Towle.
"I'm not putting a penny of my money into this guy's pocket."
Mr Towle said Shareholders United still hoped to stop the tycoon getting a 75% stake.
"If we can get to that 25% of the remaining shareholders, that would be great," Mr Towle added. "But it's looking like an uphill battle for us."
Analysts are convinced that Mr Glazer is unstoppable.
"I think it's pretty much game over now as the key to all this was always going to surround what the Irish duo would do with their stake," said Richard Hunter of stockbrokers Hargreaves Lansdown.
Mr Glazer had until 17 May to make his intentions known
US sports tycoon Malcolm Glazer has won control of Manchester United in a £790m ($1.47bn) takeover bid.
The American has secured the 28.7% stake owned by Irish racing tycoons JP MacManus and John Magnier, giving him almost 57% of the Premiership club.
Red Football Ltd, acting on behalf of Mr Glazer, said the Irishmen had sold their stakes for 300p a share.
Club fans have vehemently opposed Mr Glazer's ambition all along and fear that ticket prices will soar.
The bid comes five days ahead of the 17 May deadline when Mr Glazer had to make known whether he planned to bid.
'Aggressive'
If he gets 75% plus one share, United could be delisted from the stock exchange and Mr Glazer could transfer his debt onto the club.
If he can get 90% plus one share, he can make a compulsory purchase and scoop up the other 10% of the club's shares.
United's shares rose 34.25p, or 12.9%, to 299.25p shortly after the announcement.
"A further announcement containing more detailed terms of the offer will be made shortly," Red Football said in a statement.
Mr Glazer first showed an interest in buying the club last autumn and tabled a formal proposal in October, which was rejected by the board.
Two weeks ago the club board said it could not recommend Mr Glazer's second takeover proposal to shareholders because his business plan appeared to be too "aggressive".
His offers were rejected on the grounds that his plans relied too heavily on borrowed money.
Red Devils chief executive David Gill said Mr Glazer's business plan was "potentially damaging" to the club.
However, members of the board did agree that some shareholders might think the offer was a good one.
"The board recognises, however, that the price of 300p per share is a fair one and may be attractive to some," the board said in last month's statement before the Takeover Panel gave Malcolm Glazer his bid deadline.
'Game over'
The owner of the Tampa Bay Buccaneers is thought be keen to exploit the strength of the Manchester United brand in the US.
Man Utd fans
Manchester United fans are angry at the latest news. Last year, they formed a shareholders' association to buy club shares and try to protect it from Mr Glazer's clutches.
A spokesman for Shareholders United, which represents 17% of the club's shareholders, told the BBC that Mr Glazer was "no Roman Abramovich".
"He's not turning up with a suitcase full of his own cash and he is, in effect, asking Manchester United fans to pay for his takeover, to pay for increased ticket prices and increased merchandising," said spokesman Oliver Houston.
"We feel completely betrayed by John Magnier and JP McManus."
"I'm giving up my season ticket," said Shareholders United president Nick Towle.
"I'm not putting a penny of my money into this guy's pocket."
Mr Towle said Shareholders United still hoped to stop the tycoon getting a 75% stake.
"If we can get to that 25% of the remaining shareholders, that would be great," Mr Towle added. "But it's looking like an uphill battle for us."
Analysts are convinced that Mr Glazer is unstoppable.
"I think it's pretty much game over now as the key to all this was always going to surround what the Irish duo would do with their stake," said Richard Hunter of stockbrokers Hargreaves Lansdown.
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