MALCOLM Glazer is within touching distance of completing his '790million buy-out of Manchester United after capturing the key 28.9% stake of Irish racing tycoons John Magnier and JP McManus.

The shock purchase, cash up front at 300p per share, which is believed to have netted Magnier and McManus an '80million profit on their investment, has instantly turned Glazer into a majority shareholder - at 56.9% - and will now trigger a bid for a remainder of the shares, which is likely to come on Friday morning.

While major United fans groups have vowed to continue the struggle to keep the club out of Glazer's hands, starting with a major demonstration at Old Trafford this evening, it now appears inevitable the Tampa Bay Buccaneers owner will seize total control.

United have so far refused to comment on this afternoon's statement, issued by a Glazer subsidiary, Red Football Ltd, but given the board's previous hostility to the American's proposals, it seems highly unlikely they will stay in their current posts.

Confirmation of the Cubic purchase has triggered heavy trading in United shares on the Stock Exchange this afternoon, including Harry Dobson's six percent stake.

Most of the sales appear to be heading in Glazer's direction and by the end of trading it is estimated the 78-year-old will have at least 75% of the club sewn up.

Documents will be released to the remaining shareholders at some point next week, detailing Glazer's 300p per share offer, although it is not thought, as yet, either Malcolm, or sons Joel and Avi, have any immediate plans to head to the United Kingdom.

'We feel completely betrayed by John Magnier and JP McManus,' said Shareholders United vice chairman Oliver Houston.

'They said they were long-term investors but they have taken the 30 pieces of silver offered by Malcolm Glazer.

'But we will not give up the fight just yet. There will be no shaking of the hands on this one. We warned Glazer a long time ago that no customers means no profit and he is about to see how much strength supporters at this club do have.'

Empty

Given the strength of Glazer's position, they seem no more than empty words now, although doubts remain over precisely how the American plans to run the club.

Red Devils chief executive David Gill has already described his business plan as 'aggressive' and 'potentially damaging' due to the high level of debt involved.

Though Glazer is believed to have trimmed the amount of borrowings required to complete the deal, he still needs a massive increase on the '12.4million half-year profits United posted in March.

One obvious way of achieving it would be to challenge the collective bargaining agreement of the existing Premier League TV contract.
It is widely acknowledged that United - with their vast army of global supporters - could make far more by pursuing their own TV deals.

However, this could only be done through legal channels as the Old Trafford club are currently bound by Premier League rules, which require a two-thirds majority to change.

Glazer has promised Sir Alex Ferguson a '25million summer transfer kitty should the deal go through, although as yet, the United boss has not offered an opinion on the latest developments.

The Scot has previously spoken out against any change to the club's Stock Market position and highlighted the ease of his relationship with Gill.

Whether such stunning news forces the 63-year-old to consider his position is not known but Glazer will be keen to keep Ferguson on board as the loss of England's most successful manager would be an unmitigated PR disaster.

In theory, once a bid is made, shareholders have 60 days to decide whether to sell. A far more likely scenario is Glazer will quickly reach the 90.01% stake that would force a compulsory purchase of the remainder of the club.

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