U.S. tycoon plans $1.17 billion bid for Man Utd

U.S. sports tycoon Malcolm Glazer has lined up a bid worth at least 650 million pounds ($1.17 billion) for the world's richest soccer club, Manchester United, the Financial Mail on Sunday said.

The newspaper, citing unnamed sources, said Glazer had hired investment bank JP Morgan to advise him on how to structure the bid and was expected to approach the club's board in the next few weeks with a highly leveraged offer.

Bid preparations were said to be at an advanced stage, the paper said, adding Glazer would have to borrow heavily against the club's assets to finance a bid.

None of the parties named in the report were immediately available for comment.

The paper said Glazer, who owns a 19.2 percent stake in

Their investment vehicle Cubic Expression owns 28.9 percent of Manchester United, which earlier this week warned that its current year profits would be hit by lower television revenues.

The paper said Glazer, who owns the Tampa Bay Buccaneers American football team, planned to delist the soccer club's shares from the stock exchange.

Such a move, which would run into strong opposition from the club's fans, who own about 18 percent of Manchester United's shares, it added.

Shares in Manchester United ended Friday at 257.25 pence, giving it a market value of around 675 million pounds.