US sports tycoon Mr Malcolm Glazer raised his stake in Manchester United to 25.5 per cent today, a source close to the businessman said, boosting speculation he will bid for the world's richest soccer club.
Mr Glazer, owner of the Tampa Bay Buccaneers American football team, bought 15.8 million shares at 285 pence apiece, the source said, adding to his previous 19.2 per cent stake and sending the English premier league team's stock 8 per cent higher.
The purchase will reinforce speculation that Glazer plans to buy the 126-year-old soccer club, in a deal which could value it at as much as $1.4 billion, despite a breakdown in talks between the US entrepreneur and the team's biggest investors, Irish racehorse owners Mr John Magnier and Mr J.P. MacManus.
The purchase "demonstrates the Glazers' commitment to the club. They are long-term investors," the source said.
The US entrepreneur is keen to gain parity with other big investors and is still considering his options over a bid, a source familiar with the situation said.
Mr Magnier and Mr McManus own 28.9 per cent of Manchester United through their investment vehicle Cubic Expression and hold the key to any successful takeover.
A debt-free business with one of the best-known brands globally, Manchester United has been tipped by analysts as a takeover target because of its marketing potential.
But the club's fans are wary of a takeover which could reduce their influence, and have been particularly hostile to Mr Glazer because of reports that he planned to put the club into debt in order to finance his takeover.
Shares in the 15-times English soccer champions closed up 8 per cent at 285 pence, having earlier traded down over 5 per cent when takeover prospects temporarily looked to have faded.
Manchester United and Mr Glazer declined to comment