 Malcolm Glazer has to act by 17 May |
US tycoon Malcolm Glazer has been given an ultimatum over his bid ambitions for Manchester United. The UK's Takeover Panel says Mr Glazer must make known by midday on 17 May whether he plans to launch a bid.
Mr Glazer has been in talks with Manchester United over a potential �800m ($1.5bn) offer for the world's wealthiest football club.
The club's board said the business plan is "aggressive" and they cannot recommend it to shareholders.
 |  The board has informed Glazer that it cannot provide a recommendation to shareholders to accept |
No extension to the 17 May deadline will be granted, the Panel Executive said.
In the event that the owner of the Tampa Bay Buccaneers chooses not to bid, he will not be permitted to approach the company for another six months.
Manchester United's board said it welcomed the announcement by the Takeover Panel, the regulatory body which administers takeovers and mergers.
'Significant' strain
The club said it had asked the Panel Executive for a ruling because it believed that the "ongoing uncertainty" surrounding the potential bid was disruptive to the company.
"The board has informed Glazer that it cannot provide a recommendation to shareholders to accept any offer made on the basis of the current proposal," Manchester United said in a statement.
It added that Mr Glazer's capital structure proposals would put "significant" financial strain on the company, burdening the club with debt.
However, it acknowledged that the 300p-a-share proposed price was a fair one and could be attractive to shareholders.
Shares in the club closed down 2.5 pence, or 0.9%, at 265.25p on Thursday.
In talks
According to reports, Mr Glazer is seeking to persuade Manchester United's two largest shareholders to back his takeover bid.
 Supporters are vehemently opposed to a Glazer bid |
Mr Glazer's representatives were set to meet JP McManus and John Magnier this week, the reports said.
Their investment vehicle, Cubic Expression, is the club's largest shareholder, with a 28.9% stake.
If Mr Glazer can buy their shares, his takeover would be all but unstoppable.
Added to his current 28.1% share in the club, it would give him a majority 57% holding in the Old Trafford club.
But it remains unclear whether the Irishmen are in favour of the American's bid.
United's fans, meanwhile, have made no secret of their contempt for Mr Glazer's approaches and are continuing with high-level campaigns to voice their opposition.
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