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Glazers turn down £1bn-plus offer for United

The Glazers have remained unmoved by fresh takeover talk © Getty Images

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The Glazer family has turned down a £1 billion-plus cash offer to sell Manchester United from one of the world's richest men.

And the unofficial price tag for the club is now an astonishing £1.5 billion, which looks way out of the league of the 'Red Knights' movement of City of London financiers, that have this week signalled interest in a potential takeover.

A high-powered global football figure who presented the mega bid for Manchester United directly to the Glazer camp has the inside track on why the Florida-based family is refusing to sell, even to someone who has the ready cash.

The source told Soccernet: "The Glazers don't need offers from fans who might or might not be able to raise the money. They have had two cash offers, although I am not prepared to say how much or who from. That will remain confidential. The offers were recent, and the Glazers made it perfectly clear - the club is not for sale."

Soccernet understands there were two offers, one from China, the other from the Middle East, and both felt their bids were so strong that the Glazers could only accept. They were shocked when the message came back: "Thanks, but no thanks". The Glazers refused to put a price on the club and did not even seek an even bigger bid.

Chief executive David Gill rebuked Keith Harris, the public face of the Red Knights © Getty Images

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The source added: "The Glazers have made it perfectly clear they are not sellers. People are puzzled why they are refusing to cash in, but it's simple: they think it is a good business and they like the club. They are very confident that it can be even more successful in the future both on and off the pitch."

The Glazers are convinced they can continue to find new ways of maximising the commercial capabilities of what is regarded as the strongest sporting brand in the world. They believe the Red Knights' propaganda to galvanise supporters to boycott the club merchandise and decline to renew season ticket sales is a publicity ploy, and they are already fully aware that the owners have no intention of selling.

Having just secured a full-scale bond refinancing programme, they now have until 2017 to sort out the next stage of their programme to lower their repayments levels of debt. The club's latest published accounts show how the debt has already been slimmed slightly, and that turnover is up.

The Americans are convinced that the UK sporting model has a lot to learn from US commercial know-how, and that there is much more to be achieved in terms of added value to the club.

Chief executive David Gill reiterated to the Soccerex conference on Thursday his belief that the strategy and transfer budget for Sir Alex Ferguson remains unchanged, and that whatever he generates in sales is added to the annual transfer account, so that the remaining £61 million from the sale of Cristiano Ronaldo remains untouched in the transfer account for Ferguson to spend whenever and on whom he wishes. He also publicly rebuked Keith Harris, the public face of the Red Knights.

City sources believe that the Glazers might be tempted to sell in the next 12 months - not to the Red Knights, but to one of the world's richest men - if a bid hits the £1.5 billion mark, an unofficial value placed on United by the Glazers two years ago before the recession took its toll.

© ESPN Sports Media Ltd.