Nils Pratley
The Guardian

What are we waiting for?
The next step is for the board to make a formal response to the proposal. Sources suggest the directors want to reach an initial decision quickly, probably late this week.

What will the board ask?

Is Glazer's financing still over-reliant on debt? The level of debt has fallen from £500m to £300m, but that is still a big sum for a company which is currently debt free.

Why does Glazer want to look at United's books?

JP Morgan, his chief lender, will not advance cash without assurances about United's financial health. In particular, it will want to know details about the ownership of fixed assets and the nature of sponsorship deals.

You can assume that due diligence is one of the "various pre-conditions" that United referred to in their statement to the Stock Exchange. In other words, Glazer can't bid unless he gets access to the books.

So why don't the directors just refuse due diligence?

They could. Their argument, as before, would be that too much debt exposes United to too much financial risk. But the directors are also under obligations to consider the interests of shareholders in general. Some clearly regard 300p a share as a highly attractive price at which to sell. After all, City pension funds invest to make a profit.

Does the fans' hostility to Glazer count for anything?

Many of them would regard Glazer as not a fit and proper owner of United, but it's a bit late for the board to take that view. If it believes that, it should have said something before. One of its former members, Maurice Watkins, has even indirectly sold shares to him.

What are the Irish pair up to?

They refuse to be more specific than describing their stake as "a long-term investment". It rarely pays to pre-judge McManus and Magnier, but the City's guess is that they would accept a 300p cash offer with no strings attached.

Are the Irish and Glazer talking?

It seems not. Glazer's first, somewhat shambolic, attempt at a bid seemed to leave them unimpressed. This time he is trying to turn the heat on the board initially.

Is this the end game?

It feels like it, but this plot has produced plenty of surprises so far. Legal challenges to any formal offer may provide more.