IN LESS THAN A MONTH, Manchester United will officially be the private fiefdom of Malcolm Glazer. The American billionaire, who took control of the club last week, is today expected to pass the 75 per cent threshold that will end United’s 14-year spell as a public company. The delisting will mark the first stage in a process to squeeze out minority shareholders, many of whom are fans refusing to give in without a fight.

Once he passes 90 per cent, Glazer can issue a compulsory purchase order forcing shareholders to sell at his offer price of 300p a share or risk being left with worthless paper. Shareholders United, which has attracted 2,500 new members since Thursday, to take its membership past 30,000, is aiming to stop him reaching that crucial point in a move that could see Glazer forced to refinance his £790 million takeover.

With a 10 per cent stake, the fans’ lobby group could apply to a court to prevent the club being loaded with £265 million of bank debt. It is also considering building a fund with the proceeds of reluctant supporter share sales that could eventually be used to buy back the club.

Glazer can ill afford a refinancing at this stage. He is already borrowing £540 million, about three times the turnover of United, of which £275 million relates to preference shares with punishing annual interest rates of more than 15 per cent. The interest on loans will cost Glazer nearly £50 million a year. Debt experts say this is an expensive and inefficient capital structure, designed to induce a recommendation from the United board that was ultimately not forthcoming. Supporters fear that Glazer will simply switch to cheaper debt loaded entirely on the club once he has private ownership.

Red Football, Glazer’s bid vehicle, is expected to post its formal offer document on Wednesday with details of how profitability can be improved. The club can be delisted 20 days from that posting. United insiders are baffled as to how Glazer believes he can extract more value from the club. The biggest sponsor is Nike, which has pledged £303 million over 13 years under a merchandising deal.

Sir Alan Sugar, the former Tottenham Hotspur chairman and serial entrepreneur, said he “must have missed the point” as to why Glazer had paid £100 million more than most analysts reckon United was worth. While Richard Scudamore, chief executive of the Premier League, gave warning that it was “almost impossible” to break the collective TV selling arrangement for live games, those in the sports business in the US are pointing United supporters closer to home.

Despite lucrative media deals, the club’s single biggest source of income is Old Trafford. Glazer has already indicated he will not price common fans out of the game but it is thought his intention is to introduce a hierarchy of ticketing that would be priced according to the view of the pitch. Glazer might also consider creating a system of personal seat licences, which are roughly equivalent to debentures. The owners of the seat pay a sum up front for the right in perpetuity to buy tickets to games. If any boycott by fans were to gain momentum, it could seriously damage the business plan.

Glazer yesterday found an ally in Steve Gibson, the Middlesbrough chairman, who queried the “hysterical” response to the takeover. “I watched with some distaste what was going on outside Old Trafford. I can’t see that it’s football to burn an effigy of a man that no one knows,” he said. “He’s not doing anything illegal. I hope it calms down soon because it’s not good for the image of the game.”

Glazer has had to employ a round-the-clock bodyguard at his Florida home because of threats, while John Magnier and J. P. McManus have stepped up their own security after selling their 28.7 per cent stake. Harry Dobson, the Scottish mining magnate who sold his 6.5 per cent stake, said: “I would not have got involved with Manchester United if I knew what would follow.” The United board are now in a difficult position, having been asked to stay and work for an owner that most fans hate. David Gill, the chief executive, may defy expectations and remain in order to give the club stability. Sir Bobby Charlton, a director of the club but not the company, is said to be in turmoil over what to do. He cancelled a planned appearance at the Laureus Sports Awards in Estoril, Portugal, over the weekend to avoid media questioning.

If he stays, he would effectively be condoning the takeover. But if he resigns, he would be severing ties with the club that remains a huge part of his life. Many fans are experiencing a similar quandary.