The English football club Manchester United has rejected the latest proposed takeover bid by Malcolm Glazer, the owner of the U.S. National Football League's Tampa Bay Buccaneers.
Glazer has spent the last few weeks considering whether to make a bid of about $1.5 billion for the world's richest soccer club. But the club's directors said Thursday they would not recommend his bid to shareholders. Glazer was given a May 17 deadline to submit a formal takeover plan or withdraw his attempts to buy the club.
Glazer has made two previous Manchester United purchase proposals, but they were also rejected because they relied too heavily on borrowed money.
He holds about 28 percent interest in the club, but is not its biggest shareholder. An investment company owns nearly 29 percent.