Manchester United has told Mr Malcolm Glazer, the US billionaire, it will not discuss any bid for the club unless he makes a formal offer.

The club is considering whether to issue an official stock exchange statement that will demand that Mr Glazer "put up or shut up".

A person close to the football club said: "We are not going to enter into any negotiations [with Mr Glazer]. If there is a formal offer we will look at it."

Last week Mr Glazer met Mr David Gill, Manchester United's chief executive, and indicated he was prepared to make a second offer to buy the club for £800 million. The price of 300p per share is the same as his first offer but this time the financing would involve less debt and more cash.

Manchester United called last week's meeting to seek Mr Glazer's support for the re-appointment of Mr Andy Anson, commercial director, to the board. Mr Anson was voted off at the last annual meeting and Mr Glazer voted against him.

Mr Glazer, who said he would consider supporting the re-appointment of Mr Anson, is believed to have contacted Commerzbank to discuss funding for a potential bid. Commerzbank would replace JPMorgan, the bank that resigned from Mr Glazer's bid team.

The decision by the United board to seek a dialogue with Mr Glazer is the latest development in a protracted stand-off involving United, its largest stakeholders, JP McManus and John Magnier, the Irish horseracing millionaires, and Mr Glazer. - (Financial Times Service)