Malcolm Glazer will be granted the freedom to take Manchester United shares off the Stock Exchange on Monday - but doubt persists over how he intends to pay back the Stg£540 million he has borrowed to buy the club.
The American finally presented his formal bid to Red Devils chief executive David Gill, who now has 14 days to issue his recommendations to shareholders.
After a whirlwind 48 hours, Mr Gill's observations are nothing more than academic as Mr Glazer entered the weekend with 74.81 per cent of the club in his pocket. He must now wait until Monday to hit the crucial 75 per cent mark which allows him to take United back into private ownership for the first time since it floated in 1991 and, more importantly, borrow against its assets.
While the offer statement contained a short statement of intent from Joel Glazer, who is likely to take command once the whole Stg£790million (€1.6 billion) takeover saga is concluded, there was no detailed strategy, other than confirmation of the leverage Mr Gill previously described as 'potentially damaging' to the long term future of the Old Trafford outfit.
United fans now know Red Football, the working title of Glazer's bid, will receive Stg£275million funding from preferred securities which has not been secured against United's assets, and Stg£265million which will. Given the club's most recent half-year profits were just Stg£12.4million, the Tampa Bay Buccaneers owner clearly needs to produce a substantial increase in turnover to service the debt.
There has still been not even the slightest detail released from a business plan Mr Gill also described as 'aggressive', just heightening supporter fears with regard to increased ticket prices and a likely attempt to scrap the current Premier League collective bargaining agreement.
But while the major fans' groups Shareholders United and the Independent Manchester United Supporters' Association are continuing their offensive against the Glazer family, other supporters are prepared to see what the 78-year-old has to offer before deciding whether he is good for the club or not.
Mr Glazer has pointed to the success he has enjoyed in the NFL as evidence of his suitability to own United and, in a surprising move, hinted that Mr Gill would be allowed to stay on despite his previous opposition, as would manager Sir Alex Ferguson.
"We are delighted to make this offer to acquire one of the pre-eminent football clubs in the world," said his son Joel. "We are long-term sports investors and avid Manchester United fans.
"Our intention is to work with the current management, players and fans to ensure Manchester United continues to develop and achieve even greater success."
The decision to give Ferguson the option to stay is a wise one given the public condemnation of Glazer's involvement. Though not all United fans are happy with the current progress of the team, Ferguson is rightly treated as a hero after delivering eight league titles, five FA Cups and a European Cup.
If the 63-year-old Scot were to depart it would be nothing short of a PR disaster for the United camp. More detail about Glazer's plans may be contained within an offer document, due to be sent out next week, giving shareholders 60 days to decide whether they wish to accept the Stg£3 per share deal.
Glazer will hope to hit the 90 per cent mark which, despite the threat of legal action from Shareholders United, should allow him to take control of the remaining 10 per cent under the City's compulsory purchase rules.
PA