Manchester United Football Club (MUFC) has terminated talks with US sports tycoon Malcolm Glazer regarding the proposed takeover of the club.

In a statement, the club announced that it was not prepared to accept a proposal that would include borrowing against the club’s assets in order to finance the deal.

A spokesperson said: “The board has decided to inform all shareholders that it would regard an offer which it believes to be overly leveraged as not being in the best interests of the company.

“Accordingly, the board has determined that it would not support any offer underpinned by the structure which has been outlined in relation to the Glazer family’s potential offer.”

Glazer, who owns the American football team Tampa Bay Buccaneers, snapped up a further 1.27 million shares in the club on 18 October, taking his overall holding in the club to 73.7 million shares.

Glazer’s stake in MUFC now stands at 28.11 per cent, closing in on the current majority shareholders, John Magnier and J.P. MacManus, who share a 28.9 per cent stake in the club.