London: Manchester United has called off talks with US sports tycoon Malcolm Glazer about his proposed offer for the world?s richest club but has not ruled out further discussions.

In a statement on Monday, the debt-free club said it did not support the capital structure of the proposed offer and did not welcome a structure involving a large level of debt to finance any takeover.

?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,? Manchester United said.

Glazer, owner of the American football team Tampa Bay Buccaneers, has steadily built his stake in the British club to 28.11 per cent in recent weeks, sparking speculation of a imminent bid which could value it as much as ?787 million ($1.4 billion).

Shares were down 0.4 per cent at 282-1/5 pence in early trading.

(Reuters)