THE BATTLE for control of Manchester United looks set to go to a shootout as US billionaire Malcolm Glazer issued a direct challenge to the club’s biggest shareholders, horseracing tycoons JohnMagnier and JP McManus.

The market in United shares was set alight today after a 4.5% stake of 11.88 million shares changed hands at 265p a share. The buyer of the 31.5 million stake is understood to have been Glazer despite no official word from the American or the club.

The acquisition takes his holding up to 14.2% after regular share raids throughout the autumn. That compares with the 23.15% built up by Magnier and McManus after they last month swooped on the 10% previously held by BSkyB.

United shareholders and supporters, who saw the shares soar 101/ 2p today to a three-year high of 2591/2p, will be left wondering where the future of the club lies. Magnier, who is in a high- profile legal action with United manager Sir Alex Ferguson over the multimillion pound ownership of the champion racehorse Rock of Gibraltar, has said he does not want to take control of the club.

Glazer, who owns the American football Super Bowl champions the Tampa Bay Buccaneers, has never publicly revealed his intentions and has refused so far to meet with United chairman Sir Roy Gardner.

Seller of the shares today was hedge fund Lansdowne Partners, which has made millions out of buying and selling United stock during the recent bid speculation.