Manchester United shareholders John Magnier and J.P. McManus would consider an offer for their large stake in the club, a source close to the Irish investors said on Sunday.

But the source dismissed as "pure speculation" talk of the price the horse racing tycoons would be ready to accept.

"Business people will always consider a proposition, and what's happening now is that people are leaping between someone listening to a proposition and accepting a proposition," the source told Reuters.

Representatives of U.S. sports mogul Malcolm Glazer have made an unsolicited approach to Cubic Expression -- McManus' and Magnier's investment vehicle -- sources said on Friday.

This follows an announcement by the world's richest club at the start of the week that it had received a bid approach and that it was unclear whether this would lead to a formal offer.

Two Sunday newspapers suggested Magnier and McManus would be prepared to accept an offer over 300 pence a share for their 28.9 percent holding in the club.

A source close to the situation told Reuters that Glazer is considering an offer price around 300p. A spokesman from Glazer declined to comment.

The club's shares closed at 272p on Friday, valuing it at 713 million pounds ($1.3 billion).

TEMPTING

Magnier and McManus started building their stake four years ago at just over 100 pence a share.

The Sunday Times said the men would be prepared to sell at 310p, while the Independent on Sunday said a price of 320p had been mooted.

Glazer has so far not detailed his offer plans to Cubic Expression, the source close to the investors said, adding: "We're still in the realm of pure speculation."

Cubic Expression has repeatedly said it is a long-term investor in the club.

Separately the Observer newspaper said that Glazer faced a last-minute challenge to his bid, reporting that Keith Harris, chairman of stockbrokers Seymour Pierce, was considering an 800 million pound bid.

Another newspaper, the Sunday Express, said Manchester United chairman Roy Gardner would leave the club should Glazer take over. It added that chief executive David Gill and team manager Alex Ferguson would stay and that Ferguson would be offered a seat on the board.

ANGRY RESPONSE

News of the possible bid drew an angry reaction from United fans this week, who feared for the club's future if Glazer borrowed heavily to fund a takeover.

About 30 supporters from a group called the Manchester Education Committee staged a pitch invasion at a reserve team match on Thursday carrying a 'Not for Sale' banner.

Supporters opposed a planned buy-out of United in 1999 by BSkyB, the owners of Sky Television. Their protests prompted the government to refer the matter to the competition authority, which blocked the takeover.

The latest takeover approach came a week after the club warned of a 14 million pound hit to profits this year due to lower TV revenues and less money from European football after it finished third in the premier league in 2003-04.

(Additional reporting by Matthieu Robbins in London.)