American business tycoon Malcolm Glazer has bid £790.3 million for Premiership giants Manchester United.
Glazer is the majority shareholder at United after buying Irish racing tycoons JP McManus and John Magnier's 28.7 percent stake in the club.
The owner of the Tampa Bay Buccaneers NFL team now owns 56.8 percent of The Red Devils after adding to his existing 28.1 percent share in the club.
It is bad news for the supporters who have strongly opposed the takeover and threatened to boycott matches and sponsors associated with the club in protest.
Glazer had been given until May 17 to 'put up or shut up' but his ability to persuade McManus and Magnier to sell their Cubic Expression stake has completely altered the picture regarding ownership of the club.
With that obstacle out of the way, the path seems clear for the American businessman to take over the Old Trafford outfit.
The Irish duo stand to receive an estimated figure of up to £60 million for their stake and the shares in the club rose substantially on Thursday in the wake of the major development.
Analyst Dr Bill Gerrard told Sky Sports News that he shares the fears of the United supporters.
"They certainly have every right to be very, very concerned," stated Gerrard. "The only redeeming argument to make is that anyone coming in to any sports team, if they are going to make it successful in the medium to long term, has got to win the fans over.
"But Glazer is no Roman Abramovich - he has borrowed much of the money to buy United."
Glazer needs over 75 percent stake in the club to tie up the financial loose ends of any takeover.
"The reality is that Manchester United has fallen into the hands of the American Malcolm Glazer and it was always on the cards," City stockbroker Henk Potts informed Sky Sports News.
"It always came down to what the Irish guys wanted to do. It was simply an investment for them so the 300p Malcolm Glazer was willing to offer was always going to be the knockout bid.
"Malcolm Glazer is in control and he will determine what happens to Manchester United.
"Of course you've got Shareholders United who own a decent amount of shares, maybe if they can get up beyond the 25 percent mark then they could still prove to be a thorn in the side of Malcolm Glazer but once you get over 50 percent mark, you are the guy who is going to determine what happens to Manchester United."
Nick Towle of Shareholders United pledged that it is not the end of the matter entirely.
"It is looking like an uphill battle for us but we will continue the fight," he told Sky Sports News. "There is no way we are going to give it up."
I think we may be seeing the end of an era. The end of the era that is Man Utd. It's kind of sad since they were such a force in recent seasons but now I can see them being a mid-table 'ROMA' type team (or play most seasons like Roma has done so far in 04/05).
I've never really liked Man U and this season they've really p-ssed me off with their constant squad rotation and frustrating inability to score a lot of the time.
One thing is for sure... all the glory hunters who've been affiliated with Man U in the past decade will be supporting Chelsea now I bet.
Oh well.. as the old saying goes..