Red Knights delay Man Utd offer

26 March 2010 09:53
The Red Knights consortium has revealed it is not planning to make a bid for Manchester United before the end of this season.The group of United supporters has been vocal about a change of ownership at Old Trafford and is considering the feasibility of making a proposal. [LNB]A statement said: "We will continue to work on it but do not expect it to be done before the end of the season." [LNB]United are owned by the Glazer family, who paid £800m for the club in 2005. [LNB]But the level of debt United are in - now at £716.5m - has prompted unease over their ownership and supporters' groups have vented their frustration at the Americans.[LNB] Under the Glazers, Man U have won the league three times, the Champions League, League Cup, Charity Shield, Fifa Club World Cup. What's the problem? ManUMike The Red Knights, made up of wealthy United fans, has recruited the Japanese investment bank Nomura to help it put together a bid which will interest the Glazers, who for their part have said United are not for sale. [LNB]But the group, which includes Jim O'Neill, chief economist at Goldman Sachs, lawyer Mark Rawlinson and financier Keith Harris, says the number of fans willing to invest in a takeover bid is growing. [LNB]Their statement added: "The Red Knights have been liaising with the Manchester United Supporters Trust, and their representatives were at our first meeting on 2 March. They remain closely involved with our plans. [LNB]"On 12 March we involved Nomura as our adviser. Since then they have been speaking to and meeting many potential Red Knights who have contacted us since our interest was made public. [LNB]"These potential Red Knights have offered ideas and support and, with the help of this input, our plans have been developed further." [LNB]The Glazers, meanwhile, have insisted that the club is not for sale and manager Sir Alex Ferguson has been publicly supportive of the Americans. [LNB]But the 'Green and Gold campaign' has seen thousands of supporters wear the colours of United under their original guise of Newton Heath, with former United hero David Beckham donning a scarf after AC Milan's Champions League defeat at Old Trafford. [LNB]The Red Knights believe they will need to raise between £800m and £1bn to lauch a serious bid for the club.

Source: BBC_Sport