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Red Knights ride in with 1.5bn to rescue Manchester United from Glazers

05 Mar 2010 11:26:58

Red Knights ride in with 1.5bn to rescue Manchester United from Glazers

Sixty super-rich investors have pledged up to £1.5billion in their bid to compete a buyout at Manchester United. The Red Knights, a group of City financiers behind the move, will sift through a rich list of applicants ready to back a takeover. 'We thought we had 40 investors well, it is already 60,' said one of the Knights. Taking over: Manchester United fans want the Glazers gone from the club United's American owners, the Glazer family, have insisted that the Premier League champions are not for sale and the club's chief executive, David Gill, this week claimed a takeover from the Red Knights would be unworkable, although it now seems a bid from the group could soon be a realistic prospect. The strength of the offer will become clear when Jim O'Neill, head of global economic research at Goldman Sachs and a lifelong United fan, and his team analyse the pledges at the City HQ of Freshfields Bruckhaus Deringer, a top law firm. Not for sale: Man United chief executive David Gill says the Glazers wont sell With him will be Mark Rawlinson, a senior partner at Freshfields, and Paul Marshall, the founder of the Marshall Wace hedge fund. The Red Knights believe that the club is worth £1bn, while the Glazers' valuation is £1.2bn.  Manchester United chief Gill gives Red Knight Harris the order of boot£1.5bn or you can say good Knight! Glazers to stand firm over United saleManchester United release figures showing revenue and profit increaseMANCHESTER UNITED FC


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