• Premier League

Red Knights not willing to break the bank

ESPNsoccernet staff
May 10, 2010
Manchester United fans are unhappy with the Glazers' ownership of Manchester United © Getty Images
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The Red Knights, the group aiming to seize control of Manchester United from the Glazer family, have insisted they will not be held to ransom over the asking price.

The Glazers are adamant that United are not up for sale, a stance which could force the Red Knights to pay more than the club is actually worth to force a sale.

After spending the last couple of months putting together the finer points of an offer which the Red Knights hope will lead to a takeover and put the club back on a sound financial footing, it is expected a first offer could be made for the club in June.

But with the Glazers already reported to have turned down one bid of £1.5 billion from a Far East consortium, it is clear there will be no cheap sale of a club which was purchased by the Glazers for £800 million.

"The Red Knights are continuing to seek to assemble a consortium to acquire Manchester United,'' said a statement released on behalf of the group on Monday morning. "Our primary goals remain to facilitate a return of ownership of the club to its supporters and the community; and to restore the financial health of the club.

"The response continues to be encouraging but the process to achieve it is understandably complex and is taking time.

"We have had productive conversations with potential investors in recent weeks which have reinforced our belief that it is wrong to offer above fair value, particularly given the urgent need for the club to reduce debt; and that fair value is likely to be reducing over time given the headwinds facing the game of football.

"Accordingly we will continue to build support in a measured way and will give a further update in due course.''

It has been suggested the Red Knights do not want to offer more than £1 billion, although it is hard to see how such a bid would prove attractive. The Manchester United Supporters Trust has warned that if the Glazers turn the Red Knights offer down, they will immediately call for a boycott of season tickets and club merchandise in order to wreck the family's financial blueprint.

But with United having such a sizeable fan base, it is far from certain just how much of an impact such a boycott could have. United fans, decked out in the now statutory green and gold, staged a major protest before Sunday's final game of the season at home to Stoke City.

© ESPN Sports Media Ltd.
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