• Premier League

Red Knights shelve United bid plans

ESPN staff
June 2, 2010
Manchester United fans are unhappy with the financial situation at Old Trafford © Getty Images
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The Red Knights have shelved plans to make a bid for Manchester United, with the group suggesting they have been priced out of the market.

It was expected that the Red Knights would table a formal offer some time in June, but the Glazer family have signalled their intention not to sell. It has also been claimed that the Glazers had rejected a £1.5 billion bid from a Far East consortium - prompting the Red Knights to take a step back.

"The Red Knights remain committed to pursuing their efforts to try to help bring ownership of Manchester United to its supporters, and under a structure with materially less debt," said a statement released on behalf of the group on Wednesday morning.

"As we have maintained however since news of our ambitions first emerged in March, we will only attempt to purchase the club at a sensible price, consistent with the long-term interests of the club.

"Persistent speculation in the media of inflated valuation aspirations has made our goals less attainable, as potential investors have strongly reinforced our views that we should not move forward at a price uneconomic for the future of the club."

It is believed that the Red Knights value United in the £1 billion bracket.

"We understand that many supporters were hoping that we might be in a position to make a bid before the season ticket renewal deadline," continued the statement. "However, our approach is best served by long-term interests of all. We have never taken a stance on season ticket renewals, it is a personal choice for all supporters.

"We have spent some considerable time assessing the value of the club. If the fundamentals lead to a more realistic re-assessment then, along with our co-operation with MUST and other Manchester United supporters, we will aim to achieve our goals."

© ESPN Sports Media Ltd.
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