Red Knights halt United takeover bid

LONDON: The Red Knights consortium who had hoped to mount a bid to buy Manchester United from the Glazer family has called a halt to their takeover plans.

After bringing together several wealthy United fans with a view to forcing out the Glazers, it has become clear to the group that the Americans have no intention of selling the Premier League club at any price.

The Glazer family reportedly rejected a £1.5 billion bid from a Far East consortium earlier this year and that revelation has convinced the Red Knights that they will get nowhere even if they could raise the funds to make a bid.

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

The Red Knights believe a price of one billion pounds would be realistic for United given the current market conditions. But the Glazers wouldn’t contemplate that kind of return on their investment, leaving United fans to consider their next move as they protest against owners who have saddled their team with debts of over £500 million.

Published in the Express Tribune, June 3^rd, 2010.