Red Knights confirm United ambitions

Posted Tuesday, March 02, 2010 by PA

The 'Red Knights' have confirmed their intention to try to oust the owners of Manchester United.

 Sickened by the huge amount of debt the Glazers' took on to complete their controversial takeover in 2005, the Red Knights are intent on launching a takeover bid. Described as a group of "high net worth individuals", the Red Knights include Jim O'Neill, chief economist at Goldman Sachs and a one-time friend of Sir Alex Ferguson.

"We can confirm that a group of high net worth individuals, who support Manchester United (known as the "Red Knights"), met in London yesterday (Monday)," a statement released on behalf of the Red Knights read.

"These discussions are in early stages and no contact has been made with the Glazer family. This group is supportive of current management but are looking at the feasibility of putting together a proposal to be put to the Glazer family regarding the ownership of Manchester United."

Although the Glazers have stressed they are not interested in a deal, the meeting in London went through various scenarios and will now look at formulating a plan to raise in excess of £1billion.

Leading football deal-maker Keith Harris is also with the group and has previously suggested some kind of boycott may be required to reduce United's current profits and wreck the Glazers' present business plan.

"For such a proposal to be viable it would require the involvement and support of Manchester United supporters worldwide," the statement continued.

"The Red Knights have been liaising with the Manchester United Supporters Trust and their representatives attended yesterday's meeting.

"As a first step, the Red Knights want supporters to demonstrate their commitment by joining the free online membership of the Supporters Trust,

"Any new ownership model would aim not only to put the club on a sound financial footing, but would also aim to put the supporters at the heart of everything the club does."

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