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Red Knights will not 'over-pay' for United

Mon 8th Mar 2010 | Clubs Ownership

The ‘Red Knights’ consortium looking to buy Manchester United from the Glazer family has insisted it will not overpay for the club.

It is understood that the Knights value United at up to £1.25 billion, including its £500m of debt. They hope to raise £750m to pay off the Glazers — £250m from supporters’ groups and £500m from a consortium of wealthy private investors — and would retain the £500m of bond debt raised by the club in January. .

But in a statement, the group – which includes Goldman Sachs chief economist Jim O'Neill and Seymour Pierce chairman Keith Harris – said: "No specific discussions have been held in relation to the value of Manchester United.

"People are talking about putting their own money in and are only going to do so if it's at a fair and reasonable price.

"Every penny over a fair price that goes to the Glazers in profit is less money that could be spent on putting the club on a sound financial footing after any takeover."

However, it is thought that if a buyout occurs the Glazer family could nearly triple their money only five years after buying Manchester United if the Red Knights consortium of City financiers pulls off the takeover of the world-famous football club.

About £750m would go to the Glazers, who put in £272m when they bought the club in 2005, City sources said. The Florida-based family insisted last week they had no plans to sell.

The Glazers’ proceeds would probably be reduced by the need to repay £200m of “pik” (payment in kind) notes that helped to finance the original takeover.

 

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