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.
Thu 23rd Mar 2017 | Clubs Ownership
Portsmouth Football Club has confirmed it’s in talks regarding a potential takeover. In a statement released by the club, they said: “Portsmouth Community Football Club would like to...
Thu 5th Jan 2017 | Clubs Ownership
Specialist Sports Law Team at Walker Morris reinforces its national reputation for football club acquisitions/sales with the latest sale of Leeds United FC. Specialist sports lawyers at Walker Morris...
Wed 4th Jan 2017 | Clubs Ownership
Aser Group Holding has completed its investment in Leeds United Football Club today. Leeds United Football Club has confirmed Aser Group Holding, through its acquisition vehicle Greenfield Investment...