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Red Knights to drop takeover bid

Thu 3rd Jun 2010 | Clubs Ownership

The Red Knights - a consortium of Manchester United fans attempting to spearhead a takeover of the club - may be considering dropping the effort. The current owners of the Premier League club, the Glazers released a statement last week indicating that they are not likely to "entertain any offers" and asserting their long term commitment to the club.

The Red Knights are said to have planned an offer for £1.2 billion and the Sunday Times reports that the Glazer family believes that the club is worth over £1.5 billion. The Knights are thought to have financing in place but have not spoken with the Glazers yet.

The Sunday Telegraph has also reported that while 55 per cent of the Red Knights want to drop the effort, 45 per cent are still keen on pursuing the idea. The Red Knights want to make a fair offer on the club factoring in consideration such as the high level of debt, absence of any investment in players in recent months and the possibility of the retirement of manager Sir Alex Ferguson.

Manchester United fans, including the Manchester United Supporters Trust, who have been open in expressing their hostility to the Glazers management style are likely to be disappointed if the Red Knights decide not to proceed with a takeover plan.

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