Red Knights delay bid for United to ‘minimise distractions’

A GROUP of Manchester United fans calling themselves the Red Knights has revealed that it does not intend to make a bid for the club before the end of this season.

The group of United supporters has been vocal about a change of ownership at Old Trafford and is currently considering the potential for a takeover.

The Red Knights earlier this month hired Nomura Inc. Holdings, Japan’s largest brokerage firm, to help devise a proposal to  United’s owners, the Florida-based Glazer family.

The Glazers – who bought the club for £800m in 2005 – have said that they are uninterested in any offer for the club.

The club is now understood to have debts of £716.5m which has prompted the Red Knights’ unease.

The statement said: “In the next few weeks we will continue to work on our proposal.

“We do not expect this to be finalized before the end of the current football season.

“This will have the advantage of minimizing external distractions as the team enters the decisive period of the season.”

The Red Knights, who include Goldman Sachs’ chief economist Jim O’Neill, financier Keith Harris and lawyers Paul Marshall and Mark Rawlinson, said that the number of fans wanting to invest has grown significantly.

Their statement said: “The Red Knights have been liaising with the Manchester United Supporters Trust, and their representatives were at our first meeting on March 2.

“They remain closely involved with our plans.

“On 12 March we involved Nomura as our adviser. Since then they have been speaking to and meeting many potential Red Knights who have contacted us since our interest was made public.

“These potential Red Knights have offered ideas and support and, with the help of this input, our plans have been developed further.”