Red Knights ‘ready to hoist the white flag’

THE Red Knights, the group of wealth investors seeking to bid for Manchester United, are this week expected to confirm this week that their plans have been shelved.

Reports over the weekend suggested that the Red Knights are ready to call off their bid, for a number of reasons, most notably being value and crucially the reluctance of the current owners, the Glazer family, to sell.

Led by Goldman Sachs chief economist Jim O’Neill, a lifelong United fan, the Red Knights are said to value Manchester United at around £1bn.

A bid was expected to be tabled in the next fortnight, but a statement is now expected this week confirming that a formal offer will not be made.

Accounts information published by the club to its bondholders on Friday said that in the first nine months of the club’s 2009/10 fiscal year it posted a £66.4m loss.

The Glazers – who borrowed heavily to buy the club, also reiterated that they would not entertain any offers.