Red Knights shelve United bid

THE Red Knights, the group of wealthy investors seeking to bid for Manchester United, have confirmed they have put their plans on hold.

In a statement the group stopped short of abandoning the idea but said it would only pay a “sensible” price and there will be no bid before the season ticket renewal deadline of June 13.

“As we have maintained… since news of our ambitions first emerged in March, we will only attempt to purchase the club at a sensible price, consistent with the long term interests of the club,” said the statement.

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.

The Glazer family who own the club value it at £1.5bn and have said they have no interest in selling. The Red Knights said they would not, “move forward at a price uneconomic for the future of the club”.

The statement adds: “We have spent some considerable time assessing the value of the club. If the fundamentals lead to a more realistic re-assessment then, along with our co-operation with MUST [Manchester United Supporters’ Trust] and other Manchester United supporters, we will aim to achieve our goals.”