Monday, July 19, 2010

Red Knights confirm plans for Manchester United bid Football

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The organisation of abounding and well-connected Manchester United fans well well known as the Red Knights currently reliable that they are putting together a bid for Manchester United.

"Following the heated media conjecture overnight, we can endorse that a organisation of high net value individuals, who await Manchester United (known as the "Red Knights"), met in London yesterday. This organisation is understanding of stream government but are seeking at the feasibility of putting together a offer to be put to the Glazer Family per the tenure of Manchester United," it pronounced in a statement. "These discussions are in early stages and no hit has been done with the Glazer Family."

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The group, led by Goldman Sachs arch economist Jim O"Neill, pronounced that for their proposals to be viable, they would need the subsidy of Manchester United fans around the world. They will work with the Manchester United Supporters Trust to galvanize await between fans who have already protested opposite the Glazers" tenure model.

Since the Glazers were forced to outline their commercial operation indication in the handbill for the £504m down payment issue with that they refinanced the debt installed onto the bar when they paid for it in 2005, fans have assimilated together to protest. The sum debt, together with the high seductiveness sidestep account loans cumulative on the Glazers shareholding, stands at £716m.

"For such a offer to be viable, it would need the impasse and await of Manchester United supporters worldwide. The Red Knights have been liaising with the Manchester United Supporters Trust ("MUST") and their member attended yesterday"s meeting," combined the statement. "As a primary step, the Red Knights instruct supporters to denote their fasten by fasten the free online membership of the Supporters Trust"

It added: "Any new tenure indication would aim not usually to put the Club on a receptive to advice monetary footing, but would additionally aim to put the supporters at the heart of all the Club does."

Membership of the Supporters" Trust has damaged by the 50,000 separator given the immature and bullion protests that followed the down payment issue have proliferated.

O"Neill yesterday met pick absolute City sum meddlesome in exploring the probability of behest for the club, together with the broker Keith Harris, who has taken a lead purpose in putting the plans together.

Others believed to be at yesterday"s assembly in London enclosed Mike Rawlinson, a partner at the City law organisation Freshfields, who suggested United on their takeover by the Glazers in 2005.

Further City figures, together with Paul Marshall, a partner at the sidestep account Marshall Wace, are ancillary the Red Knights. Richard Hytner, the emissary authority of the tellurian promotion group Saatchi Saatchi and boss of MUST, is additionally concerned along with pick successful sum from pick commercial operation sectors.

"In the entrance weeks the Red Knights will go on to work with MUST and others to delineate the offer and serve statements will be released in due course," pronounced the matter from the Red Knights.

A orator for the Glazers last night told the Guardian: "Manchester United is not for sale. It"s commercial operation as usual."

O"Neill was an outspoken censor of the down payment issue notwithstanding his investment bank being one of 7 underwriting the issue and pity in £15m in fees. "There"s as well most precedence going on with Manchester United," he pronounced in January. "It"s not a great thing. I"m not a customer of the bond."

The MUST arch excecutive, Duncan Drasdo, said. "I can endorse that we were benefaction at the "secret" assembly of the Red Knight Group yesterday and have been concerned in discussions for a little time. This growth is hugely acquire as there is a genuine enterprise to see a shift of tenure at Manchester United.

"Initially the Red Knight Group has effectively set a plea to Manchester United supporters to denote they instruct to see an pick tenure offer developed. In the primary example supporters are being asked to do this simply by fasten the free online membership of the Supporters Trust (MUST) and flourishing the ranks to an primary aim of at slightest 100,000."

He added: "It is additionally necessary for a infancy of dual key groups, the Old Trafford Season Ticket holders and those with Executive facilities, to show their ardour for appearance by fasten the MUST online campaign."


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