The group of businessman known as the Red Knights are gearing up for a bid for Manchester United They are led by Keith Harris, a former HSBC Investment Bank chief executive, who became a well-lnown figure in football after his involvement in takeovers at West Ham, Manchester City and Aston Villa. Goldman Sachs chief executive Jim O’Neill grew up in Manchester and is a lifelong United fan. Goldman Sachs backed the United bond issue. Mark Rawlin
The group of businessman known as the Red Knights are gearing up for a bid for Manchester United They are led by Keith Harris, a former HSBC Investment Bank chief executive, who became a well-lnown figure in football after his involvement in takeovers at West Ham, Manchester City and Aston Villa. Goldman Sachs chief executive Jim O’Neill grew up in Manchester and is a lifelong United fan. Goldman Sachs backed the United bond issue. Mark Rawlinson is a partner at law firm Freshfields Bruckhaus. He played a crucial role in advising United as they tried to fight off the Glazers in 2005. Richard Hytner is deputy chaurman of Saatc hi & Saatchi Worldwide and president of the Manchester United Suporters Trust. He played a key role in seeing off Rupert Murdoch when he tried to buy the club in 1998.
These are clearly serious players, but a spokesman for the Glazers has once again emphasised that the club is not for sale. The hope of Keith Harris is that by staging boycotts of merchandise and refusing to renew season tickets the fans will hit the Glazers where it hurts, in the pocket. Howver, this is asking fans not to support their own club and that will be difficult for many of them. Wearing green and gold scarves is one thing, but giving up a good seat in the stadium secured by a long held season ticket is another.
Even if the Glazers did sell they would want more than the £1 billion the consortium is talking about. Football finance expert Stefan Szymanski pointed out on Radio 5 this morning that this would represent a 25 per cent profit over five years, not a big return. The Glazers themselves have valued the club at £1.2 billion which is not to say they would accept an offer pitched at that level.
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