The Red Knights who are seeking to buy Manchester United have received two offers from individuals each promising £500m towards the cost of purchasing the club. However, they would prefer the money to come from as wide a base as possible. The group is expected to recruit Guy Dawson of Nomura as a corporate adviser.
The Red Knights who are seeking to buy Manchester United have received two offers from individuals each promising £500m towards the cost of purchasing the club. However, they would prefer the money to come from as wide a base as possible. The group is expected to recruit Guy Dawson of Nomura as a corporate adviser.
In a statement, the Red Knights attempted to damp media speculation about the size of the bid they would put to the Glazers. ‘No specific discussions have been held in relation to the value of Mancehster United, and all numbers circulating in the media are purely speculation,’ said Red Knights. Whilst this is undoubtedly the case, it is difficult to see how the Glazers are to be persuaded to relinquish control of an appreciating asset without being offered silly money.
The concern of the Red Knights is that ‘every penny over a fair price that goes to the Glazers in profit is less money that can be spent on putting the club on a sound financial footing.’ What is not clear is how far the Red Knights would seek to pay off the debt if they took control, in particular the £500m owed to bondholders.
The Manchester United Supporters Trust has seen its membership double to more than 110,000 since the Red Knights went public.