• Key players in consortium becoming disaffected
• Offer would be only for 'face-saving purposes'
The attempt by the Red Knights' consortium to buy
out the Glazers looks doomed to failure. Photograph: Lee
Smith/Action Images
The Red Knights' attempt to take control of
Manchester
United looks increasingly doomed
to failure after it emerged that key players within the consortium
have become disaffected and are losing hope of persuading the
Glazer family to relinquish power at Old Trafford.
Senior figures involved with the Red Knights have told the
Guardian there are internal divisions and that they suspect they
are fighting a losing battle when it comes to putting together a
takeover bid of sufficient value to end the Glazers' unpopular
regime.
Although the consortium is rigidly maintaining its public stance
that it is confident of being in power for the start of next
season, one of the businessmen prominently involved has lost
confidence to the point that he believes they might not even submit
a bid were it not for the criticism they would attract after such a
highly publicised campaign. His belief is that, if they did lodge
an offer, it would be for "face-saving" purposes, in the knowledge
that it would be turned down, and that it would not be followed up
with an improved bid. Instead it would lie dormant, with the Red
Knights claiming the Glazers were over-pricing the club.
Another high-level source has said the problems arise from
bringing together so many different investors, many of whom have
contrasting visions for the future, particularly when it comes to
the possibility of giving the club's supporters a substantial
percentage of the ownership. The Red Knights have made a point of
embracing groups such as the Manchester United Supporters' Trust
(MUST) but internally there are people involved who believe they
have made a mistake leading such an aggressive campaign through the
media, publicly criticising the Glazers in the process.
The group of wealthy United-supporting individuals, put together
by the investment banker and former Old Trafford director Jim
O'Neill, have been operating with a carrot-and-stick approach – the
carrot being a bid, probably around £850m, and the stick being a
recommendation for season-ticket holders not to renew under the
current regime.
The idea was that a mass boycott would put financial pressure on
the Glazers and almost bully them into believing they should sever
their ties with the club. The Red Knights guaranteed, in turn, that
boycotters would eventually get their season tickets price at
reduced prices but it has since become clear to O'Neill and his
colleagues that there is not enough support for the move and that
it would have little impact on the Glazers.
The club says it is relaxed about selling all 55,000 season
tickets and filling Old Trafford for every home match next season.
"If there's a threat, then we'll see but our season ticket sales
and renewals for this upcoming season are on track for previous
years," the chief executive, David Gill, said. "Our executive
ticket renewals are on track, so we'll have to see at the start of
the season, but we're envisaging sell-out crowds going forward for
Manchester United."
The Glazers took control at Old Trafford in 2005 and have the
backing of the club's manager, Sir Alex Ferguson, but the
supporters have been waging a hostile campaign against them,
leading to voluble protests at every match.
"It really is incredible but since the Glazers took over they
have wasted £437m in fees and interest, more than the total ticket
revenue (£398m) for the full five-year period of their ownership,"
said a MUST spokesman. "Every single penny we've spent on our
tickets over their five-year ownership has been wasted. Or to put
it another way, every one of us could have attended every match
free of charge for the last five years and on top of that the club
could have given every season-ticket holder £700 each – and would
still have been no worse off."
The Glazers maintain that the club is not for sale and,
privately, they have described the Red Knights as "naive". The
Florida-based family say they have already turned down several
offers, including a £1.5bn bid from the Middle East towards the end
of last year. That figure has been disputed by the Red Knights,
whose information is that it was £1bn, but their own efforts to put
together a bid have been described by one key figure as "looking a
bit grim".
In their last public statement the Red Knights admitted the
"process [of formalising a bid] is understandably complex and
taking time" and that it would be "wrong to offer above fair
value".