The 'Red Knights' have confirmed their intention to try to
oust the current owners of Premier League champions Manchester
United.
Sickened by the huge amount of debt the
Glazers' took on to complete their controversial takeover in 2005,
the Red Knights are intent on launching a takeover
bid.
Described as a group of "high net worth individuals", the Red
Knights include Jim O'Neill, chief economist at Goldman Sachs and a
one-time friend of Sir Alex Ferguson.
Although plans are at a very early stage and no contact has been
made with the Glazers, who have always stressed they are not
interested in a deal, a meeting in London on Monday between the key
individuals involved in the Red Knights project went through
various scenarios and will now look at formulating a plan to raise
in excess of £1billion.
"We can confirm that a group of high net worth individuals, who
support Manchester United (known as the "Red Knights"), met in
London yesterday," a statement released on behalf of the Red
Knights read.
"This group is supportive of current management but are looking
at the feasibility of putting together a proposal to be put to the
Glazer family regarding the ownership of Manchester United.
"These discussions are in early stages and no contact has been
made with the Glazer family."
Leading football deal-maker Keith Harris is also involved and
has previously suggested some kind of boycott may be required to
reduce United's current profits and wreck the Glazers' present
business plan.
There is certainly a groundswell of opinion against the Glazers
and the current "Green and Gold campaign" so in evidence at Wembley
on Sunday has proved incredibly popular.
As a starting measure, the Red Knights are urging supporters to
join the Manchester United Supporters Trust, which has been
vehemently opposed to the Glazers from day one.
"For such a proposal to be viable it would require the
involvement and support of Manchester United supporters worldwide,"
the statement continued.
"The Red Knights have been liaising with the Manchester United
Supporters Trust and their representatives attended yesterday's
meeting.
"As a first step, the Red Knights want supporters to demonstrate
their commitment by joining the free online membership of the
Supporters Trust, www.joinmust.org.
"Any new ownership model would aim not only to put the club on a
sound financial footing, but would also aim to put the supporters
at the heart of everything the club does."
Duncan Drasdo, chief executive of MUST, welcomed Tuesday's
news.
He said: "I can confirm that we were present at the 'secret'
meeting of the Red Knight Group yesterday and have been involved in
discussions for some time.
"This development is hugely welcome as there is a genuine desire
to see a change of ownership at Manchester United.
"Initially the Red Knight Group has effectively set a challenge
to Manchester United supporters to demonstrate they wish to see an
alternative ownership proposal developed.
"In the first instance supporters are being asked to do this
simply by joining the free online membership of the Supporters
Trust (MUST) and swelling its ranks to an initial target of at
least 100,000.
"It is also essential for a majority of two key groups, the Old
Trafford season ticket holders and those with executive facilities,
to show their appetite for participation by joining the MUST online
campaign."
