English Premiership
Wealthy fans plan Man Utd bid
2010-03-02 18:39
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Manchester - A group of wealthy supporters is looking into a possible bid for English Premier League champions Manchester United, though the club's billionaire US owners say it is not for sale.
The 'Red Knights', a collection of individuals including former Football League chairperson Keith Harris, said on Tuesday they were looking at the feasibility of putting together a bid for the world's third richest soccer club.
However, they said discussions were at an early stage and they had not made contact with club owners, the Glazer family.
The Glazers, who also own the Tampa Bay Buccaneers American NFL team, bought United in 2005 for about £790m against a wave of opposition from fans who feared they were loading it up with too much debt.
"Manchester United Football Club is not for sale," a spokesman for the Glazer family told Reuters on Tuesday.
Wyn Grant, professor of football economics at Warwick University, said any offer was likely to have to exceed £1.2bn to tempt the Glazers.
"If you offer them £1bn they (the Glazers) are just getting a 25% return over five years which is not terribly good," he said in response to newspaper reports the Red Knights were considering a bid at around that level.
"Clearly the people they have got in the consortium are very experienced and knowledgeable people, but it would take significantly more than £1.2bn in my opinion (to win over the Glazers)," he said.
United are the world's third wealthiest soccer club behind Spain's Real Madrid and Barcelona, but their debts have swelled to about £716.5m to the consternation of many fans.
A growing number have been protesting by shunning the side's red and white colours and sporting green and gold, worn when the team was known as Newton Heath in its early days.
"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," the Red Knights said in a statement.
The Manchester United Supporters Trust (MUST) said in a separate statement it was working with the Red Knights.
Duncan Drasdo, MUST's chief executive, told reporters the group had been in discussions with the Red Knights for some time.
"The Red Knights group coming out is exceptionally positive for supporters who want to see a change of ownership," said Drasdo said.
"All Manchester United supporters should now seize this opportunity with both hands and say they want a change of ownership.
"It's not boycotts or protests, I would call this a movement for change and rather than being unsettling I think the green and gold campaign has been tremendously positive in terms of the attitude in the stands."
MUST's membership has more than doubled in recent months from 27 000 to 55 000 registered members and they have set an initial target of 100 000 members in their fight for change.
As well as Keith Harris, who is executive chairman of stockbrokers Seymour Pierce, the Red Knights include Goldman Sachs economist Jim O'Neill; Mark Rawlinson, a partner at law firm Freshfields; and Paul Marshall, co-founder of hedge fund Marshall Wace, a person familiar with the matter said.
The individuals were not immediately available for comment and the Red Knights declined further comment.
United are seeking to become the first team to win the Premier League title for four years in a row this season after last year's 18th success drew them level with Liverpool.
The 132-year-old club has won the FA Cup 11 times - more than any other team - and lifted the European Cup three times.
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