Red Knights Edging Closer To United Bid
The Red Knights are expected to finalise their proposal to make an offer for Manchester United by the end of this week, according to press reports. Goldman Sachs chief economist Jim O'Neill, Freshfields partner Mark Rawlinson and Wace Marshall hedge fund co-founder Paul Marshall met advisers in London to discuss their plan to oust the Glazers who insist the club is not for sale.
The bid will be launched at the end of the season and press suggest they are going to keep the bonds issued by the Glazers. In the long term, the Red Knights would offer fans the chance of getting a higher percentage of shares, with guaranteed board representation.
MUST is growing faster than ever and now has more than 150,000 members which says a lot about United fans' desperation for change. Many, though, are still concerned by the Red Knights' intentions, fearing that simply new debt will replace the old one. However, in theory the bid would wipe out the debts as well although the exact details are still unknown.
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