A group of financiers are putting together a takeover bid to buy Manchester United from the Glazer family after joining forces with supporters angered by the huge level of debt the US owners have put on the club.
The discussions by the “Red Knight” consortium are being led by soccer deal broker Keith Harris, chairman of investment bankers Seymour Pierce, and Jim O’Neill, chief economist at Goldman Sachs in conjunction with the Manchester United Supporters Trust (MUST).
The 18-time English champions have been valued at US$1.8 billion by Forbes Magazine, but the Glazers have consistently insisted that the debt-ridden club is not for sale. Chief executive David Gill refused to say on Tuesday whether the club would consider a bid.
PHOTO: AFP
In its latest set of financial results released on Tuesday, United reported a turnover of £144.7 million (US$216 million) in the six months to Dec. 31, up almost 20 percent year-on-year.
But it’s the level of debt — £716.5 million — arising from Malcolm Glazer’s 2005 leveraged takeover of United that concerns fans.
The groundswell of opposition to the Glazer regime is growing despite the team chasing an unprecedented fourth straight Premier League title after collecting its first trophy of the season on Sunday by beating Aston Villa in the League Cup final.
The group of financiers, who describe themselves as being of “high net worth” and style themselves as the “Red Knights,” have hired a leading London public relations firm and met on Monday to formulate plans to raise more than £1 billion.
“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,” the Red Knights said in a statement.
“These discussions are in early stages and no contact has been made with the Glazer family. For such a proposal to be viable, it would require the involvement and support of Manchester United supporters worldwide,” they said.
“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. In the coming weeks the Red Knights will continue to work with MUST and others to formulate our proposal,” the statement said.
The United supporters group has stepped up its campaign in recent weeks to force the Glazers out of Old Trafford, notably by getting fans to wear green and gold — the colors of Newton Heath, the club’s original name.
Initially, MUST wants to double its membership numbers to 100,000 as a sign that it has the fan power to mount a takeover bid.
“Our role in this is to generate interest among supporters and grow numbers to give us confidence that the groundswell of support is there for us pursue it,” MUST chief executive Duncan Drasdo said.
“A bid could then go in quickly. I don’t know what the time scale will be, but things keep surprising me with this, but I would imagine that it could probably months rather than days or weeks,” he said.
Gill said United would comply with new UEFA financial controls being phased in by 2012.
“We have seen what the proposals are and we would meet the financial break-even rules,” he said. “We as Manchester United have always been run professionally and we will continue to be run professionally.”
Taiwan’s top women’s badminton doubles duo, Hsieh Pei-shan (謝沛珊) and Hung En-tzu (洪恩慈), achieved a straight-sets victory over Japan’s Kaho Osawa and Mayui Tanabe at the Badminton World Federation (BWF) Super 300 Macau Open on Sunday. The Taiwanese pair won the final 21-18, 21-12, marking the duo’s second title this year after their win at the BWF Super 300 Taipei Open in May. The match on Sunday was their first encounter with the Japanese duo, ranked No. 63 in the world. Hsieh and Hung, ranked No. 12, began the opening game well. Hung, who plays left-handed, performed strongly at both the net and the
Canadian teenager Victoria Mboko upset top-seeded Coco Gauff 6-1, 6-4 on Saturday night to reach the National Bank Open quarter-finals. “Your support was incredible,” Mboko told the crowd in French after a chorus of “Ole, Ole, Ole” chants echoed around the venue. “I’m really happy to win today ... It’s incredible. I’m so happy to beat such a great champion.” Gauff dropped to 2-3 since winning the French Open. She followed the major victory with opening losses in Berlin and Wimbledon, then overcame double-fault problems to win two three-set matches in Montreal. Gauff had five double-faults on Saturday after having 23 in
Formula 1 champion Max Verstappen on Thursday said that he is staying with the Red Bull team next year, ending months of speculation over his future. “Some people just like to stir the pot, some people just like to create drama, but, for me, it’s always been quite clear, and also for next year,” the four-time champion said ahead of the Hungarian Grand Prix. “I’m discussing with the team already the plans — the things that we want to change for next year, so that means that I’m also staying with the team for next year,” he said. Verstappen has a contract with
Alex Michelsen on Thursday rallied for a 3-6, 7-6 (7/4), 6-4 upset victory over third-seeded Lorenzo Musetti in the men’s singles, converting his seventh match point to reach the fourth round of the Canadian Open. Michelsen reached the last 16 of a Masters 1000 for the first time with his second win over a top-10 player in eight attempts. The 20-year-old American survived nearly 50 unforced errors and converted just two of nine break chances, but it was enough to vanquish Italy’s Musetti, a two-time Grand Slam semi-finalist ranked 10th in the world. “It feels really good,” the 26th-ranked Michelsen said. “I’ve put
RSS