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.”
More than 180 years of horse racing came to an end in Singapore on Saturday, as the Singapore Turf Club hosted its final race day before its track is handed back to the Singaporean government to provide land for new homes. Under an overcast sky, the air-conditioned VIP boxes were full of enthusiasts, socialites and expats, while the grounds and betting halls below hosted mostly older-generation punters. The sun broke through for the last race, the last-ever Grand Singapore Gold Cup. The winner, South African jockey Muzi Yeni, echoed a feeling of loss shared by many on the day. “I’d
Former world No. 2 Paula Badosa has withdrawn from this week’s Wuhan Open, organizers said on Tuesday, amid a racism row over an online photograph. Tournament organizers said the Spaniard had pulled out of the WTA 1000 tournament, citing a gastrointestinal illness, hours before her first-round match against Australian Ajla Tomljanovic. News outlets including Britain’s the Telegraph earlier reported that Badosa had posted a photo on Instagram in which she appeared to imitate a Chinese face by placing chopsticks on the corners of her eyes. The photo was taken last week in a restaurant in Beijing, where she reached the semi-finals of the
PREDICTION: Last week, when Yu’s father made a wrong turn to the former champions’ parking lot, he said that his son could park there after this year With back-to-back birdies on the 18th hole, Kevin Yu fulfilled his driving range-owning dad’s prediction that he would win the Sanderson Farms Championship and become Taiwan’s third golfer to claim a US PGA Tour title. The Taoyuan-born 26-year-old, who represented Taiwan in the Olympic golf at Paris, saw off Californian Beau Hossler in a playoff at the Country Club of Jackson, Mississippi, on Sunday. Having drained a 15-foot putt to claw his way into the playoff, Yu rolled in from five feet on the first extra hole, ensuring he joined Chen Tze-chung (LA Open in 1987) and Pan Cheng-tsung (RBC
LeBron James and eldest son Bronny James claimed a piece of NBA history on Sunday after making their long-awaited first appearance alongside each other for the Los Angeles Lakers. The duo appeared together at the start of the second quarter in the Lakers’ 118-114 preseason defeat to the Phoenix Suns in Palm Desert, east of Los Angeles. While LeBron James impressed with 19 points in just 16 minutes and 20 seconds on court before sitting out the second half, Bronny found the going harder with zero points in just over 13 minutes on court. The younger James attempted just one
RSS