Red Knights Explained

We look at the group of investors targeting Manchester United

Last updated: 2nd March 2010  

Red Knights Explained

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A group of City investors known as the Red Knights are plotting to take over at Manchester United - but who are they?

Skysports.com brings you the lowdown of the key players who could potentially take charge at Britain's biggest club.

WHO ARE THE RED KNIGHTS PLOTTING TO TAKE OVER MANCHESTER UNITED?

A mixture of City bankers, lawyers and lifelong United fans, including Goldman Sachs chief economist Jim O'Neill, Paul Marshall, a partner at the hedge fund Marshall Wace, Richard Hytner of advertising agency Saatchi and Saatchi and Mark Rawlinson, a partner in Freshfields' corporate practice who advised United on their takeover by Malcolm Glazer and his family in 2005.

WHAT IS THEIR PLAN?

Simple. To raise £1billion to buy out the Glazers, who have plunged the club into debt to the tune of £716.5million.

HOW WOULD THEY RAISE THE CASH?

One idea involves finding 40 individuals to put up £20m each, with the Red Knights borrowing around £200m to top up the offer, but the plan would be to keep debt to a minimum.

HOW WOULD THEY RUN THE CLUB?

For the fans and not as a commercial venture is the plan. United would stay in private ownership and not be returned to the public markets where it was traded until the Glazers' buyout.

WHO IS THEIR LEADER?

Seymour Pierce stockbroker Keith Harris is the man brokering the potential takeover. He is a former HSBC investment bank chief executive and well known in football circles due to his involvement in takeovers of West Ham, Manchester City and Aston Villa. He is also the financier who warned last year that football's gravy train was set for a crash.

DO THEY HAVE SUPPORT?

The Red Knights have spoken with the Manchester United Supporters' Trust (MUST), who have indicated they will back any bid. Not surprising considering the blaze of green and gold inside Old Trafford as fans protest against the Glazers in the colours of Newton Heath, the club which predated United.

WHAT CHANCE HAS THE PLOT OF SUCCEEDING?

Not good. Exploratory discussions are thought to have begun at the offices of law firm Freshfields Bruckhaus Deringer on Monday to study the viability, rather than details, of any bid. The problem is that the Glazers maintain they have no intention of selling and the Red Knights have no way of ousting them other than to make a bid they cannot refuse.

DO THE GLAZERS HAVE ANY SUPPORT?

Not among fans but their decision to alleviate high interest repayments on the £716.5million debt with a £500million bond issue last month was successful. The issue was twice oversubscribed.

IS HARRIS CONFIDENT?

Cautiously optimistic at best. He said: "There is a serious intent on the part of those people (Red Knights) who have not just support in their hearts but the ability to muster support from their pockets to get after this and the time feels right."

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Comments (24)

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Richard Legg (Manchester United fan) says...

Unfortunately I dont believe the Glazers would be prepared to sell at this time and not for the money thats said to being offered. after paying the debts they would only be left with 200-300 milllion and that isnt the sort of money they bought united for. if and when the debt is paid off they will be rolling in money as long as united maintain theyre position as one of the top four in premier league and continue to win trophies. as long as united are servicing the debt the Glazers wont sell. if utd fans do what harris want the glazers will sell all star players and utd will be another leeds.

Posted 08:13 3rd March 2010

Mike Knighton (Manchester United fan) says...

The problem we have is that the club is not for sale !! How do you buy something that someone isn't selling ??? Simple .... You can't . Malcolm Glazier is a very clever man and has seen how to take the most out of our club . The red knights idea is a flawed,fantasized pipe dream that looks good on paper,but is actually very flawed . ( a bit like our team at the moment )

Posted 07:45 3rd March 2010

Alex Wood (Manchester United fan) says...

Green and gold till we're sold!!! the Glaziers need to stick to north american sports and maybe try and make a success out of their NFL team (tampa bay). either that or take over a club they can afford like west ham united. I'd like to c a british owned club again, since its almost unheard of to have a one these days.

Posted 05:53 3rd March 2010

Rob Jameson (Tottenham Hotspur fan) says...

This deal can only be described as pure irony...everyone is begging these city bankers to come and take over Man Utd. Wake up everybody! These people are the same people who got the world into this global mess, the same people who lead our economy into a wicked downturn with hundreds of thousands of your mates being made redundant while they collect their fat bonuses to buy Man utd Football Club. I wonder how many season ticket holders who couldnt renew cos they lost their jobs. Ever thought of that one? I know the Glazer family isnt the best for Man U fans but come on, do you really want these people who are completely unregulated in their own industry going for your club now?? Think about it... try another option...

Posted 05:40 3rd March 2010

Dave Worrall (Manchester United fan) says...

We need ALL United fans worldwide to stop buying merchandise it's as simple as that. Only when the Glazers see that the fans are not prepared to continue to pay off their massive debt will we see any movement on their decision to sell the club. The Red Knights can only be in a position to succeed if every United fan in every continent stand firm and force the Glazers out of our club.

Posted 01:45 3rd March 2010

Simon Baker (Manchester United fan) says...

This is a tricky one. There has to be a cautious approach, im loving everything that the Red Knights have to offer in the terms of being true United fans and they obviously have football know how. This is what we need this type ownership at United, yet one thing is wrong with the whole equasion...They have to borrow money! Its is very clear now and you only have to stop and look at the crowd at old trafford, we need a change of ownership. The players at United dont just play for money, look at Wayne Rooney we all know he doesnt need to play and get payed at the end.They play to entertain the fans, and the fans pay to see them,fans from Korea come to see Ji sung park, and some of those people have saved for this moment for years.And the money they have payed for a ticket goes to payin a loan. Come on now Fans... this wait till an owner or owners can pay off the debt, get the glazers out,can afford to run the club and buy top notch players. Not put some stop gap in place just to get the glazers out. Believe me I hate the glazers and want them out but it has to be done the right way, we need an Abramovich

Posted 00:05 3rd March 2010

Jerry Falvey (Liverpool fan) says...

All the best to them. I find it sickening that American's can come in and buy two of the biggest names in European football as if they were buying a "franchise" like buying an MLS, NBA or NFL team. Glazers, Hicks and Gillett only interested in the badges on the shirts to sell and show off to their mates. Liverpool are in deep financial trouble also, but how the Glazers have built up such a debt with a hugely successful and profit generating club like Man Utd is beyond me. The Glazer's, Hicks' and Gillett's make absolutely no effort to show fans of the clubs they own even the slightest bit of respect. They seem to attend an odd game, sit in the executive box and look down their noses at the fans. The ordinary lifelong football fan deserves more than this. The legacies of Busby and Shankly deserve far more respect and honour than yanks coming into a club who have no clue about the history and traditions of English football. Yanks Out. Put the clubs future in the hands of the most reliable custodians...the supporters.

Posted 23:56 2nd March 2010

Bob Fellows (Manchester United fan) says...

Buy nothing from the store. don't renew your season tickets. 50,000 sit down outside the stadium on match days. That is the suggestion of Stan Collimore on talk Sport radio. Would it work.

Posted 23:04 2nd March 2010

Pete Stevens (Manchester United fan) says...

I am sure every Manchester United fan would want the Glazers out so why not raise the money from the fans around the world surely millions could be raised through the supporters if the money is to be put to good use and get back the old days of football doing the talking instead of the money!!

Posted 22:43 2nd March 2010

Mike Kemble (Manchester United fan) says...

Yes! No contest! Get rid of Glazers and allow a fan based consortium take over, its the only way to rid us of both the glazers and the debt. Before the Glazers we owed nothing, pray we return to that scenario again. Red Knights Rule!!

Posted 22:01 2nd March 2010

John Zammit (Manchester United fan) says...

I always supported Man Utd. since I was a YOUNG BOY. When there was a rumour that the Club is going to be sold, I was against it and thought that it is going to be a big Mistake, because the Club was going to lose all its wealth. I urge all Man Utd. Fans to make pressure on the Glazers to leave the Club to be Sold to those who can really put the Club on its Feet again, because I have a feeling that the Club is going to end up without those big players. One of them is already gone, he went to Spain.

Posted 21:35 2nd March 2010

John Stacey (Manchester United fan) says...

I'd like nothing more than to see the Glazer's out, but can't see it happening for some time, despite the intentions of these "Red Knights". United was always one of the best run clubs in the country, who never spent more than they could afford and had a capped wage bill long after other teams were giving out extortionate contracts. To saddle OUR club with the level of debt they have and claim £20m / yr in "administration costs" for themselves is a disgrace. The savvy thing for the Glazer's to do would be to bring out the next away kit in Newton Heath colours. I don't think they can do anything to get the fans to believe in their ability to turn it around, so they might as well let the fans protest with the colours and get the club out of the debt with higher sales of club merchandise. The only way we can get them out of the club is through their pockets. They're not fans, so unless their business interests are taken care of they're never going to leave.

Posted 21:01 2nd March 2010

Darryl Brown says...

I believe this is the news all of us United fans needed and hopefully they can force a deal through. The 'Red Knights' may be taking out a £200 million loan to do this, so what? the Glazers took out around £560 milloion to buy the club in the first place and now the debt is £716.5 million after 5 years and they are paying more of it off. So if the Glazers are bought out then the debts will not be anywhere near as bad.

Posted 20:04 2nd March 2010

Pawlo Haniak (Manchester United fan) says...

The Glaziers need to GO....

Posted 19:40 2nd March 2010

Mo Awn (Manchester United fan) says...

As a United fan i would donate 1000 pounds to the Red Knights if they are serious with their; not only that i believe i can raise 100 times more that cash if they give us the details of the takeover as well as their bank account. An estimate of 100,000 sterling pounds i believe i can raise for all the great moments United (especially Sir Alex) have given us. We just want more info/ direction of how to support. The Red Knights want us to show our refusal for the Glazers; but they dont give us any direction of how to do that... waiting for a savior; screw the Yanks

Posted 18:45 2nd March 2010

Paul Hayhurst (Manchester United fan) says...

AT the time of the Glazer takeover - a campaign was launched encouraging people to give up their season tickets to stop the takeover going ahead. I did. Most fans didn't and most will be too selfish to do it now putting their own short term interests before the long term interests of the club. The Green and Gold campaign is fantastic and I'm full of praise for MUST but unless people are prepared to give up their season tickets then the Glazers will have no reason to sell. United Fans - now is the time to stand up and be counted¬

Posted 18:27 2nd March 2010

Scott Williamson (Manchester United fan) says...

I agree with Iain Richardson, is a worry about what would happen with the finances after the take over..? Before 'The Red Knights' bid and maybe get there hands on the club. They should find a couple more investors first! Not much point buying the club and having nothing to invest in the club afterward. Am sure that Sir Alex will want to spend a couple of quid in the summer, will be interesting to see just how much he has to get them couple of players that we are missing! The only way that the Glazers will be leaving, is if the supporters stop going to games and not buy shirts! Doesn't matter what anybody else does, is down the the fans to do the turfing out.. Question i have is, are we fans going to do anything about it or just keep moaning on!!!

Posted 18:19 2nd March 2010

Paul King (Manchester United fan) says...

The Red Knights can't be serious!!!! Borrow £200m and then get 40 individuals to raise £20m each?!!! so what's different from what the Glazers have done? what we will have will be the scenario in Chelsea? so who will call the shoots? also, what returns will be made to 40 persons?

Posted 18:13 2nd March 2010

Dan Ryan (Manchester United fan) says...

I want the Glazers out, and this is coming from an American!!!! The only good thing the Glazers have done was owning the Tampa Bay Bucs when they beat the Oakland Raiders in the Super Bowl. Other than that, they can can take a long walk off a short pier as far as I'm concerned

Posted 18:07 2nd March 2010

Tommy Nolan (Manchester United fan) says...

please god,make it happen.the only way to get at the glazers is through their pockets.force them out for the future of the club.

Posted 13:54 2nd March 2010
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