Red Knights sign up team of investors for Manchester United bid

Posted By: Staff

London, Apr 11(ANI): The Red Knights, a group of investors trying to buy Manchester United, have recruited over 40 wealthy individuals to help provide a 1.25 billion pound bid kitty.

According to reports, the Knights are in the process of deciding whether 50 investors will contribute 10 million pounds each, or a slightly lower number will provide more funds per head

A further 250 million pounds will be found by issuing securities to United's estimated 3.8 million supporters in the UK.

The Knights also plan to retain the outstanding 500 million pound bond issued by the club this year in order to reach the 1.25 billion pound valuation.

Manchester United insists that it is not for sale, but experts have a different opinion.

"It will be , everything's always for sale," The Guardian quoted Philip Long, a partner at an accountancy firm involved in football deals, as saying.

"The model at the moment isn't profitable unless they sell players. The club can't continue making the losses it's made," he added. (ANI)

Story first published: Sunday, April 11, 2010, 15:50 [IST]
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