Red Knights unlikely to make bid for Man United

The Red Knights have "unofficially" decided against making a bid to buy Manchester United from the Glazer family.

Publicly, the Red Knights continue to suggest that they will battle, but one insider has broken ranks to voice fears that an offer will never get off the ground, as it would be rejected out of hand in any case.
A source close to the consortium confirmed to Soccernet that the Red Knights would only ever offer £1 billion for the Old Trafford club, which falls short of the £1.5 billion valuation the Glazers are said to have put on the world's most prized football club.

The City of London operative said: "The Red Knights offer was virtually dead in the water the moment it was leaked months ago. If the Red Knights have had the chance to quietly present their case to the Glazers, it might have been a different story, who knows? But the way it leaked out, made it appear a hostile bid, and aggressive approach and it was never going to succeed that way.

"The leaking of a so-called bid for £1.5 billion clearly sent out the signal that the club was not for sale, and that the Red Knights were wasting their time. The Red Knights would never have offered more than £1 billion so it is never going to be worth even making a bid, so in my view there will not be one now."
Alongside Goldman Sachs chief economist and former United director Jim O'Neill, former Football League chairman Keith Harris, of investment bank Seymour Pierce, has been the most public face of Red Knights but when asked whether he would now make an official comment about the status of a bid, the City insider added: "That is highly unlikely. But there seems little prospect of the Red Knights mowing forward with an offer, that is for sure."

Soccernet broke the story that the Glazers turned down £1.5 billion at the turn of the year from a Middle East consortium and one from China. Since then, it has been widely reported in the UK media that there was a £1.5 billion offer, but Soccernet sources have confirmed the bid was actually for £1.2 billion cash, and that indications were that a £1.5 billlion cash offer could entice the Glazers to think about selling.
In opposition to that view of any potential bid, other sources close to the affair have suggested that the Red Knights are continuing to work towards lodging a bid and that getting in excess of 40 wealthy individuals to not only put their money to such an ambitious project, but also agree a unified plan of attack was always likely to be fraught with difficulty, especially considering some recent logistical issues.

Travel problems caused by the volcanic ash escaping from Iceland are said to have prevented the main players being able to be in the same room together yet "talks have been going better than ever and are progressing very positively", a Red Knights source told the Press Association.
Whatever the truth of either viewpoint it appears that, for the time being, the "not for sale" sign remains firmly up at Old Trafford as the Glazer family publicly retain their standpoint of being committed to owning the club and maximising its commercial capabilities.