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Red Knights will not pay “above fair value” for Man Utd

The consortium of financiers and businessmen trying to buy Manchester United has this morning released a statement saying they would not be prepared to pay “above fair value” for the Premiership Club.

It’s understood that the group, dubbed the Red Knights, would not be prepared to offer over £1billion. Last week it emerged that current owners The Glazer family, who insist the club is not for sale, have already rejected a £1.5billion offer from an unnamed Middle East investor.

In the statement, issued this morning, the Red Knights said “Our primary goals remain to facilitate a return of ownership of the club to its supporters and the community; and to restore the financial health of the club. The response continues to be encouraging but the process to achieve it is understandably complex and is taking time.

“We have had productive conversations with potential investors in recent weeks which have reinforced our belief that it is wrong to offer above fair value, particularly given the urgent need for the club to reduce debt; and that fair value is likely to be reducing over time given headwinds facing the game of football.”

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