Many months ago a consortium of businessmen called the Red Knights announced their plans to buy Manchester United. This seemed to come as a major surprise to the Glazer family who had bought the club for £800m some years ago.
The Glazers have not really had a good time of it with many fans latterly dumping their red kits and substituting it for the original green and gold colours of Newton Heath, which was the amateur side founded in 1878 that became Manchester United.
However the Red Knights, who were expected to make a bid of about £1bn for the club in the next few weeks, has leaked news that it is to withdraw from the bid. The Sunday Times has stated that the bid has been put on ice after investors baulked at the club’s valuation.
Now, call me naïve, but was this not always going to happen? This bid to me always seemed a no-starter.
Firstly the guys did not have the money. Secondly the Glazers stated constantly they did not want to sell. Thirdly whatever the contentment or otherwise of fans they had no say.
The Glazers are said to value the club at £1.5bn. The Red Knights wanted to offer £1bn. This was always too far apart.
The Sunday Times have cited sources close to the Red Knights saying that the club’s debts, the lack of money spent on players in recent years and rumours of manager Sir Alex Ferguson being close to retirement meant there was “a lot more downside than upside”.
Forgive me but even though I do not follow football, have little knowledge of Manchester United, and have no interest in either, the cited reasons for pulling out of the bid by the Red Knights are just ridiculously obvious. In fact they were clear to me before I had even heard of the Red Knights so why these were not also clear to the investors behind the Red Knights is simply dumbfounding.
Maybe the Red Knights should change their name to the Damp Squibs?
MyMoans Blog 