If you are a Manchester United fan, you must be hearing about the Red Knights recently. This special group is frustrated with how the Glazers are running the club and want to oust the owners. So who are they and why do they intend to takeover Manchester United?
The Red Knights are described as a group of "high net worth individuals." They include 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.
The Red Knights also include Mark Rawlinson who is a partner in Freshfields' corporate practice and he's the man who had advised Manchester United on their takeover by Malcolm Glazer and his family in 2005. This group includes Jim O'Neill, who's been a one-time friend of Sir Alex Ferguson.
Manchester United is currently under a huge amount of debt and the Red Knights are sickened by it. To complete the successful takeover of the club, they (somehow) need to raise £1billion to buy out the Glazers, who have plunged the club into debt to the tune of £716.5million.
The Glazers have said that Manchester United is not for sale. However, with fans and supporters losing their patience, it will be interesting to see whether the Red Knights are able to displace the Glazers. They have spoken with the Manchester United Supporters' Trust (MUST), to strengthen their bid.
Manchester United Supporters Trust (MUST), has been vehemently opposing to the Glazers from day one. Duncan Drasdo, chief executive of MUST, has indicated they will back any bid to oust the American owners.
