Red Knights to abandon Man Utd bid – report 01/06/2010 |
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The Red Knights consortium looking to buy Manchester United will reportedly shelve plans to make an offer for the club.
The group, which is made up of wealthy businessmen, was expected to make a bid of about £1bn in the coming weeks.
But the Sunday Times claims this had been put on ice after investors baulked at the club's valuation.
The Glazer family, which said last week that it would “not entertain any offers”, is said to value United at £1.5bn.
The paper 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".
At the end of last week, the club announced a cut in debt from £543.3m a year ago to £520.9m for the January to March period.
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