PA Sport - Tue, 02 Mar 12:43:00 2010
The 'Red Knights' have confirmed their intention to try to oust the owners of Manchester United.
Sickened by the huge amount of debt the Glazers' took on to complete their controversial takeover in 2005, the Red Knights are intent on launching a takeover bid.
Described as a group of "high net worth individuals", the Red Knights include Jim O'Neill, chief economist at Goldman Sachs and a one-time friend of Sir Alex Ferguson.
Although plans are at a very early stage and no contact has been made with the Glazers, who have always stressed they are not interested in a deal, a meeting in London on Monday between the key individuals involved in the Red Knights project went through various scenarios and will now look at formulating a plan to raise in excess of £1 billion.
"We can confirm that a group of high net worth individuals, who support Manchester United (known as the "Red Knights"), met in London yesterday," a statement released on behalf of the Red Knights read.
"This group is supportive of current management but are looking at the feasibility of putting together a proposal to be put to the Glazer family regarding the ownership of Manchester United. These discussions are in early stages and no contact has been made with the Glazer family."