Fans backing Red Knights to rescue Manchester United

Keith Harris has extensive contacts in the sport

11 April 2012

Manchester United fans today threw their weight behind the group of wealthy financiers desperate to oust the Glazer family from Old Trafford.

The Red Knights — a collection of 40-50 United fans each willing to pledge up to £15million — revealed this week that they would take on the club's American owners if 100,000 fans declared their allegiance to the Manchester United Supporters' Trust (MUST).

The online petition had just over 50,000 supporters last night but this morning that figure had risen to 84,000.

Duncan Drasdo, chief executive of MUST, said: "There has been an incredible uptake and our membership is now bigger than Old Trafford's capacity.

"The majority of that growth has come in the last 24 hours. MUST have set an initial, highly ambitious goal of growing to 100,000 members.

"An incredible first 24 hours means we are well on our way and we are now appealing to the millions of United supporters around the world to join and show the Red Knights there is a passionate desire to see a better ownership model for Manchester United."

The Florida-based owners recently released figures showing an increase in revenue and profits but it was the announcement at the start of the year that the total debt of Red Football Ltd, the Glazers' holding company, was registered at £716.5m which sparked new unrest at Old Trafford.

The Glazers then raised £500m through a bond issue whose prospectus revealed that six members of the family had borrowed money from the club.
Furious fans turned to the Green and Gold campaign and are wearing United's original colours until the club is sold.

MUST were invited to the secret meeting in London at the beginning of the week at which the Red Knights outlined their plans.

The group comprises City bankers, lawyers and businessman willing to fund a future bid.
Among the leading figure are:

- Goldman Sachs chief economist Jim O'Neill.

- Mark Rawlinson, a partner at law firm Freshfields Brukhaus Deringer.

- Paul Marshall who is the co-founder and chairman of Marshall Wace, one of Europe's largest hedge funds.

- Richard Hytner, deputy chairman of Saatchi and Saatchi and president of MUST.

- Keith Harris, the former Football League chairman who has extensive contacts in the sport.

Their call for fans' backing has been answered emphatically but the chances of forcing the Glazers out in the near future are slim.

The family have bought themselves time with the bond issue and have stated they have no intention of selling up.

It is thought it would take an offer in excess of £1billion to entice them to change their minds.

MUST vice chairman Oliver Houston said today: "This is going to take some time. The Red Knights are going to carry on working in the background and we will carry on meeting them.

"The 100,000 figure will be the green light for them to say okay we have the support, now we can put the finances together'."

Campaigners believe season ticket holders and fans with executive facilities at Old Trafford could hold the key since they are paying the most to service the Glazers' debt.

"The overwhelming amount of money comes from match day revenue. The majority of that comes from season ticket and executive ticket holders," said Houston.

"They are currently paying down the Glazers' debts more than most. The money isn't coming out of thin air. It is coming from them.

"If United fans themselves take on the responsibility — and the Glazers can be convinced to sell — and pay down the debt, in the end they will be left with their own club.

"Everybody can see the logic of it. Now is the time to grasp the opportunity. This is now their chance."

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