Red Knights “bid terms agreed”



Sky Sports News reports today that the Red Knights consortium has agreed terms of a formal offer to buy Manchester United. Rant expects the formal bid to the Glazer family in June. SSN reports that the group, led by Goldman Sachs Jim O’Neil, agreed the terms of their expected £1.2 billion bid, which will include the club’s £504 million bond debt.

The Knights meeting this week thrashed out both the size of the proposed bid and the terms under which each Knight will invest. Details of the meeting have not been released by the Knights but may include the expected return on investment, terms of exit and size of the bid.

The Glazer family has consistently maintained a stance that the club is not for sale, although few serious analysts believe this is true. However, United supporters are also concerned about how much leverage – if any – is included in the Knights bid with the bond likely to remain in place in the medium term.

No details have yet emerged of supporters’ stake in the club under a future Knights’ ownership.

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Comments

  1. Jezz09 says:

    This lot are a bunch of cowboys. Fans jumping on the bandwagon supporting the red knights bid are simply sheep with no comprehension of their own. Anyone can see that nothing will change under this lot, no debt relief, the bond stays in place, no security, simply a change of ownership. Possible rows between the investors, the debt will simply continue to grow. Think about it, id rather the devil we know who has driven massive increases in revenue as well as huge success on the field than a step into the unknown with the devil you dont. Im all on for a more secure and better future for our beloved club, but not under this crowd of clowns. Wait for another alternative, one which will free the club of debt, the club itself can take over from there as a real asset with no interest repayments to eat our profits.

  2. elvido says:

    Jezz09, thanks for saving me time! The Glazers are doign what any other business would do, including the Red Knights. The only solution is a rich benefactor with money to burn! We have been doing well after they took over and I don’t see any reason not to get behind the club and the players completely. No point in causing unrest without tangible outs!

  3. Loyal Red says:

    What absolute crap, you can just see Malcolm Glazer rushing to the phone to accept this bid.

    I bet he must be laughing his bloody head off at this pantomime going on with these guys, the best comedy show at the moment thats for sure.

  4. stretford972 says:

    reading the above comments, its a shame that there’s no positiveity at all. the reason they’ll keep the bond issue is because it’s too expensive to just cancel.
    like paying back ur mortgage early has fees attached to it.

    the thing is, they’re askin me to give up my season ticket and before i start doin that, i’ll be needing more evidence before do anythin like that.

    lets not forget, if the glazers stay in charge, the debt WILL grow like it has done since they took over (500mil – 720mil) whereas if the knights take over, they’re sayin they MIGHT keep the bond issue which if they do, the club will still be beter off.

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