16 Apr 2010

Red Knights meet to draw up United bid

8:19 am on 16 April 2010

According to British media reports, the Red Knights, a group of wealthy Manchester United football fans have met to discuss plans for a possible takeover of the heavily-indebted club.

No bid is expected before the end of the season, with the group keen to avoid doing anything that might distract Sir Alex Ferguson's side from retaining their Premier League title.

It's understood the meeting was being held to determine exact sources of funding for any bid and the level of supporter involvement.

The American Glazer family took control of Manchester United in 2005 and the most recent accounts for United's parent company, Red Football Joint Venture, showed it had debts of more than 1.5 billion dollars.