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The Red Knights, the consortium of wealthy United fans, have dropped their bid to buyout The Glazers. According to sources close to the businessmen, the asking price for the club was said to be ‘outrages’ – a good £250 Million more than the expected price-tag. A £1.25B bid was expected before the 11th of June, but the group have now backed-down from the plan… 

On account of the ‘outrages asking price’, Jim O’Neill – the orchestrator – and the consortium of over 40 businessmen have dropped the planned bid. Earlier this week, The Glazer Family issued a statement saying the club was ‘not for sale‘. Since then speculation has grown about the termination of the £1.25 Billion bid – and today is the day that the speculation has turned to truth.

The asking price for the takeover was expected to be under £1.25 Billion, however, discussions took place during the week – and the outcome was that if the club was to be sold – it would be for over a massive £1.5 Billion !

The Red Knights are expected to make a statement on the future of its bid following a meeting in London later this week. But sources close to the group have said that any hopes of a possible takeover have been dashed. This comes after David Gill defended The Glazers once again, ridiculing the Green & Gold protest in the process. The BBC are also set to investigate the owners for alleged mismanagement of finances. 

The Sunday Telegraph have today reported that any move to shelve takeover plans would be close run, with 55% of The Red Knights in favour of dropping it – but 45% still wanting to pursue it. The only hope left is that a boycott will take place after the BBC’s Panorama Documentary sheds light on the fact that £40 Million of Cristiano Ronaldo’s transfer money has ‘disappeared’.