Red Knights shelve United bid plan
The Red Knights' dreams of rescuing Manchester United from the grips of the Glazer family have come to a dead end.
It was expected the Red Knights group would launch a formal bid for the Old Trafford outfit at some point before the World Cup.
However, the Glazer family last week stated they had no intention of selling the club and previous claims the American owners had rejected a £1.5bn bid from a Far East consortium already seem to have led to a belief amongst the Red Knights that there is little point making a substantially lower offer that was also certain to be rejected.
"The Red Knights remain committed to pursuing their efforts to try and help bring ownership of Manchester United to its supporters, and under a structure with materially less debt," said a statement released on behalf of the group this morning.
"As we have maintained however since news of our ambitions first emerged in March, we will only attempt to purchase the club at a sensible price, consistent with the long-term interests of the club.
"Persistent speculation in the media of inflated valuation aspirations has made our goals less attainable, as potential investors have strongly reinforced our views that we should not move forward at a price uneconomic for the future of the club."