Two leaders of the Red Knights consortium which attempted to manufacture a takeover of Manchester United in 2010 have written a latter of demands to the Glazers, report Sky News.
This follows a tumultuous week in which Joel Glazer wrote an open letter of apology to Manchester United fans after a botched attempt to join a European Super League sparked furious backlash across the football world.
Now leaders of the former Red Knights consortium have written a letter urging the Glazers to sell their stock in the club.
The letter was shared online by CEO of the Manchester United Supporters Trust (MUST) Duncan Drasdo.
Key requests from the Red Knights’ letter
The report says: “The Glazers should also, according to the letter, commit to reducing their combined stake from the current level – which stands at roughly 75% – to a maximum of 49.9%.”
They say this would be a gesture of the Glazers’ commitment ‘to do things right’.
The letter alsp requests that the Glazers create a new supervisory board on which Manchester United fans would have overall voting control.
This board would have powers including a veto on “joining any new league or competition, changes in ticket prices, and an annual commitment of £10m-per-year to Manchester-based charities”.
Who are the Red Knights?
The Red Knights are a group fronted by former treasury minister Lord Jim O’Neill and Sir Paul Marshall.
They attempted to raise capital to buy United from the Glazers in 2010, but received next to no encouragement from the club owners.
Both are United supporters with a strong experience and knowledge of economics and contacts in the financial world.
Is a takeover back on?
No. Not at the moment. Sky‘s report notes that the fact they have resurfaced puts their campaign ‘back on the agenda’, at least.
This is the first time in a decade that the prospects of the Glazers selling looks like it could be plausible, with Joel Glazer making such a monumental mistake over the Super League, which has led to such an outcry.
The demands to reduce shareholding and give fans a vote on the board, fits in with possible Government action which could be recommended as part of an upcoming review.
Protests from fans are expected to ramp up over the next fortnight, and this will generate extra pressure.
The very fact the ‘Red Knights’ are making demands of the Glazers, and it is being reported by a major news channel, suggests this is a real opportunity for change. What comes next at this point is merely speculative, but we hope the United owners listen to the letter they have been sent, and act to comply.
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