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The Red Knights consortium aiming to take Manchester United out of the hands of its current owners has reportedly recruited over 40 investors.
An article in the Observer claims the group is currently holding weekly meetings at the offices of London financial firm Nomura to debate a potential ownership structure ahead of making a concrete offer.
Philip Long of accountancy company PKF claimed a deal could be done, adding: "The model at the moment isn't profitable unless they sell players. The club can't continue making the losses it's made."
The Old Trafford outfit are believed to be in over £700 million of debt, loaded on to the club after the Glazer family's unpopular leveraged buyout in 2005. Although they sold prize asset Cristiano Ronaldo for £80 million last summer, they only made a profit of £6.4 million in the last financial year.
Last month, the Red Knights ruled out submitting an offer for Manchester United before the end of the season.
Written by Paul Roberts
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21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
