The Red Knights are among the many fans who are increasingly worried about Manchester United's massive debts of £716 million. I will say that again. £716 million!
How the hell did they manage to rack up so much debts then?
When American businessman Malcolm Glazer made an attempt to buy the club in 2004, it was fiercely contested by the numerous fans and particularly the Manchester United Supporters' Trust. The main reason being the fact that Malcolm Glazer would be relying largely on borrowings ($850 million plus interest of over £60 million a year)for his bid. This would and has indeed saddled United with a mountain of debts when the club was bought in 2005.
The aim
The Red Knights aim to round up 50 super wealthy individuals like themselves and raise £750 million. They would then look to the less well-off fans to raise the remaining £250 million.
Manchester United spear-headed by Sir Alex Ferguson, is one of the most successful if not THE most successful football club in the world and to know that it is laden with debts is just heartbreaking. Hence the new ownership aims to not only put Manchester United on solid financial grounds but also put the fans at the heart of everything the club does.
Lets see what happens...
