No United bid by Red Knights

The Red Knights group have confirmed that they are not about to launch a formal bid to buy Manchester United from the Glazer family.

It had been thought that the group were on the verge of making an offer but the Glazers issued a statement last week confirming that they had no intention of selling the club.

The American owners also revealed that they had rejected a £1.5billion bid from a Far East consortium for United.

A statement released on behalf of the group read:"The Red Knights remain committed to pursuing their efforts to try to help bring ownership of Manchester United to its supporters, and under a structure with materially less debt.

"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.

"We understand that many supporters were hoping that we might be in a position to make a bid before the season ticket renewal deadline.

"However, our approach is best served by long-term interests of all. We have never taken a stance on season ticket renewals, it is a personal choice for all supporters. We have spent some considerable time assessing the value of the club."

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