Nomura advising ‘Red Knights’ on Man Utd bid

Japanese bank Nomura announced on Thursday it was advising the “Red Knights” about a potential acquisition of Manchester United amid growing supporter unrest over its ownership by the Glazer family.

“We can confirm that we are acting as advisors to Red Knights,” a Nomura spokeswoman told AFP, adding that the group would not reveal any further details at this stage.

Manchester United, the English Premier League champions, are estimated to be the third richest football club in Europe.

The Red Knights group of wealthy Manchester United supporters, who include some senior City of London figures, want to wrest control of the club from the US-based Glazers.

They are looking to raise in excess of one billion pounds to take over at Old Trafford.

Nomura will be coordinating and formulating the proposals to be put to the Glazers, the Red Knights said.

“Nomura are the financial advisors to the deal,” a spokesman for the group told AFP.

“They will be going through the levels of interest we have received and their job is to put a structure into place to approach the Glazers with.

“It’s up to the Glazers if they want to sell the club. Everything’s not for sale until it’s up for sale.

“Nomura will be doing their work, evaluating and putting proposals together.”

The Nomura team will be led by Guy Dawson and Andrew McNaught, both of whom advised the Manchester United board when the club was sold to the Glazer family in 2005.

Manchester United chief executive David Gill said last week there was no prospect of the Glazer family selling the club.

The most recent accounts for United’s parent company, Red Football Joint Venture, showed that it had debts of 719 million pounds.

Fans fear the cost of servicing that debt will slow investment in Alex Ferguson’s team, if it is not already doing so.

For any takeover bid to succeed, the would-be purchasers would likely need in excess of one billion pounds to enable the Glazers to walk away with the kind of profit on their investment that would convince them to sell.

Some United supporters have taken to wearing green and gold scarves, the colours of the original Newton Heath club from which United emerged, in protest at the Glazers.

The colours have been adopted as a symbol of the club’s history and traditions, which many feel are under threat from the high level of debt.

Former Manchester United star David Beckham picked up a green and gold scarf from the pitch and wore it after his side AC Milan’s 4-0 defeat to the Red Devils at Old Trafford in Wednesday’s Champions League tie.

Beckham, however, later distanced himself from the protest, saying it was “not my business”.

“I’m a Man United fan. I saw the scarf there. I put it round my neck, it’s the old colours of Man United, that’s all I knew.

“I’m a Manchester United fan. I support the club. I always have done and I always will do. It’s nothing to do with me the way everything is run, that’s to do with other people but I’m a Man United fan and I support the team. I will always support them.”

Beckham admitted he was aware of the gathering protests against the Glazers, adding: “Obviously you can hear it week in and week out. There’s always protests going on. Let’s hope it gets sorted out.”