Newspaper article The Evening Standard (London, England)

How Super-Rich Fans Could Power a [Pounds Sterling]1billion Revolution; COMMENT

Newspaper article The Evening Standard (London, England)

How Super-Rich Fans Could Power a [Pounds Sterling]1billion Revolution; COMMENT

Article excerpt

Byline: Chris Blackhurst City Editor

THE Red Knights, the group of City and business types anxious to drive the Glazers from Manchester United and turn the club over to a wider ownership base, have been talking and plotting for months.

Led by Jim O'Neill, chief economist of Goldman Sachs but acting in a personal capacity and Paul Marshall, founder of the Marshall Wace hedge fund, they have received pledges from around 30 fellow super-wealthy Reds of [pounds sterling]15million each.

Their target is 50, which would give the consortium [pounds sterling]750m. They would then look to the less well-off fans to contribute the [pounds sterling]250m they think they need to reach [pounds sterling]1billion figure they suspect the Glazers would consider selling for. Or, if time is of the essence, they would borrow the difference and repay the loans by raising the cash among the fans at a later date.

By anyone's calculation, [pounds sterling]15m is a lot of money but United have vast support which includes many extremely rich individuals. …

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