United takeover bid looming?
The Glazers' resolve is set to be tested at Manchester United with reports that the Red Knights are set to appoint official bank advisers as they move towards a bid for the Premier League champions.
It is believed that the banking advisers are sought to deal with the market volatility and to deal with those who may see the bid as acquisition of a risky asset. The current economic climate leaves the Red Knights at risk of not raising the amount of money needed to buy out the Glazer family, which currently owns the club.
The group are also said to be are considering selling a stake in the club to fans through a share issue, imitating the successful model of Barcelona where over 100,000 fans own the club.
The group includes Goldman Sachs chief economist Jim O'Neill and Mark Rawlinson, whose legal firm Freshfields is also the groups' legal adviser.